The Financial Industry Regulatory Authority (FINRA) recently barred former MML Investors Services broker Brian Travers from the industry. Mr. Travers was alleged to have engaged in private securities transactions, and FINRA was investigating him for it. Brian Travers also refused to appear for an on-the-record testimony and failed to provide FINRA with testimony in connection with its investigation into potential undisclosed outsides business activities and private securities transactions. MML Investors Services terminated Travers’ employment with the firm in March 2017. The private securities transactions in which Travers is alleged to have participated are also referred to as “selling away” within the industry. This is when a registered broker solicits investments in companies, promissory notes, or other securities that are not pre-approved by his member firm. The broker does this so he does not have to share the commissions he makes with his member firm. His brokerage firm has an obligation and a duty to reasonably supervise its representatives, and, if it does not, and allows the broker to violate FINRA and internal firm rules, the firm may be liable for investment losses on a contingency fee basis. Firms like MML Investors Services are sued in the FINRA arbitration forum.
Brian Michael Travers, according to his public, FINRA BrokerCheck report, available online, was previously registered with MML Investors Services in Melville, New York from September 2007 until June 2009, MetLife Securities in Hauppauge, New York from May 2009 until November 2011, Lincoln Financial Advisors in Syosset, New York from November 2011 until November 2013, and MML Investors Services in Melville from November 2013 until April 2017. He has one regulatory matter against him and an employment separation after allegations. He has been permanently barred from the industry.
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