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

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management