A 29-year-old Missouri man who once worked as an independent contractor for MML Investors Services has been charged in federal court with operating a Ponzi scheme that collected more than $2 million from at least two dozen investors. The criminal complaint, filed July 27 in the U.S. District Court for the Western District of Missouri, accuses Trevor Uhls of wire fraud and money laundering.
According to the complaint, signed by a special agent with the Internal Revenue Service, Uhls, of Lee's Summit, Mo., promised investors guaranteed returns on short-term, crowdfunded real estate deals supposedly backed by promissory notes from local construction companies. The scheme allegedly ran from at least September 2024 through early 2025, with Uhls soliciting funds from investors in Missouri and other states.
Uhls was never a registered representative of MML Investors Services, but he held the status of a former associated person, according to a Financial Industry Regulatory Authority (FINRA) order. In May, FINRA barred Uhls from the securities industry for failing to cooperate with its investigation into the matter. A spokesperson for MML said Uhls' contract was terminated in December 2025 after the activity was reported to the firm, and that the company is cooperating with authorities.
The complaint details how Uhls allegedly misappropriated investor funds for personal use. In one instance, in June 2025, Uhls texted an investor in Independence, Mo., claiming the investor could earn 8.5% interest by pooling money for a storage unit investment. The investor wired $15,000 to Uhls' checking account. Uhls then used that money, plus another $5,000, to buy a Rolex watch and bracelet from Meierotto Jewelers for more than $20,000, according to the complaint.
Uhls' attorney, Gregory Watt, said in a statement that the defense looks forward to giving Uhls a zealous defense and, if he pleads guilty, to making things right for any victims. The case highlights ongoing regulatory scrutiny of unlicensed individuals who may be associated with brokerage firms but are not registered to sell securities. FINRA arbitration panels have recently awarded damages in similar disputes involving unregistered activity.
The charges come as regulators and industry watchdogs emphasize the risks of unregistered investment schemes, particularly those that promise high, guaranteed returns. The SEC has also been active in pursuing alleged fraud, as seen in its lawsuit against modular builder S2A for allegedly misusing $65 million from 350 investors.
Uhls' case is not unique in the wealth-management industry, where independent contractors and associated persons may operate without full registration. Advisors should be aware of the potential for such schemes and the importance of due diligence when recommending investments. Recent trends in nontraded BDC redemptions also underscore the need for liquidity awareness.
The complaint alleges that Uhls made false statements to solicit funds and that the storage unit investment was part of a fraudulent scheme. If convicted, Uhls faces up to 20 years in prison on each count of wire fraud and money laundering. The case remains under investigation by the IRS and other agencies.
