FINRA fined and suspended Southern California broker Ryan Alexander Logan, formerly of MML Investors Services in Newport Beach, for commission sharing with an unregistered person—his sales assistant—who sold a customer a variable annuity despite the fact that the assistant was not licensed to sell such a product and was not registered to sell securities.
The findings stem from a 2017 customer complaint filed with MML about a variable annuity (VA) purchased through the firm and sold by Logan's sales assistant, identified only as JB, who was not licensed to sell VAs.
After an internal investigation revealed that Logan (CRD #4950854) had signed his name on the VA application, and that Logan shared the commissions associated with the VA sale with his unregistered sales assistant, the firm fired Logan, writing in January 2018 that he had been "terminated in connection with internal review opened into alleged commission sharing."
FINRA's report concluded that Logan signed his name as broker-of-record on at least 10 VA applications despite the fact that he did not substantially participate in the sale, and, in doing so, caused MML's books and records to be inaccurate.
Furthermore, commission sharing with an unregistered person is against NASD and FINRA rules, and FINRA additionally cited Logan for this violation.
Logan is a repeat visitor to FINRA's disciplinary files. In 2016, FINRA fined and suspended Logan for changing customers' personal data and contact information in the database of a previous employer, Northwestern Mutual Investment Services, (also Newport Beach, CA). At the time, FINRA said that Logan made the changes "without the knowledge or authorization of the affected clients or the firm."
Logan's BrokerCheck report also lists two previous disclosures from the California Department of Insurance and a 1999 criminal charge, conviction, and expungement for grand theft out of Torrance.
Finally, Washington Mutual Bank, also in 1999, filed a disclosure stating that Logan had been terminated by the firm due to allegations of theft.
If you have invested with former MML broker Ryan Alexander Logan of southern California or with any broker or financial adviser who has signed application documents despite not materially participating in the related transaction, or with any firm who has permitted an unregistered or unlicensed individual to sell you a product they were not qualified to transact, and this ill-fated investment has proven harmful to your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.