Former MML Investors Broker William McGowan Suspended for Private Securities Transactions
William Blake McGowan of Little Rock Arkansas submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for engaging in private securities transactions, a type of broker misconduct known as selling away. In July 2017, while employed by MML Investors Services, LLC, William McGowan purchased $55,000 of securities in a pooled real estate investment. More specifically, Mr. McGowan purchased shares in an Arkansas LLC formed to purchase and manage vacation property rentals in Florida. FINRA found that Mr. McGowan failed to provide the required prior written notice to his member firm of the transaction. Further, he falsely stated on a compliance attestation that he had not made any personal investments.
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