Mark Wasikonik, a registered representative with MML Investors Services, LLC, is facing a serious allegation of investment mismanagement. According to a recent customer dispute filed on February 22, 2024, the complainant alleges that Wasikonik has mishandled their investments over the past 15-20 years, resulting in a zero return on their investment in a variable annuity product. This allegation raises concerns about the advisor’s professional conduct and the potential impact on other investors who have entrusted their funds to Wasikonik and MML Investors Services, LLC.
The complaint, identified as Case #202402230224, was denied by the firm, but the seriousness of the allegation cannot be overlooked. Investors who have worked with Mark Wasikonik or invested in similar products through MML Investors Services, LLC may be wondering about the implications of this case and the steps they should take to protect their investments. Investment fraud and bad advice from financial advisors can have devastating consequences for investors, often resulting in significant financial losses and shattered trust.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Mark Wasikonik and MML Investors Services, LLC. The firm encourages any clients who have concerns about their investments with Wasikonik or MML Investors Services, LLC to contact them for a free consultation by calling their toll-free number: 1-888-994-0666.
Understanding the Allegation and FINRA Rule Violations
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The complaint against Mark Wasikonik alleges that he mismanaged the complainant’s investments over a period of 15-20 years, resulting in a zero return on their variable annuity investment. Variable annuities are complex investment products that combine features of insurance and securities, offering investors the potential for growth based on the performance of underlying investment options.
Mismanagement of investments is a serious issue that can violate various FINRA rules, such as FINRA Rule 2111, which requires brokers to have a reasonable basis for believing that an investment recommendation is suitable for a particular customer based on their investment profile. Additionally, FINRA Rule 2020 prohibits brokers from engaging in fraudulent or manipulative practices, including misrepresenting or omitting material facts about an investment.
If the allegations against Mark Wasikonik are proven true, it could indicate a breach of his fiduciary duty to act in the best interests of his clients and a failure to adhere to FINRA’s rules and regulations. Such misconduct can result in disciplinary action by FINRA, including fines, suspensions, or even a permanent bar from the securities industry.
The Importance of Investment Mismanagement for Investors
Investment mismanagement can have severe consequences for investors, particularly those who rely on their investments for retirement or other long-term financial goals. When a financial advisor fails to manage investments properly, investors may experience significant losses, missed opportunities for growth, and a lack of progress towards their financial objectives.
In the case of Mark Wasikonik and MML Investors Services, LLC, the allegation of a zero return on investment over a 15-20 year period is particularly concerning. Such a prolonged period of poor performance could indicate a systematic failure to manage the client’s investments effectively, rather than a mere short-term setback.
Investors who have worked with Mark Wasikonik or invested in similar products through MML Investors Services, LLC should carefully review their investment portfolios and account statements to assess the performance of their investments and identify any potential red flags. If investors suspect that their investments have been mismanaged, they should consider seeking the advice of an experienced investment fraud attorney to evaluate their legal options.
Red Flags and Recovering Losses through FINRA Arbitration
Investors should be aware of several red flags that may indicate financial advisor malpractice or investment mismanagement, such as:
- Consistently underperforming benchmarks or industry averages
- Unauthorized trades or excessive trading activity
- Lack of diversification or overconcentration in specific securities or sectors
- Inadequate communication or failure to provide regular account statements
- Pressure to invest in unsuitable or high-risk products
If investors suspect that they have suffered losses due to investment mismanagement or other forms of financial advisor misconduct, they may be able to recover their losses through FINRA arbitration. FINRA arbitration is a dispute resolution process that allows investors to seek compensation for losses caused by the wrongful actions of financial advisors or brokerage firms.
Haselkorn & Thibaut, with over 50 years of combined experience and a 98% success rate, has a proven track record of helping investors recover losses through FINRA arbitration. The firm operates on a contingency basis, meaning they charge no fees unless they successfully recover funds for their clients.
Investors who have concerns about their investments with Mark Wasikonik or MML Investors Services, LLC should not hesitate to contact Haselkorn & Thibaut for a free consultation. The firm’s experienced investment fraud attorneys can help investors understand their legal rights, assess the merits of their case, and pursue the recovery of their losses through FINRA arbitration.
For more information about Mark Wasikonik‘s FINRA BrokerCheck report, click here.
