UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC Admin Release 34-85415, IA Release 40-5212 / March 26, 2019: The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Oscar Francis ("Respondent"). The Commission finds that on August 31, 2018, 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. 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. In connection with that plea, 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. Francis solicited his MML clients, with whom he attended church, to invest in Mahum, Inc., which Francis incorporated and controlled. 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, Francis would obtain loans and use other investment funds to repay the investors to prevent them from reporting Francis's activity to MML or to law enforcement.

Order

Bar (Permanent)

association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

Indefinite

3/26/2019

participating in any offering of a penny stock

Indefinite

3/26/2019

In 2016, the customer believed that he was investing in a MassMutual product, which was later discovered to be a fraudulent investment, in which Mr. Francis misappropriated client funds.

$24,000.00

$31,828.00

In 2016, the customer believed that he was investing in a MassMutual product, which was later discovered to be a fraudulent investment, in which Mr. Francis misappropriated client funds.

$59,360.00

$59,540.95

WIRE FRAUD

Pled guilty

Department of Financial Services, State of Florida

Investigation opened into reporting of producer's termination for cause.

In 2016, the customer believed that he was investing in a MassMutual product, which was later determined to be an unapproved investment.

$20,000.00

$20,370.00

In 2016, the customer believed that he was investing in a MassMutual product, which was later determined to be an unapproved investment.

$44,321.00

MML Investors Services, LLC

Discharged

Terminated in connection with an investigation into an undisclosed outside business activity, potential selling away and an unauthorized non-securities life insurance transaction.

In 2016, the customer believed that he was investing in a MassMutual product, which was later determined to be an unapproved investment.

$243,652.52

U.S. Department of Justice

Investigation into agent selling away and outside business activity.