Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Nicholas Radke (Radke), formerly associated with MML Investors Services, LLC (MML Investors) in December 2018, was sanctioned and barred from the securities industry by FINRA over accusations of potentially selling unapproved products.
In December 2018 FINRA alleged that Radke consented to the sanction and a bar from the industry because he failed to provide FINRA with requested documents and information in connection with allegations that Radke participated in a private securities transaction without prior approval from his member firm.
The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.
At this time it is unclear the nature and scope of Radke’s activities. Radke’s disclosures include outside business activities (OBAs). At this time it is unclear whether the unapproved products involve any of these entities.