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If the Deal Seems Too Good to be True …
by Howard Haykin
Francis, 40, was a resident of Margate, Florida, who’s now in the custody of the Federal Bureau of Prisons, serving a 41-month sentence, followed by 3 years of supervised release. He also was ordered to pay $422,000 in restitution.
Francis admitted that, while associated with MML Investors Services, he knowingly devised a scheme to defraud at least 11 investors out of approximately $665,190. From June 2012 to May 2017, he solicited his MML clients, with whom he attended church, to invest in Mahum, Inc., which Francis incorporated and controlled. He falsely represented that the company was affiliated with MML Investors Services and that investments in Mahum would generate high rates of return.
The misappropriated funds were instead spent on cocaine, alcohol, strip clubs, and luxury items. When investors inquired or complained about the status of their investments, Francis obtained loans or used other investment funds to repay the investors to prevent them from reporting Francis’s activity to MML or to law enforcement.
This case was reported in SEC Administrative Proceeding File #3-19121.
