#portland - Law Offices of Robert Wayne Pearce

Jul 15, 2021

Portland, Oregon Variable Annuities Investment Dispute Lawyer

Did Lisa Ann Brumm Cause You Investment Losses? Lisa Ann Brumm of Portland, Oregon submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was fined $7,500 and suspended from association with any FINRA members in all capacities for a period of six months. The sanctions were based on findings that she recommended unsuitable variable annuities, borrowed money from the same customer and made misrepresentations all in violation of FINRA Rules 2111, 2330, 3240 and 2010. The suspension remains in effect from February 16, 2021, through August 15, 2021. From July 2011 to May 2017, Lisa Ann Brumm was registered with Equitable Advisors LLC as an investment company and variable contracts products representative. According to FINRA’s findings, Brumm allegedly recommended that a customer invest $400,000 into two deferred variable annuities while also entered into an oral agreement to borrow $40,000. The findings state that Brumm did not have a reasonable basis to believe that the recommendations were suitable and was also aware of her member firms’ written procedures that did not permit representatives from borrowing money from a customer. In addition to the findings, FINRA alleged that Brumm negligently misrepresented to another customer the effect of a $20,000 withdrawal from a variable annuity which resulted in $600 in charges and fees. Although Lisa Ann Brumm is not currently registered or associated with a member firm, she remains subject to FINRA’s jurisdiction. FINRA Rule 2111 requires that an associated person have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the associated person to ascertain the customer’s investment profile. FINRA Rule 2330 states that no associated person shall recommend to any customer the purchase of a deferred variable annuity unless such associated person has a reasonable basis to believe, among other things, that (a) the customer would benefit from certain features of deferred variable annuities, such as tax-deferred growth, annuitization, or a death or living benefit; and (b) the particular deferred variable annuity as a whole including its riders and similar product enhancements are suitable for the particular customer. FINRA Rule 3240 provides that no registered representative may borrow money from or lend money to any customer of such person, unless, among other things, the member has written procedures allowing the borrowing and lending of money between such registered persons and customers of the member, and the registered person complies with certain notice requirements. Violations of FINRA Rules 2111, 2330 and 3240 are also violations of FINRA Rule 2010. Do You Need an Oregon Variable Annuity Investment Attorney? Are you a Portland, Oregon investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Oregon stockbroker or investment advisor misrepresent or mislead you about a Variable Annuity investment or make an unsuitable recommendation that you invest in a Variable Annuity or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated, and nationally recognized FINRA securities arbitration law attorney — an attorney who understands these highly complex and risky Variable Annuity investments. Free Initial Consultation With Experienced Variable Annuities Investment Lawyers Serving Portland, Oregon Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Oregon, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Oregon citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Portland, Oregon Securities Account Forgery Lawyer

Did Nicholas Gregory Baecker Cause You Investment Losses? Nicholas Gregory Baecker submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly forging the signatures of customers in violation of FINRA Rules 4511 and 2010. Due to the alleged misconduct, Mr. Baecker was assessed a fine of $5,000 and suspended from association with any FINRA member in all capacities for four months. The suspension is in effect from December 21, 2020, through April 20, 2021. In December 2008, Nicholas Gregory Baecker joined Thrivent Investment Management, Inc., and became registered as an Investment Company and Variable Contracts Products Representative. The firm later filed a Uniform Termination Notice (Form U5), disclosing that he had been terminated due to his alleged misconduct. According to the FINRA findings, Baecker allegedly violated the firm’s written supervisory procedures by electronically forging sixteen customers signatures on life insurance applications. The findings state that Baecker was aware of the firm’s procedures and caused his firm to maintain inaccurate books and records because some of the forged applications were securities sold by prospectus through the firm. Although Nicholas Gregory Baecker is no longer associated with any FINRA member firm, he remains subject to FINRA’s jurisdiction. During the relevant period, the firm’s written supervisory procedures required that client signatures on firm documents always be authentic and expressly prohibited representatives from forging a customer’s signature. FINRA Rule 4511 requires members and associated persons to “make and preserve books and records as required under the FINRA rules, the [Securities Exchange Act of 1934 (the “Exchange Act”)], and the applicable Exchange Act rules.” Customer account opening documents are records required to be made and preserved under Section 17(a)(1) of the Exchange Act and Rule 17a-3(a)(17)(i)(A) thereunder. Implicit in the requirement to make and preserve books and records is the requirement that the information in those books and records be true and accurate. A violation of FINRA Rule 4511 also constitutes a violation of FINRA Rule 2010. Do You Need an Oregon FINRA Securities Arbitration Attorney? Are you a Portland, Oregon investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Oregon stockbroker or investment advisor forge your signature or alter information on account opening documents about your investment objectives, risk tolerance, or financial condition to make unsuitable recommendations or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly rated, and nationally recognized FINRA arbitration securities forgery law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration forgery cases and other complex legal issues. Free Initial Consultation With Experienced Securities Account Forgery Lawyers Serving Portland, Oregon Residents In FINRA Arbitrations At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Oregon, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Oregon citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.