TTENTION INVESTORS: Complaints Filed Against Brokers Cheskel Gottlieb, Mark Wasikonis, Stephen Wingard, Phillip Barringer
MML Investors Services, LLC (CRD#: 10409, Springfield, Massachusetts) does business as an investment adviser firm and as a brokerage firm. The Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission (“SEC”) regulate MML Investors Services, LLC. Notably, according to the firm’s FINRA BrokerCheck Report, it has allegedly failed to meet regulatory standards on at least 16 occasions. Also, FINRA BrokerCheck shows that a number of MML Investors Services customers filed complaints about the firm and its brokers. For example, take a look at customer disputes involving brokers Cheskel Gottlieb, Mark Wasikonis, Stephen Wingard and Phillip Barringer.
MML Customer Files Complaint About Cheskel Gottlieb’s Unsuitable Annuity Transaction
Cheskel Gottlieb Jr. (CRD#: 109784, Monsey, New York) is a MML Investors Services, LLC registered representative. Since April 30, 2012, Cheskel Gottlieb has worked in the Monsey, New York offices. Evidently, a customer of MML Investors Services, LLC took issue with Cheskel Gottlieb’s sales practices. More particularly, on August 18, 2017, the customer filed a complaint indicating that Cheskel Gottlieb sold the customer an unsuitable fixed annuity. According to the customer, the annuity was “not in his best interest.” Allegedly, Cheskel Gottlieb or another person forged the customer’s signature on the annuity application. Indeed, the customer claimed that the application did not contain signatures which resembled his own. As a result, on February 9, 2018, MML Investors Services agreed to pay the customer $37,768.83 to settle this matter.
Customer Complaint Involving MML Broker Mark Wasikonis’ Misrepresentation Of Insurance
Mark Joseph Wasikonis (CRD#: 10409, State College, Pennsylvania) is presently with MML Investors Services, LLC, and maintains licensure as a direct participation programs representative, variable contracts representative, and principal. According to the FINRA BrokerCheck report for Mark Wasikonis, a customer disputed his sales practices in filing a July 30, 2018 complaint. Supposedly, Mark Wasikonis was responsible for selling the customer a variable life insurance policy. Allegedly, Mark Wasikonis or someone he supervised failed to tell the customer about increases to the insurance policy premiums. Evidently, by believing that no future premium payments were required, the customers purchased the policy. Therefore, the customers brought this pending patter for redress. Evidently, Mark Wasikonis worked with MML Investors Services LLC since July 24, 1991.
MML Broker Files Complaint About Stephen Wingard’s Unsuitable REIT Trades
Stephen Wayne Wingard (CRD#: 2746603, Dallas, Texas) worked as a broker of MML Investor Services, LLC from June 3, 1996 to September 3, 2015. Notably, the firm and Stephen Wingard both reported that a customer contested Stephen Wingard’s sales practices through the filing of a June 23, 2016 complaint. Allegedly, Stephen Wingard sold the customer a real estate investment trust (REIT) that was not suitable. Real estate securities, often referred to as REITS, are typically risky, speculative investments.
The customer in this case indicated that Stephen Wingard sold REITS which were not compatible with the customer’s investment objectives. Eventually, MML Investors Services, LLC acquiesced to settling this matter rather than litigate it. Accordingly, on December 22, 2016, the firm agreed to provide the customer $160,000.00 in compensation. Evidently, on August 31, 2015, Stephen Wingard joined another firm, Lion Street Financial, LLC.
Customer Files Complaint About Phillip Barringer’s Unauthorized Fund Transfer
Phillip Edward Barringer Jr (CRD#: 6022891, Chesterfield, Missouri) has been a MML Investors Services, LLC registered representative since May 25, 2017. Evidently, Phillip Barringer is another one of MML Investors Services’ brokers to disclose customer disputes. In this case, on April 13, 2018, several customers claimed that Phillip Barringer transferred their funds without their permission. Supposedly, Phillip Barringer moved funds out of customers’ sub-accounts into fixed investments. As a result, customers apparently lost out on market opportunities which they could have participated. All things considered, MML Investors Services, LLC settled the matter on May 18, 2018 by remediating customers.
Experienced losses by investing with MML Investors Services brokers Cheskel Gottlieb, Mark Wasikonis, Stephen Wingard or Phillip Barringer? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.