- June 20, 2018
- Breach of Fiduciary Duty
- Broker Discipline
- Failure to Supervise
- Selling Away
- Unsuitability
The Wolper Law Firm is currently investigating claims against Oscar Francis, a former Financial Advisor at MML Investors Services in Ft. Lauderdale, FL.
In April 2017, the Department of Justice commenced an investigation into Oscar Francis regarding “selling away and [an] outside business activity.”
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisor from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
Based on a May 2017 customer complaint filed against Oscar Francis and reported on his BrokerCheck, it is alleged that Oscar Francis sold an unapproved security to a customer under the guise that was an approved MassMutual product. The matter was settled for $243,000. Subsequent customer complaints were filed against Oscar Francis in May and August 2017. These sales practice activities in Oscar Francis being discharged from MML Investor Services.
https://brokercheck.finra.org/individual/summary/5094722
If you or someone you know was a customer of Oscar Francis and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]