Former MML Investors Services Broker, Charles J. Evan, Barred By FINRA For Refusing To Cooperate In Investigation Regarding Alleged Inappropriate Insurance Sales Practices
Charles Jonathan Evan (CRD # 836083) was a Financial Advisor at MML Investors Services, LLC in Wellesley, MA. Charles Evan has been in the securities industry since 1977 and previously worked at MSI Financial Services, Inc., New England Securities, Manequity, Inc., G.R. Phelps & Co., Inc., PLM Securities Company and Capital Analysts, Incorporated.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2020, FINRA barred Charles Evan from “acting as a broker or otherwise associating with a broker-dealer firm” for refusing to provide documents or information in response to a FINRA investigation. According to the sanction, “FINRA began investigating Evan after MML filed a Form U5 on November 13, 2019, reporting his termination in connection with “allegations concerning inappropriate traditional insurance sales practices.””
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019064596401%20Charles%20Jonathan%20Evan%20CRD%20836083%20AWC%20sl%20%282020-1582417168588%29.pdf
In addition, Charles Evan is the subject of four pending customer complaints, alleging the following:
• February 2020 – “The complainant alleges that his representative, beginning in 2008, made misrepresentations, and provided bad investment advice on the sales of various products, which resulted in a financial loss.”
• January 2020 – “The customer alleged that the representative used unethical sales tactics, denied receiving commissions, and omitted information to secure the sale of financial products beginning in 2013.” Claimed damages are $154,000.
• December 2019 – “The complainants allege that in 2015, a signature was forged on paperwork related to the transfer of ownership of a Term life policy.”
• November 2019 – “The customers alleged that the representative used unethical sales tactics, denied receiving commissions, and omitted information to secure the sale of financial products beginning in 2013.”
For a copy of Charles Evan’s CRD, click https://brokercheck.finra.org/individual/summary/836083#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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