Eric Eugene Ott of Cincinnati Ohio a stockbroker formerly registered with MML Investors Services LLC has been fined $15,000.00 and suspended for thirteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Ott executed the unauthorized purchases of life insurance policies held in the customer’s name and (2) Ott engaged in outside business activities which had not been disclosed to the firm. Letter of Acceptance Waiver and Consent No. 2016049496201 (Apr. 13, 2017).
According to the AWC, Ott forged the name of JT – a customer of the firm – on two insurance policies without JT’s knowledge or consent. Apparently, JT neither knew about or authorized Ott to effect the purchases of those policies. Evidently, Ott’s activities were investigated by the firm after the customer filed a complaint. FINRA found Ott’s conduct violative of FINRA Rule 2010.
Additionally, the AWC stated that Ott owned a business that made investments in real estate properties that were subject of tax deliquesces. Evidently, Ott analyzed the purchases of the real estate properties on the company’s behalf, and made efforts to purchase the properties. However, Ott never informed the firm about engaging in this outside business activity. Consequently, FINRA found Ott’s conduct violative of FINRA Rules 2010 and 3270.
Ott was discharged by MML Investors Services on March 28, 2016 based upon allegations that a customer complained about him forging the customer’s signature on insurance documentation.
