MML Investors Services Fires Daniel Ballister Following Allegations of Churning

Daniel Ballister (CRD #: 5526340) was fired from his firm, according to his BrokerCheck record, accessed on September 8, 2022. If you want to know more about his conduct as a broker, read on.

Discharge from MML Investors Services

On June 22, 2022, Daniel Ballister was fired from MML Investors Services after allegedly failing to follow firm policies and procedures concerning C shares, discretionary trading, and churning.

FINRA Rule 3260

FINRA Rule 3260 limits brokers’ discretionary trading to accounts approved by their client and firm. Any discretionary trading that takes place outside of these pre-approved discretionary accounts is considered unauthorized trading. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. These profiles contain information such as investors’ age, risk tolerance, and tax status.

“Churning” refers to the execution of an excessive number of trades, and it violates the requirement for quantitative suitability. Quantitative suitability means that the number of trades, as well as the type of trades, must suit an investor’s needs. Excessive trading generates fees and commissions that can make it impossible for investors to generate a profit. 

Investors who rely on their broker for recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Daniel Ballister has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

In the past, he worked for the following firms:

• MML Investors Services (CRD#:10409)
• MSI Financial Services (CRD#:14251)
• New England Securities (CRD#:615)

Kurta Law Can Help

If you worked with Daniel Ballister and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means the firm only earns a fee if our securities attorneys recover money on your behalf.