Douglas Chapman In Securian Clients’ Misrepresentation Claims

Investors might have sustained losses because of securities broker Douglas Harry Chapman [CRD: 2230482, Clark, New Jersey], according to disclosures on FINRA BrokerCheck. Evidently, Chapman has registrations with LPL Financial LLC since January 11, 2024, and previously worked with Cetera Advisor Networks LLC and Securian Financial Services Inc. Read on to learn more about investor disputes alleging his sales practice violations.

Securian Financial Services Inc. Investor Accused Chapman Of Misrepresentation

Specifically, on November 15, 2021, a Securian Financial Services Inc. client filed a complaint about Douglas Chapman. Supposedly, Chapman misrepresented the details of a variable annuity living benefit rider. Specifically, the client claimed that when she spoke with Chapman in January 2021, he told her she would be guaranteed a 6% step-up return on a Jackson variable annuity living benefit rider, while the guarantee was actually 5%. Because of this, the investor apparently incurred damages on variable annuities. This complaint was denied on February 23, 2022.

Investor Accused Douglas Chapman Of Failing To Follow Instructions

Particularly, a client filed a complaint about Douglas Chapman. Supposedly, Chapman failed to follow instructions on his account in November 2018. Because of this, the client allegedly sustained damages on mutual funds. Therefore, on April 15, 2019, Securian Financial Services settled this matter by paying the client $8,835.02 in damages.

Securian Financial Services Investor Accused Chapman Of Misrepresentation

Also, on October 3, 2016, a Securian Financial Services client filed a complaint about Douglas Chapman. Supposedly, Chapman misrepresented the details of an insurance product, stating the death benefit guarantee was not what was requested or understood to have been received. Because of this, the investor apparently experienced damages. Therefore, the client requested compensation from Securian Financial Services or Chapman. This complaint was denied on October 24, 2016.

Investor Alleged Unsuitable Recommendations

Additionally, a Securian Financial Services client accused Douglas Chapman of making unsuitable recommendations regarding an indexed life policy opened on October 19, 2012, and for unwarranted fees charged in her financial advisory accounts. The client's dissatisfaction led to a complaint filed on July 26, 2016, which was settled on January 13, 2017, for $90,000. Despite the settlement, Chapman has stated that the insurance policy in question was not solicited by him, and he disagrees with the settlement decision, believing his advice and interaction with the client was appropriate.

Seeking Recovery For Losses Linked To Chapman

Did you experience losses because of Douglas Chapman? If so, contact Soreide Law Group online or call (888) 760-6552 to discuss the possibility of recovering your investment losses. The team at Soreide Law Group, working on a contingency fee basis, has successfully recovered losses for investors across the United States and is ready to help you. Despite Chapman and his associated brokerage firms’ denials of sales practice violations, there may still be ways for affected investors to seek compensation.