Did Scott Patrick Klor Cause You Investment Losses?
Scott Patrick Klor of Midlothian, Texas submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he received a fine and suspension for allegedly engaging in unapproved private transactions in violation of NASD Rule 3040 and FINRA Rule 2010. Scott Patrick Klor registered with LPL Financial LLC as a General Securities Representative and General Securities Principal in March 2011. FINRA’s findings stated, Mr. Klor solicited investors, including some of his firm customers, to form an LLC for purchasing a variable life insurance policy for $1.4 million on the life of an elderly individual with a terminal illness. According to FINRA, the transaction was structured as a viatical settlement and Mr. Klor did not inform his firm of his involvement. FINRA found that Mr. Klor used his firm email account to communicate with investors and received a 4% interest in the LLC. FINRA further found, when the insured passed away, the death benefit on the policy was worth less than invested and the investors who owned 90% of the LLC lost over $200,000. Additionally, Mr. Klor allegedly falsely answered questions on the firm’s annual compliance questionnaires as to whether he had ever participated in a viatical settlement. Scott Patrick Klor, without admitting or denying FINRA’s findings, was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 14 months.
Do You Need an Attorney for a Variable Annuity Dispute?
Texas has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to make unsuitable recommendations and misrepresent and/or mislead investors about the risks of owning variable annuities, their features including surrender fees before investing in Variable Annuities and engage in all kinds of stockbroker misconduct which violates Federal and Texas securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.
Experienced Lawyers With Claims by Investors Who Purchased Variable Annuities In FINRA Arbitrations Throughout Texas and Nationwide.
Are you a Texas investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Texas 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 lawyer — an attorney who understands these highly complex and risky Variable Annuity investments.
You will also need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated and highly successful attorney like Robert Wayne Pearce with over 40 years of experience with variable annuities by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your Variable Annuity investment losses and all types of stockbroker misconduct in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Variable Annuities and securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Index Annuities. Attorney Pearce and his staff represent investors throughout Texas, 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
Free Initial Consultation With An Experienced Variable Annuities Investment Attorney Serving Texas Residents In FINRA Arbitration Proceedings
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Variable Annuities cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success representing investors who were sold Variable Annuities and all kinds of securities and investments serving Texas citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.