“The investors’ funds were used by Francis on strip club bills, alcohol and cocaine. “
Oscar Francis of Fort Lauderdale Florida a stockbroker formerly associated with MML Investors Services LLC has been barred by Securities and Exchange Commission (SEC) from associating with any securities broker dealer or investment adviser based upon the stockbroker being found guilty of wire fraud in which customer funds had been misappropriated or stolen when Francis was employed by MML Investors. SEC Order No. 3-19121 (Mar. 26, 2019).
SEC noted in the Order that Francis admitted when pleading guilty to wire fraud that he defrauded eleven investors who sustained more than $665,190.00 in losses. Francis’ victims, who attended his church, were promised attractive investment returns by making investments in Mahum Inc. The investors’ funds were used by Francis on strip club bills, alcohol and cocaine. The stockbroker was sentenced to forty-one months behind bars after having pled guilty to one count of wire fraud, conduct violative of 18 U.S.C. Section 1343. United States v. Oscar Francis Case No. 18-60216 (S.D. Fl. Nov. 15, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Francis has been identified in five customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including MML Investors Services. In particular, on November 7, 2017, a customer initiated investment related complaint concerning Francis’ activities was resolved for $44,321.00 in damages founded on accusations that when Francis was employed by MML Investors Services, fraudulent securities transactions were executed outside the securities broker dealer’s auspices.
Another customer initiated investment related complaint involving Francis’ conduct was settled for $20,370.00 on November 13, 2017 in damages based upon allegations that the customer was defrauded by purchasing securities through Francis away from MML Investors Services. Francis is additionally referenced in a customer initiated investment related complaint that was resolved on December 1, 2018 for $31,828.00 in damages based upon accusations that transactions were unsuitable given the customer’s investment profile, and the customer sustained losses by purchasing fictitious or fraudulent investments when Francis was associated with MML Investors Services.
Francis has also been referenced in a customer initiated investment related complaint which has been settled on April 15, 2019 for $59,540.95 in damages supported by allegations that misrepresentations were made in regard to investments, fraudulent products were sold to the customer, and the customer’s funds had been misappropriated as a result of transactions facilitated by the stockbroker.
FINRA Public Disclosure indicates that MML Investors Services discharged Francis on May 31, 2017 supported by allegations that the stockbroker engaged in an outside business activity which he neglected to disclose to the securities broker dealer, and he took part in private securities transactions which were not authorized.
