Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction. In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000. Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients. In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds. It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.

Iorio Altamirano LLP is a securities arbitration law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:

• GPB Automotive Portfolio, LP
• GPB Cold Storage LP
• GPB Holdings, LP
• GPB Holdings II, LP
• GPB Holdings III, LP
• GPB Holdings Qualified, LP
• GPB NYC Development, LP
• GPB Waste Management Fund, LP

Financial Advisor Oscar Francis (CRD No. 5094722)

Mr. Francis had 11 years of experience and has been associated with three different brokerage firms:

• MML Investors Services, LLC in Ft. Lauderdale, FL, from July 2008 to May 2017.
• AXA Advisors, LLC in Ft. Lauderdale, FL, from March 2007 to July 2018.
• Raymond James & Associates, Inc. in Boca Raton, FL, from April 2006 to February 2007.

MML Investors Services fired Mr. Francis on May 31, 2017, connected with a U.S. Department of Justice investigation into an undisclosed outside business activity and selling away. In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000. Mr. Francis solicited his MML Investor Services clients, with whom he attended church, to invest in Mahum, Inc., which he incorporated and controlled. Mr. Francis falsely represented that Mahum, Inc. was affiliated with MML, and the investments in Mahum, Inc. would generate high rates of return. Mr. Francis also stole the funds he received, spending them on cocaine, alcohol, strip clubs, and luxury items. When investors inquired or complained about their investments’ status, Mr. Franciss would obtain loans and use other investment funds to repay the investors to prevent them from reporting Mr. Francis’s activity to MML or law enforcement.

Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients. In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

According to Mr. Francis’s public disclosure report with FIRNA, MML Investor Services, LLC has paid nearly $400,000 to five complaining customers:

• Customer Dispute (December 2018): In December 2018, a customer filed a complaint alleging $24,000 in damages. The customer alleged that in 2016, he believed that he was investing in a MassMutual product, which was later discovered to be a fraudulent investment, in which Mr. Francis misappropriated client funds. MML Investor Services, LLC settled the matter for $31,828.
• Customer Dispute (November 2018): In November 2018, a customer filed a complaint alleging $59,360 in damages. The customer alleged that in 2016, he believed that he was investing in a MassMutual product, which was later discovered to be a fraudulent investment, in which Mr. Francis misappropriated client funds. MML Investor Services, LLC settled the matter for $59,540.95.
• Customer Dispute (August 2017): In August 2017, a customer filed a complaint alleging $20,000 in damages. The customer alleged that in 2016, he believed that he was investing in a MassMutual product, which was later discovered to be an unapproved investment. MML Investor Services, LLC settled the matter for $20,370.
• Customer Dispute (August 2017): In August 2017, a customer filed a complaint alleging that in 2016 he believed that he was investing in a MassMutual product, which was later discovered to be an unapproved investment. MML Investor Services, LLC settled the matter for $44,321.
• Customer Dispute (May 2017): In May 2017, a customer filed a complaint alleging that in 2016 he believed that he was investing in a MassMutual product, which was later discovered to be an unapproved investment. MML Investor Services, LLC settled the matter for $243,652.

How to Recover Losses or Obtain a Free Consultation

If you have suffered financial losses investing with Mr. Francis or MML Investor Services, LLC, or suspect that Mr. Francis did not have your best interest in mind when recommending an investment, such as one of the GPB Capital notes, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

According to his BrokerCheck report, Mr. Mackland is facing four felony charges in the District Court of Pottawattamie County in Iowa. He is accused of committing fraudulent sales practices and theft by deception.

Mr. Mackland was associated with Lion Street Financial, LLC in Council Bluff, Iowa, from December 2018 to February 2020.

Before joining Lion Street Financial, he was employed by two different broker-dealers in Omaha, Nebraska. Both employment engagements ended after allegations of wrongful conduct. From March 2017 to September 2018, Mr. Mackland worked at MML Investors Services, LLC. He was fired for making misrepresentations to customers related to traditional life insurance policies. From May 2005 to August 2016, Mr. Mackland was associated with Northwestern Mutual Investment Services, LLC. He resigned while under internal review for questions relating to his sales practices.

Mr. Mackland is also the subject of at least one customer complaint. In April 2020, a customer filed a securities arbitration alleging over $2.8 million in damages. The customer alleged that Mr. Mackland churned the account; made unsuitable investment recommendations; made fraudulent, false, and misleading statements; and breached his fiduciary duties. The alleged conduct occurred in 2011 when Mr. Mackland was associated with Northwestern Mutual Investment Services, LLC.

If you have suffered financial losses investing with Chad Mackland, Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services, or suspect inappropriate activity in your investment or retirement account, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Arvest Wealth Management.

Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services – Supervisory Duties

Brokerage firms like Lion Street Financial, MML Investors Services, and Northwestern Mutual Investment Services must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as churning and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Chad Mackland, Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

FINRA alleged that between March 2016 and April 2016, Neemit Shah participated in private securities transactions totaling $408,000, without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

• From March through April 2016, Shah solicited investors to purchase $408,000 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Shah received a total of $8,160 in commissions associated with his sales of Future Income Payments, LLC.
• MML Investors Services, LLC prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Shah did not provide notice to MML Investors Services, LLC before soliciting investors to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Shah was a financial advisor at MML Investors Services, LLC in Glen Allen, Virginia, from December 2016 until November 2018. He was then employed by Northwestern Mutual Investment Services, LLC in Richmond, Virginia, from September 2019 until May 2020.

Brokerage firms like MML Investors Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one other financial advisor at MML Investors Services, LLC, Micha W. Patterson, has been sanctioned by FINRA for inappropriately soliciting securities of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

FINRA alleged that between June 2017 and November 2017, Micah Patterson participated in private securities transactions totaling $30,644 without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

• From June through November 2017, Patterson solicited an investor to purchase $30,644 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Patterson received a total of $1,225.76 in commissions associated with his sale of Future Income Payments, LLC.
• MML Investors Services, LLC prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Patterson did not provide notice to MML Investors Services, LLC before soliciting the investor to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Patterson was a financial advisor at MML Investors Services, LLC in Centerville, Utah, from August 2014 until September 2017. He was then employed by Hornor, Townsend & Kent, LLC, as a registered representative in Layton, Utah, from September 2017 until June 2020. Hornor, Townsend & Kent, LLC allowed Mr. Patterson to resign in June 2020 after Mr. Patterson consented to FINRA’s sanctions arising out of his improper solicitation of securities of Future Income Payments, LLC.

Brokerage firms like MML Investors Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one other financial advisor at MML Investors Services, LLC, Neemit M. Shah, has been sanctioned by FINRA for inappropriately soliciting securities of Future Income Payments, LLC. Mr. Shah, who worked in MML Investor Services, LLC branch office in Glen Allen, Virginia, solicited $408,000 investors to purchase $408,000 in securities of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.