Oscar Francis, Financial Advisor Barred from Securities Industry by the SEC | Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses | Oscar Francis, Financial Advisor Barred from Securities Industry by the SEC
Oscar Francis was previously licensed with MML Investors Services, LLC from 2008 to 2017. The SEC reports that Oscar Francis was barred from the securities industry by the SEC in March 2019. The SEC reports that on August 31, 2018, Oscar 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-CRCOHN. The SEC reports that on November 15, 2018, Francis was 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.
According to the SEC: In connection with that plea, Oscar Francis admitted that between June 25, 2012 and May 31, 2017, he knowingly devised a scheme to defraud at least eleven investors out of approximately $665,190. Oscar Francis solicited his MML clients, with whom he attended church, to invest in Mahum, Inc., which Francis incorporated and controlled. Oscar Francis falsely represented that Mahum was affiliated with MML and that investments in Mahum would generate high rates of return. Francis misappropriated the funds he received, spending them on cocaine, alcohol, strip clubs, and luxury items. When investors inquired or complained about the status of their investments, Oscar Francis would obtain loans and use other investment funds to repay the investors to prevent them from reporting Oscar Francis’ activity to MML or to law enforcement.
If you lost money on investments with Oscar Francis and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Oscar Francis’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Oscar Francis and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock ExchangeBack to Blogs