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Broker Complaints: MML Investor Services (CRD# 10409)

The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding the Massachusetts-based brokerage and advisory firm MML Investor Services (CRD# 10409).

MML Investor Services is a broker-dealer and investment adviser registered in fifty-two US states and territories. Formed in 2011, MML is based in Springfield, Massachusetts. Michael Robert Fanning serves as Chief Executive Officer and Chairman of the Board; Christine Spencer Frederick serves as Chief Compliance Officer; William Francis Monroe, Jr. serves as Vice President and Chief Operating Officer.

According to its BrokerCheck report, MML Investor Services is the subject of thirteen regulatory actions and one customer complaint.

In 2013 the Financial Industry Regulatory Authority (FINRA) filed a complaint against MML Investor Services alleging MML failed to supervise certain representatives who engaged in the private selling of securities prior authorization. MML Investor Services was censured and issued a penalty of $125,000.

In 2011 the State of Rhode Island filed a complaint alleging MML Investor Services failed to enforce supervisory protocols designed to prevent violations by one of its representatives. MML Investor Services was censured and issued a penalty of $250,000.

In 2011 FINRA filed a complaint alleging MML Investor Services failed to make at least 98 filings in an expeditious manner, which may have hindered public access of certain brokers’ backgrounds and disclosures. MML Investor Services was censured and issued a penalty of $300,000.

In 2010 a customer alleged MML Investor Services engaged in breach of fiduciary duty, breach of contract, and negligence. The complaint resulted in an award to the customer of $1,137,923.

In 2007 the State of Vermont Department of Banking, Insurance, Securities, and Health Care Administration filed a complaint alleging MML Investor Services’ representatives sold ten variable annuity contracts to Vermont representatives without first obtaining proper registration with the Vermont Securities Division. MML Investor Services was issued a penalty of more than $45,000.

In 2007 the National Association of Securities Dealers (NASD) filed a complaint alleging MML Investor Services recommended unsuitable investments in Class B shares of mutual funds and failed to establish procedures that would guarantee customers had the opportunity to purchase Class A shares, which may have been more advantageous investments. MML Investor Services was censured and issued a fine of $473,000.

In 2004 the NAS filed a complaint alleging MML Investor Services filed at least 220 late amendments dealing with reportable customer complaints, terminations, regulatory actions, and criminal disclosures. MML Investor Services was censured and issued a penalty of $250,000.

If you have lost money investing with MML Investor Services, you may be qualified to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency, which means we only get paid if and when you recover money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.