The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Oscar Francis. According to his publicly available FINRA BrokerCheck report, Oscar Francis has been the subject of multiple customer disputes in connection with converting customer funds.

Oscar Francis was a Florida based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Raymond James & Associates (2006-2007)
  • AXA Advisors (2007-2008)
  • MML Investors Services (2008-2017)

The Allegations 

According to findings released by the United States Securities and Exchange Commissions, Oscar Francis devised a scheme meant to defraud at least eleven investors over a five year period between 2012 and 2017. All of these investors were customers of MML Investors Services that Oscar Francis attended church with. Oscar Francis allegedly solicited these customers to invest in Mahum, Inc., which was a company Francis himself created and controlled. He allegedly misrepresented to these customers that Mahum was affiliated with MML and that these customers’ investments would provide them with high returns. However, this company was a fictitious entity that Oscar Francis used to allegedly convert these customers’ funds. Francis allegedly used these misappropriated funds on cocaine, alcohol, strip clubs, and luxury items. When these investors complained or inquired, Oscar Francis allegedly obtained loans to pay them distributions in an attempt to prevent them from calling the authorities. According to the SEC findings, Oscar Francis stole approximately $665,190 from these eleven investors. Due to these alleged actions, Oscar Francis was barred by the SEC from acting as a securities broker in any fashion. In August 2018, he pled guilty to one count of wire fraud. He was sentenced to 41 months in prison followed by three years of supervised release.  He was also ordered to pay $422,387 in restitution. Many of these complaints have been settled for a total of approximately $400,000 in damages.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Oscar Francis, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.