Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on April 16, 2019 indicate that former Florida-based MML Investors Services broker/adviser Oscar Francis has been sanctioned by the SEC in connection to alleged rule violations and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Francis (CRD# 5094722).
Oscar Francis has spent 11 years in the securities industry and was most recently registered with MML Investors Services in Fort Lauderdale, Florida (2008-2017). Previous registrations include AXA Advisors in Fort Lauderdale, Florida (2007-2008) and Raymond James & Associates in Boca Raton, Florida (2006-2007). He has passed three securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on August 9, 2006; SIE (Securities Industry Essentials Examination), which he obtained on June 23, 2017; and Series 7 (General Securities Representative Examination), which he obtained on April 10, 2006. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received three customer complaints, two pending customer complaints, and one regulatory sanction.
In March 2019 the SEC sanctioned him in connection to his guilty plea and sentencing to a 41-month prison term following charges, and his admission, that he devised and orchestrated a scheme to defraud at least eleven customers out of about $665,190, by falsely representing that MML Investors was affiliated with Mahum, Inc., investments in which he said would yield high returns. According to the SEC, Mr. Francis misappropriated his investors’ funds, using them to purchase “cocaine, alcohol, strip clubs, and luxury items.” In connection with this sanction, he was barred from acting as a broker or otherwise associating with a broker-dealer firm
In December 2018 a customer alleged Oscar Francis, while employed at MML Investors Services, misrepresented a fraudulent product as an MML-approved investment. The customer is seeking $24,000 in damages in the pending complaint.
In 2017 he was terminated from his position at MML Investors Services in connection to an investigation concerning “undisclosed outside business activity,” selling away, and an unauthorized transaction involving a non-securities life insurance product.
In 2017 a customer alleged Oscar Francis, while employed at MML Investors Services, misrepresented an unapproved outside investment as approved by MML. The complaint settled for $20,370.
In 2017 a customer alleged Oscar Francis, while employed at MML Investors Services, misrepresented and sold an unapproved outside investment. The complaint settled for $44,321.
In 2017 a customer alleged he, while employed at MML Investors Services, made misrepresentations regarding and sold an unapproved investment. The complaint settled for more than $243,600.
If you have lost money investing with Oscar Francis, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.