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Articles Posted in MML Investors

Allegedly Unsuitable Recommendations Caused Senior Investor Loss of Savings

A Brunswick, Georgia retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against broker-dealer MML Investors Services, LLC. The investor contends that a broker from the firm overconcentrated his IRA and a non-IRA account in CNL Lifestyle Properties, which is an illiquid, privately traded real estate investment trust (non-traded REIT). 

This caused him to lose a large portion of his savings. Now, the investor is alleging failure to supervise, unauthorized transactions, securities fraud, broker negligence, breach of duty, breach of contract, violation of state securities laws, and other claims.  He is seeking up to $100K plus interest and costs.  

FINRA Bars Former Charlotte, North Carolina Financial Advisor 

The Financial Industry Regulatory Authority (FINRA) arbitration has permanently barred Gary Wayne Hammond, an ex-North Carolina broker, following allegations that he took part in more than $1.6M in private securities transactions without having given written notice to his then-firm. The transactions appear to involve limited liability companies run by Hammond’s half-brother, who is accused of operating Ponzi scams.

Hammond worked in the industry for 21 years, most recently as a Horner, Townsend, and Kent broker, where he worked for four months in 2017 and right before that with MML Investors Services, where he was a registered representative for two months. 

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