Barred after multiple allegations of fraud, misappropriation, and pleading guilty to wire fraud in 2018
Did you lose money investing with Oscar Francis? Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Former MML Investors Services, LLC broker Oscar Francis (CRD #5094722) has been barred from FINRA after multiple allegations of fraud, misappropriation, and pleading guilty to wire fraud in 2018.
Francis had 11 years of experience with three firms: MML Investors Services, LLC of Ft. Lauderdale, FL (2008–2017); AXA Advisors of Ft. Lauderdale, FL (2007–2008) and Raymond James & Associates of Boca Raton, FL (2006–2007).
Francis has four disclosures in his FINRA record.
In August 2018, Francis pled guilty to one count of wire fraud in the United States District Court of Southern Florida and was sentenced to a prison term of 41 months and ordered to pay restitution in the amount of $422,387.
Per court testimony, Francis admitted that between June 2012 and May 2017, he knowingly devised a scheme to defraud at least 11 investors out of approximately $665,000.
Reportedly, Francis solicited his MML clients to invest in a company named Mahum, Inc., falsely representing that Mahum was affiliated with MML. He then misappropriated those funds for personal luxury items.
In 2016, a customer alleged that he invested with Francis believing he was investing in a MassMutual product that was later discovered to be fraudulent. The customer claimed that Francis misappropriated those funds, estimated at $59,360. The claim was settled in 2018 for the requested amount of damages.
Another client made a similar allegation in 2017, claiming that he had also purchased an unapproved MassMutual product. Requested damages were in the amount of $20,000, and the claim was later settled for $20,370.
Two other clients made the same claims, both settled in 2017, one for $44,321, and another for $243,652.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.