There are Recent Customer Complaints with Broker Hugo Hernandez in Firm MML Investors Services, LLC

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Hugo Hernandez (Hernandez) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Hernandez was employed by MML Investors Services, LLC at the time of the activity.  If you have been a victim of Hernandez’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $23,000.00 on June 25, 2024.

The complainant alleges that on/or about January 29, 2024, he met with the registered representative, regarding investing in an alternative investment, and then paid the registered representative $20,000 on/or about February 16, 2024, with the agreement, that he would be paid back within 90 days, with a 15% return. The complainant says that as of June 25, 2024, he has not been paid back, and the checks given to the complainant have bounced, totaling $23,000 and feels this is a misappropriation of investment funds.

Our legal team has a wealthy experience handling cases where advisors defraud clients by securing loans or selling securities through OBAs. In the financial industry, “selling away” refers to the sale of unapproved investment products, fake schemes that conceal stolen funds, and other fraudulent activities, representing a significant violation of securities regulations. “Selling away” is the term used in the industry when a financial advisor solicits investments in companies, promissory notes, or securities without obtaining approval from their affiliated brokerage firm. While a few of these investments might be valid, many end up as Ponzi schemes or involve advisors illegally converting client funds.

However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. In order to properly supervise their brokers each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interaction with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.

In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.

Hernandez has been in the securities industry for more than 8 years. Hernandez has been registered as a Broker with MML Investors Services, LLC since 2017.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.

 

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