MML Investors Services, LLC has agreed to pay a fine of $700,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From March 2017 through April 2020, MML’s supervisory system, including written supervisory procedures, was not reasonably designed to achieve compliance with the firm’s obligation to supervise consolidated reports. The firm failed to reasonably supervise the process of its representatives creating consolidated reports including the manual entry of account information using a third-party reporting system.
In addition, during the period November 2018 to January 2019 one of the firm’s representatives manually entered false brokerage account information into the consolidated reporting system for three related customers, failed to provide supporting documentation for the manual entries as required,…
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