Mark Cramer (CRD#: 1313587), a former broker with MML Investors Services LLC in Ohio, has been suspended from the securities industry, according to his BrokerCheck record accessed on December 18, 2019. Without admitting or denying FINRA’s findings, he consented to the finding that he forged a variable annuity application.
On October 14, 2019, he entered into an Acceptance, Waiver, and Consent (AWC) in which he consented to a two-month suspension and a $5,000 fine. An AWC is an agreement between a broker and FINRA in which the broker accepts the allegations against them without admitting or denying them, waives their right to a hearing, and consents to sanctions (like a fine or suspension). For more information about AWCs, see our article “What is FINRA AWC?”
What happened to lead to this AWC? According to the AWC, Mark Cramer consented to the findings that he forged a customer’s signature to purchase a variable annuity. With their high fees, variable annuities are not suitable for every investor. For more information about variable annuities, see our article “What Are Variable Annuities?” In addition to forging a variable annuity application, Mark Cramer also allegedly forged other documents to open an IRA. The AWC states that the documents that the customer originally signed were outdated, so Mark Cramer forged updated versions of the documents, causing his firm to maintain inaccurate books and records. As a result of these actions, Mark Cramer was terminated from MML Investors Services.
These two disclosures are not the only disclosures on Mark Cramer’s BrokerCheck record. In April 2018, a customer alleged that Mark Cramer, while employed at MSI Financial Services and MML Investors Services, sent documents related to a variable annuity purchase that were forged and misrepresented material facts related to the variable annuity in question. The matter was settled for $456,990.
In addition to MML Investors Services, Mark Cramer has also worked for two other firms:
- MSI Financial Services, Inc. (CRD#: 14251) in LaRue, Ohio
- Metropolitan Life Insurance Company (CRD#: 4095) in LaRue, Ohio
If you’ve invested with Mark Cramer and fear he may have concerns about your investment, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email email@example.com for your free consultation with the securities attorneys of Fitapelli Kurta.