According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Oscar Francis (Francis), formerly associated with MML Investor Services, LLC (MML) in Ft. Lauderdale, Florida, was terminated for cause by MML concerning allegations that he engaged in private securities transactions. MML stated that Francis’ was “terminated in connection with an investigation into an undisclosed outside business activity, potential selling away and an unauthorized non-securities life insurance transaction.” In addition, Francis has been subject to three customer complaints concerning unapproved investments. Further, in April 2017, the Department of Justice opened an investigation into Francis’ investment activities.
At this time it is unclear the extent and nature of the outside business activities or private securities transactions that occurred. The allegations concerning private securities transactions is a practice known in the industry as “selling away” – a serious violation of the securities laws.