Finra bars former MML broker for refusing on-record testimony

Self-regulator was investigating Brian Travers' outside business and private securities transactions.
DEC 14, 2017

The Financial Industry Regulatory Authority has barred Brian Michael Travers, a former Long Island, N.Y.-based broker with MML Investors Services, for refusing to appear for on-the-record testimony in connection with a Finra investigation. In November, Finra staff sent a request to Mr. Travers for such testimony. He acknowledged that he received Finra's request and said he would not appear for on-the-record testimony at any time. Finra wanted to question Mr. Travers in connection with an investigation into, among other things, potential undisclosed outside business activities and private securities transactions while he was associated with MML, which terminated his registrations last April. Mr. Travers began his financial career in 2004 at Metropolitan Life, and worked at several firms before joining MML in 2013. This is the latest in a string of actions where Finra has barred brokers for no-shows or incomplete information. Earlier this week Finra barred former Next Financial broker JoeAnn Walker for not producing the complete documentation it had requested on an inquiry of possible unsuitable sales of variable annuities by Ms. Walker. Last month Finra barred former Raymond James bank employee Edward M. Zadworny for failing to comply with an information request about his alleged outside annuity sales transactions, over which Raymond James terminated him in November 2016.

Latest News

Warren and Wyden press FINRA on ACATS transfer fraud gap
Warren and Wyden press FINRA on ACATS transfer fraud gap

Senators say brokerages leave accounts exposed to fraudulent transfers without verification, intensifying pressure as FINRA weighs its own fraud-hold rule

Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming
Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming

Meanwhile, the founder of advisor list gives reasons for secret $6 million payment to editor.

U.S. Bank names chief private banking officer for wealth unit
U.S. Bank names chief private banking officer for wealth unit

Internal C-level promotion comes as US Bank builds out private banking, athlete-focused advice and alternatives infrastructure.

Why planning is the only strategy that holds in every market
Why planning is the only strategy that holds in every market

A structured financial plan doesn't just prepare clients for the future, it transforms how they respond to the present.

Gemini, Apex deal reflects prediction markets move towards mainstream retail investing
Gemini, Apex deal reflects prediction markets move towards mainstream retail investing

Regulated prediction markets for retail brokerage clients is the latest sign that prediction markets are entering the mainstream investing toolkit.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income