{"id":3920,"date":"2016-11-09T16:49:28","date_gmt":"2016-11-09T22:49:28","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3920"},"modified":"2022-03-11T13:39:57","modified_gmt":"2022-03-11T19:39:57","slug":"finra-says-former-mml-investors-services-broker-bilked-older-couple-senior-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-says-former-mml-investors-services-broker-bilked-older-couple-senior-fraud\/","title":{"rendered":"FINRA Says Former MML Investors Services Broker Bilked Older Couple in Senior Fraud"},"content":{"rendered":"

\t\t\t\tFINRA has issued a complaint against Stanley Clayton Niekras accusing the broker of elder financial abuse. According to the regulator, Niekras allegedly cheated a couple, who are in their nineties and in failing mental and physical health, out of over $70K in financial panning services fees.<\/p>\n

Even though Niekras didn\u2019t have an investment advisory or financial planning agreement with the elderly couple, he allegedly billed them for hundreds of hours of time that he purportedly spent working on their \u201cfinancial future\u201d \u2013work that he claimed to have done over four years.\u00a0The purported elder fraud would have taken place while he worked for MML Investors Services. FINRA said that Niekras charged the couple \u00a0$250\/hr in retroactive compensation. The couple received their bill for these supposed services in 2013.<\/span><\/p>\n

FINRA contends that Niekras knew that he had no right to the \u201cfinancial planning fees or the \u201cestate planning\u201d fees he was charging the couple. The self-regulatory organization said that the broker, who had been contending with tax liens, had told MML Investors Services that he could cover the liens because of commissions he was expecting.\u00a0Niekras purportedly thought\u00a0that\u00a0he could sell variable annuities to the children of the older couple, who had gifted them with about $500K in securities and cash each.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FINRA has issued a complaint against Stanley Clayton Niekras accusing the broker of elder financial abuse. According to the regulator, Niekras allegedly cheated a couple, who are in their nineties and in failing mental and physical health, out of over $70K in financial panning services fees. Even though Niekras didn\u2019t have an investment advisory or […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3803,3884],"tags":[],"class_list":["post-3920","post","type-post","status-publish","format-standard","hentry","category-finra","category-senior-investors","category-variable-annuities"],"yoast_head":"\nFINRA Says Former MML Investors Services Broker Bilked Older Couple in Senior Fraud — Investor Lawyers Blog — November 9, 2016<\/title>\n<meta name=\"description\" content=\"FINRA has issued a complaint against Stanley Clayton Niekras accusing the broker of elder financial abuse. According to the regulator, Niekras allegedly — November 9, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/finra-says-former-mml-investors-services-broker-bilked-older-couple-senior-fraud\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Says Former MML Investors Services Broker Bilked Older Couple in Senior Fraud — Investor Lawyers Blog — November 9, 2016\" \/>\n<meta name=\"twitter:description\" content=\"FINRA has issued a complaint against Stanley Clayton Niekras accusing the broker of elder financial abuse. 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