MML Investors Services

Broker Lester Hamrick in MML Investors Services, LLC Firm Has Customer Complaint

February 16, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lester Hamrick (Hamrick), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Hamrick recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.01 on January 07, 2025.

The complainants allege that in/or around February 2021, they began investing with their registered representative, and communicated that they wanted preservation of assets, conservative investments, with only moderate risks, but due to an unsuitable investment strategy, involving high risk unsuitable securities, and a costly whole life insurance strategy, they have lost a significant amount of their life savings. The complainants also allege the Firm failed to supervise the registered representative.

Broker James Unger in MML Investors Services, LLC Firm Has Customer Complaint

February 7, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Unger (Unger), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Unger recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on May 05, 2023.

The customer alleged that their variable life insurance policy was misrepresented by the representatives in terms of subaccount returns and premiums being sufficient to fund the policy and the subaccounts being invested into the agreed upon asset allocations throughout the policy’s administration which began in 1999.

There are Recent Customer Complaints with Broker Arkady Milgram in Firm MML Investors Services, LLC

February 2, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Arkady Milgram (Milgram), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Milgram recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 12, 2024.

The complainant alleges that the Variable Annuity she purchased from the registered representative in/and around June 3, 2014, was unsuitable for her, as it was illiquid, expensive and low performing. The complainant also alleges that Whole Life policies she purchased in/and around December 2008 and August 2010, which were marketed and sold as retirement investments, were misrepresented and unsuitable, given the annual premium costs. The complainant also alleges that the Firm had a fiduciary duty to review the transactions.

There are Recent Customer Complaints with Broker Robert Snider in Firm MML Investors Services, LLC

January 31, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Snider (Snider), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Snider recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 05, 2024.

The complainants allege that, beginning in 2021, the rep <double_quote>twisted<double_quote> their annuities, which they also allege he misrepresented, were not in their best interests and caused them financial harm.

MML Investors Services, LLC Broker Brian Bradley Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Brian Bradley (Bradley), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Bradley recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $43,792.00 on December 11, 2024.

The complainant alleges that the fixed annuity that was sold to her in 2019, which was funded by a securities account, was unsuitable and that she was taken advantage of.

Broker Charles Evan Subject to Regulatory and Customer Complaints Over Annuity Practices

April 7, 2020 | by Staff Attorney

According to BrokerCheck records financial advisor Charles Evan (Evan), formerly employed by MML Investors Services, LLC (MML Investors) has been subject to five customer complaints, one regulatory action, and one employment termination for cause during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Walker concern allegations over various annuities, insurance, and variable annuity sales practices.

In October 2019 MML Investors terminated Evan alleging inappropriate traditional insurance sales practices. Thereafter, FINRA investigated Evan, and in January 2020, FINRA found that Evan consented to the sanction and findings that he refused to provide documents and information requested by FINRA in connection with allegations concerning inappropriate traditional insurance sales practices.

In March 2020 a client complained that Evan violated the securities laws alleging that after meeting with Evan in 2017, he sold her several variable annuities that were found to be unsuitable for her needs. The customer alleged $157,370 in damages. The claim is currently pending.

In February 2020 a client complained that Evan violated the securities laws alleging that beginning in 2008, Evan made misrepresentations, and provided bad investment advice on the sales of various products, which resulted in a financial loss. The claim is currently pending.

Advisor Timothy Johnson Accused of Diverting Client Funds – Recovery Options

December 7, 2019 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Timothy Johnson (Johnson) was discharged by his employer after being accused of diverting client funds. According to BrokerCheck records, Johnson is formerly registered with The Financial Industry Regulatory Authority (FINRA) member firm MML Investors Services, LLC (MML). In addition, Johnson disclosed one regulatory complaint. If you have been a victim of Johnson’s alleged misconduct our firm may be able to assist you in recovering funds.

In July 2019 MML discharged Johnson after alleging that he was terminated in connection with an investigation into the registered representative’s diversion of customer funds for his own use.

In September 2019 FINRA filed a regulatory action alleging that Johnson consented to the sanction and findings that he failed to provide documents and information requested by FINRA during the course of an investigation into the allegations made concerning his termination. FINRA’s suspension will automatically become a bar if Johnson fails to respond.

Alberto Sanchez Barred From the Securities Industry Over Undisclosed Activity

July 2, 2019 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Alberto Sanchez (Sanchez) engaged in undisclosed outside business activities (OBAs) that were not approved by his brokerage firm. Sanchez, formerly registered with SagePoint Financial, Inc. (SagePoint Financial) and MML Investors Services, LLC (MML Investors) out of Fort Lauderdale, Florida was barred from the financial industry according to records kept by The Financial Industry Regulatory Authority (FINRA). In addition, Sanchez disclosed at least two customer complaints.

In June 2019 FINRA found that Sanchez consented to the sanctions and findings that he did not provide documents as requested by FINRA in connection with an investigation concerning his involvement in a potential undisclosed outside business activity. Accordingly, Sanchez was automatically barred from the securities industry.

At this time it is unclear what OBA Sanchez engaged in that FINRA was investigating and whether or not that activity also involved private securities transactions. Sanchez’s public disclosures state that he was involved in a number of OBAs including rental property business, an insurance business, Creative Financial Network, and Health Insurance. It is unclear if these OBAs were the subject of FINRA’s investigation.

Advisor Alex Blanco Subject to Complaints Over Annuities and REITs

June 3, 2019 | by Staff Attorney

Advisor Alex Blanco (Blanco), currently employed by MML Investors Services, LLC (MML Investors) has been subject to at least three customer complaints during the course of his career. According to a BrokerCheck report some of the customer complaints concern variable annuities and alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In December 2018 a customer complained that Blanco violated the securities laws by alleging that the financial advisor made unsuitable investments as well as overstating assets and inadequate accounts to statement causing $315,000 in damages. The claim is currently pending.

In May 2018 a customer complained that Blanco violated the securities laws by alleging that the financial advisor recommended investments purchased in 2015 were not suitable and he is requesting to liquidate the account. The claim was denied by the firm.

Our firm often handles cases involving annuities and direct participation products, Non-Traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These products are almost always unsuitable for investors. In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

Advisor Nicholas Radke Barred by Regulator Over Unapproved Products

January 14, 2019 | by Staff Attorney

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.