GARY WAYNE HAMMOND (GARY W HAMMOND, GARY HAMMOND) CRD#: 2660432, a broker formerly with MML Investors Services of Charlotte, North Carolina, was barred by FINRA due to allegations that he didn’t notify his firm about private security transactions.
On January 19, 2021, without admitting or denying FINRA’s findings, GARY WAYNE HAMMOND consented to the sanction and to the entry of findings that he allegedly participated in private securities transactions totaling $1,638,000.00 without providing written notice to his member firm.
FINRA’s findings stated that the transactions involved investments in limited liability companies allegedly controlled by Hammond’s half-brother. GARY WAYNE HAMMOND, FINRA alleges, participated in these transactions by referring investors to his half-brother, attending meetings about the investments, and receiving compensation for his referrals.
GARY WAYNE HAMMOND allegedly referred clients, who invested a total of $1,019,000.00, in limited liability companies. Also according to FINRA, in a firm compliance questionnaire, Hammond failed to answer questions about whether he participated in private securities transactions or received referral fees outside of his firm.
According to an article in Financial Advisor IQ, between February and October of 2016, while registered with MSI Financial Services, which was acquired by MML in 2017, GARY WAYNE HAMMOND allegedly took part in at least 14 such transactions totaling more $1.64 million involving investments in three limited liability companies controlled by Hammond’s half-brother, without notifying his firm.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, GARY WAYNE HAMMOND has 12 Disclosures on his CRD report, 10 are “Customer Disputes.”
GARY WAYNE HAMMOND was discharged from MML in April of 2017, following allegations of, “Terminated in connection with an internal review relating to violation of company policy as to the handling of a customer complaint and selling away.” Nine of the “Customer Disputes” were filed after Hammond was discharged. Some of the disputes have been denied, closed with no action, withdrawn or are still pending. Four of the disputes that settled all have allegations in part, “Plaintiffs alleged Unfair and Deceptive Trade Practices and State Securities Fraud regarding the advisor’s recommendation to invest in private securities…” The settlement amounts of the four settled disputes are: $680,000.00, $86,000.00, $1,190,000.00, and $975,000.00.
GARY WAYNE HAMMOND, according to BrokerCheck, had been in the securities industry for 21 years and was listed with 6 firms, the three most recent listed below:
08/22/2017 – 12/04/2017 HORNER, TOWNSEND & KENT, INC. – CHARLOTTE, NC
03/25/2017 – 05/03/2017 MML INVESTORS SERVICES, LLC – CHARLOTTE, NC
08/02/2000 – 03/25/2017 MSI FINANCIAL SERVICES, INC. – CHARLOTTE, NC
If you’ve suffered investment losses due to the actions or recommendations of former MML or MSI of Charlotte NC, broker, GARY WAYNE HAMMOND, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.