Michael Schoolcraft, Former MML Investors Services Broker, Barred For Refusing To Comply

Former securities broker Michael Stephen Schoolcraft (CRD: 6375300) was registered with MML Investors Services LLC in Lisle, Illinois, from May 2016 until the firm reported terminating him on May 1, 2026. The Financial Industry Regulatory Authority (FINRA) later barred him after he refused to provide requested records during an investigation. Here’s how the FINRA matter unfolded.

FINRA Barred Michael Schoolcraft For Refusing Records

On July 13, 2026, FINRA imposed a permanent bar on Michael Schoolcraft in Case No. 2025085271501, prohibiting him from associating with any FINRA member in any capacity. FINRA alleged that Schoolcraft stopped cooperating with an investigation into personal loans from clients and refused to provide the information and documents it requested.

Michael Schoolcraft’s Background And FINRA Investigation

Schoolcraft first registered with FINRA through MML Investors Services LLC in May 2016, according to the Acceptance, Waiver, and Consent (AWC) settlement. On May 1, 2026, MML filed a Form U5 reporting that it had terminated him. MML said the termination involved inconsistencies between what Schoolcraft told the firm and what he later told FINRA about personal loan transactions unrelated to securities. FINRA said the investigation began with a regulatory tip.

FINRA’s Information Requests

Schoolcraft initially cooperated with FINRA’s investigation into personal loans from clients, but later refused to provide further information. On April 20, 2026, FINRA requested additional information and documents under FINRA Rule 8210. He did not respond to that request, according to the AWC.

FINRA sent another Rule 8210 request on May 29, 2026. In a June 15, 2026, email, Schoolcraft acknowledged receiving FINRA’s requests and said he would not provide the requested information and documents, according to the AWC.

FINRA Found Michael Schoolcraft Violated Rules 8210 And 2010

FINRA found that Schoolcraft’s refusal to provide the requested information and documents violated FINRA Rules 8210 and 2010. Rule 8210 gives FINRA authority to require information, documents, and access to records in connection with an investigation. Rule 2010 requires securities brokers to comply with ethical standards.

Permanent FINRA Bar

Schoolcraft accepted FINRA’s findings through the AWC without admitting or denying them. As part of the settlement, Schoolcraft consented to the permanent bar, which became effective when FINRA accepted the AWC. He may not associate with any FINRA member in any capacity.

Could You Recover Losses Involving Michael Schoolcraft?

Investors who believe they suffered investment losses involving Michael Schoolcraft can contact Soreide Law Group online or at (888) 760-6552 to discuss possible recovery with a securities attorney. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Schoolcraft accepted FINRA’s findings without admitting or denying them.