arred Broker Oscar Francis Misappropriated Funds For Cocaine, Strip Clubs
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) shows alarming information in regard to disgraced securities broker Oscar Francis [CRD#: 5094722, Fort Lauderdale, Florida]. Namely, Securities and Exchange Commission (“SEC”) barred him for fraud. Also, five clients filed complaints about the securities broker, who worked for MML Investors Services between 2008 to 2017. In sum, these disclosures suggest that Francis misappropriated his clients’ funds through operating a deceptive scheme. Here’s more:
SEC Bars Francis After He Pleads Guilty To Wire Fraud
Notably, on March 26, 2019, SEC barred Oscar Francis from, among other things, maintaining an association with a broker, dealer, investment adviser and municipal securities dealer. Significantly, Francis pled guilty to one count of wire fraud. Apparently, his scheme included defrauding 11 investors – some or all of which were MML clients – out of $665,190. It appears that Francis persuaded these clients to invest in or through Mahum, Inc. which was a company Francis created. Apparently, investors thought that Mahum was an MML Investors Services affiliate and that purchasing Mahum investments would generate sizeable returns. But Oscar was reportedly wasting their money on cocaine, alcohol and strip clubs instead. Evidently, in 2018, Francis received a 41-month prison sentence followed by three years of supervised release. Also, he was ordered to pay restitution to his victims.
Oscar Francis Allegedly Misappropriates MML Investors Services Client’s Funds
Evidently, on November 5, 2018, an MML Investors Services client brought an investment dispute concerning Oscar Francis. Notably, the client asserted that Francis misappropriated the client’s funds in connection with a fraudulent investment. As a result, on April 15, 2019, MML Investors Services resolved this issue through paying the client $59,540.95.
Oscar Francis Allegedly Deceives MML Investors Services Client
Apparently, a second client of MML Investors Services contested Oscar Francis per a complaint dated December 1, 2018. Allegedly, Francis misappropriated this client’s funds too. Because of this, on December 17, 2019, MML Investors Services paid the client $31,828 to settle the matter. Other lawsuits make pretty much the same allegations in regard to Francis’ deceptive actions.
Losses From MML Investors Services Securities Broker Oscar Francis?
Have you experienced losses from Oscar Francis’ fraudulent scheme? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Francis and their employers.