Founded in 1981, MML Investors Services, Inc. is a broker-dealer and registered investment adviser that offers such products and services as mutual funds, variable life insurance and annuities, financial planning, brokerage accounts, portfolio management, and securities products. The company is based in Springfield, Massachusetts and operates as a subsidiary of MassMutual Holding, LLC.
A securities brokerage firm licensed by FINRA, MML Investors Services, Inc. has a legal duty to supervise its brokers and its brokers’ recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor’s losses.
MML Investors Services & Broker Misconduct Claims
In 2004, NASD fined MML Investors Services and 28 other investment firms more than $9.2 million for reporting violations. According to this regulatory action, MML and various other firms were fined for failure to disclose reportable information in a timely manner. The late reporting specifically involved information about MML Investors Services brokers, such as customer complaints about those brokers and prior record of misconduct (criminal charges, convictions, and other regulatory actions).
One of the largest actions against MML Investors Services was brought by NASD in June 2007. MML and three other investment firms violated securities laws relating to mutual fund sales. MML Investors Services was fined $473,000 specifically for violating sales laws for Class B and Class C shares. MML agreed to set up a remediation fund to reimburse various investors who suffered financial losses caused by the firm’s improper mutual fund sales.
Stockbrokers and the investment firms they work for are responsible for acting in the best interests of their investors, but unfortunately, this is not always the case. Brokers and their firms can participate in various types of misconduct for their benefit at the expense of their investors. When broker firms like MML Investors Services fail to release information about their brokers that investors need to know to protect themselves against potential fraud, fail to impose adequate supervisory systems or intentionally make improper and unsuitable investment recommendations, investors can take action.
Contact Our Experienced Securities Fraud & Arbitration Attorneys
Investment loss lawyers at Meyer Wilson have the skills and resources you need to pursue claims against MML Investor Services. Our firm’s sole purpose is to reclaim lost assets from investment firms on behalf of victims of fraud—our single-minded focus has honed our experience into an effective tool against all forms of securities fraud. Our firm’s attorneys are prepared to conduct investigations and claims in courts at both state and federal levels nationwide, as well as in arbitration with financial entities such as FINRA and AAA. We also conduct private arbitration, and even represent international clients against FINRA-licensed U.S. brokerage firms.
