Dustin Blount, MML Investors Services Advisor, Vicksburg, MS
Former financial advisor and insurance agent Dustin Blount is reportedly the subject of pending criminal charges in Jackson, Mississippi.
On February 27, 2019, Dustin Blount of Vicksburg was reportedly arraigned on an 11-count indictment, “which finds that he knowingly lied to an insurance company when he said 10 people wanted to change their policies,” according to WLBT News. He then allegedly used their social security numbers to make the unwanted changes.
The grand jury, in Hinds County, reportedly indicted Blount on one count of false pretense, which carries up to 10 years and $10,000 fine; three counts of insurance fraud, which carries up to nine years and $15,000 fine; four counts of fraud, which carries up to 20 years and $20,000 fine; and three counts of wire fraud, which carries up to 15 years and $30,000 fine.
If convicted, Blount could spend up to 54 years in prison for insurance fraud and other felony charges.
According to his broker profile, Blount was reportedly affiliated with MML Investors Services in Vicksburg, MS, from 2017 until 2019. The Financial Industry Regulatory Authority (FINRA) reportedly barred him from the securities industry as of March 9, 2020 after he failed to request termination of his suspension in connection with allegations of insurance fraud.
He reportedly has one settled customer complaint in August, 2019 when a customer alleged that beginning in October 2017, “her agent misled her, with regards to the cost of moving her annuity from AXA to Mass Mutual. The complainant states she did not discover this until March 2018, when she was filing her state and federal taxes.” Damage amount requested was $93,000, plus any gains lost, and the case settled for $25,000 according to FINRA.
Investigating Potential Lawsuits
MML Investors Services and all broker-dealers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
If you suffered investment losses with Dustin Blount and MML Investors Services, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.