Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as MML Distributors, LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
MML Distributors, LLC is the MassMutual broker-dealer that acts as principal underwriter for MassMutual’s proprietary variable life insurance and annuity products and as placement agent for its private placement life insurance contracts. Established in Connecticut in 1994, the firm is owned by Massachusetts Mutual Life Insurance Company.
MML Distributors, LLC – By the Numbers:
- CRD #: 38030
- Regulatory Events: 3
- Broker Employees: 91
MML Distributors, LLC – In the News:
FINRA v. MML Distributors, LLC (Case #2016052647801) – Beginning in January 2001 and continuing to the present (the “Relevant Period”), MML failed to maintain approximately 2,400,000 electronic brokerage records in non-erasable and non-rewritable format, known as WORM format, as required by Section 17(a) of the Exchange Act of 1934 (the “Exchange Act”), Rule 17a-4(f) promulgated thereunder, NASD Rule 3110 and FINRA Rule 4511. WORM stands for “write once, read many,” and is intended to prevent the alteration or destruction of broker-dealer records stored electronically. During the Relevant Period, the Firms also experienced related notice, audit and attestation deficiencies affecting the ability to adequately retain and preserve electronic records, in violation of Exchange Act Rule 17a-4(f), NASD Rules 3110 and FINRA Rule 4511. Finally, the Firms failed to enforce written supervisory procedures relating to compliance with the WORM requirement, in violation of NASD Rule 3010(b) and FINRA Rule 3110(b).
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.