Articles Tagged with Ameritas Investment Corp.

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Daniel K. Kittner, a former registered representative with Ameritas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was alleged to be in violation of NASD Rule 2510(b), FINRA Rule 2010 and 4511, assessed a fine of $7,500 and suspended.

In 2011, Kittner joined Ameritas Investment Corporation as a General Securities Representative and a General Securities Principal. According to FINRA, from June 2015 to September 2017, Kittner exercised discretion in the account of a married couple without having written authorization and acceptance of the accounts as discretionary by both the customers and the firm. The findings stated that Kittner effected approximately 700 trades in six separate accounts belonging to the customers without contacting them and confirming the details. The findings also stated that Kittner failed to mark the orders as discretionary, causing the firm’s books and records to be inaccurate. Continue reading →

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Thomas Lawrence, a former registered representative associated with Ameritas Investment Corp. (Ameritas), submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he consented to, without admitting or denying, the findings that he borrowed money from a 96 year old customer and has not repaid the loan.

Thomas H. Lawrence III, of Chapel Hill, Tennessee, allegedly borrowed more than $39,000 from one of his customers, a 96 year old retiree.  The elderly customer allegedly agreed to provide the loan and Mr. Lawrence drafted and signed a promissory note stating the terms of repayment.  According to FINRA, Mr. Lawrence did not repay any portion of the loan, nor did he have any discussion with the customer about repaying the loan.  Further, FINRA found that Mr. Lawrence hasn’t even spoken to the elderly customer since early 2014.  Mr. Lawrence never notified his member firm before obtaining the loan, as it was prohibited except for immediate family members. Due to the afore-mentioned misconduct, Thomas Lawrence was suspended from association with any FINRA member for two years, fined $5,000, and ordered to pay restitution of $41,332.65, plus interest to the affected customer.  Continue reading →