Los Angeles-area financial advisor Matthew Stratman (CRD# 5834026) is involved in an investor complaint alleging his advice resulted in six-figure...Read More
FINRA Bars Ex-MML Broker Charles Evan Over Insurance Sales Practices
Former MML Investors Services broker and investment adviser Charles Evan (CRD#836083) was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority in connection with allegations he engaged in inappropriate sales practices. Formerly a representative at the firm’s office in Wellesley, Massachusetts, Evan was barred from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2019064596401) dated January 2020, Charles Evan was associated with MML Investors Services from March 2017 until November 2019, when the firm filed notice of his termination over “allegations concerning inappropriate traditional insurance sales practices.” FINRA subsequently initiated an investigation into these allegations, in connection with which it sent him a request on December 4, 2019 to produce documents and information. He subsequently informed FINRA via counsel on December 23, 2019 that he had received FINRA’s request but would not produce the requested documents and information, which FINRA states constituted a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm in any capacity.
His BrokerCheck report also lists seven pending customer complaints against him. One such complaint, filed in March 2020, alleges that as a representative of MML Investors Services, he sold the complainant unsuitable variable annuity products; the complaint alleges damages of $157,370. Another complaint, filed in January 2020, alleges that as a representative of New England Securities, he used unethical sales tactics, denied that he had received commissions, and “omitted information to secure the sale of financial products”; the complaint alleges damages of $154,000.
Charles Evan is currently not registered as a broker. His previous registrations include MML Investors Services, MSI Financial Services, New England Securities, Manequity, GR Phelps & Company, PML Securities Company, and Capital Analysts. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 15, 2020.)