Broker Oscar Francis Sentenced to 41 months in Prison.
Have you suffered investment losses with Oscar Francis in Fort Lauderdale, FL? If so, the securities attorneys at The White law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim.
According to a press announcement, on March 26, 2019, the Securities and Exchange Commission has reportedly barred former financial advisor Oscar Francis from the securities industry. The Commission reportedly finds that on August 31, 2018, Francis pled guilty to one count of wire fraud in violation of Title 18, United States Code, Section 1343, before the United States District Court for the Southern District of Florida, in United States v. Oscar Francis, Case No. 18-60216.
On November 15, 2018, Francis was purportedly sentenced to a prison term of 41 months followed by three years of supervised release and was ordered to pay restitution in the amount of $422,387.18.
In connection with that plea, Francis reportedly admitted that between June 25, 2012 and May 31, 2017, he allegedly devised a scheme to defraud at least eleven investors out of approximately $665,190.
Francis purportedly solicited his MML clients, with whom he attended church, to invest in Mahum, Inc., which Francis incorporated and controlled. According to the complaints, Francis falsely represented that Mahum was affiliated with MML and that investments in Mahum would generate high rates of return.
Francis allegedly misappropriated the funds he received, spending them on cocaine, alcohol, strip clubs, and luxury items, according to the complaint. When investors inquired or complained about the status of their investments, Francis would obtain loans and use other investment funds to repay the investors to prevent them from reporting Francis’s activity to MML or to law enforcement.
According to his FINRA BrokerCheck report, Francis was a registered representative with MML Investors Services from July 2008 until June 2017 when he was reportedly “terminated in connection with an investigation into an undisclosed outside business activity, potential selling away and an unauthorized non-securities life insurance transaction.”
Francis has 10 disclosures listed on his broker report, including 5 customer complaints. Allegations include unapproved and fraudulent investments.
Recovery of Investment Losses
The White Law Group is investigating potential claims involving Oscar Francis and the liability his former employers may have for failure to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including Florida. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Oscar Francis and MML Investors Services, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit https://whitesecuritieslaw.com.
Tags: broker investigation, MML Investor Services, Oscar Francis Last modified: July 7, 2023