OSCAR FRANCIS of MML Investors GUILTY of Mahum, Inc. FRAUD
Have you lost money with financial advisor Oscar Francis of MML Investors or Mahum, Inc. in Fort Lauderdale, Florida?
We are investigating allegations made by the Securities and Exchange Commission (SEC) against Oscar Francis. The SEC alleged that Oscar Francis misappropriated funds, while affiliated with MML Investor Services, in a fraudulent investment called Mahum, Inc. In August 2018, he pleaded guilty to these charges regarding Mahum, and the SEC barred him from the securities industry for this conduct. It was alleged that Francis defrauded investors out of nearly $700,000, and he spent the funds on cocaine, alcohol, strip clubs, and luxury items.
Oscar Francis was a financial advisor and registered representative of MML Investors Services from July 2008 to June 2017. He worked at offices in Fort Lauderdale, Florida.
Brokerage firms like MML Investors Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in south Florida. Attorney David Neuman is licensed to practice law in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including MML Investors Services.
Click to view: Oscar Francis BrokerCheck
Click to view: Oscar Francis SEC Order
If you lost money with Oscar Francis or MML Investors Services, please Contact Us at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.