ERIC PETER BURTON Fined and Suspended

According to FINRA’s BrokerCheck, on June 22, 2021, ERIC PETER BURTON was fined $5,000.00 and suspended for 3 months (7/19/2021 - 10/18/2021) by FINRA.
Without admitting or denying FINRA’s findings, ERIC PETER BURTON consented to the sanctions and to the entry of findings that he allegedly falsified variable annuity replacement disclosure forms that he submitted to his member firm.
FINRA’s findings stated that on each form, ERIC PETER BURTON allegedly falsely stated that gaining a stepped-up death benefit was one of the reasons that the variable annuity exchange was suitable for the client. When in fact, each variable annuity that was to be replaced had a stepped-up death benefit that, unknown to his firm, was removed allegedly at his recommendation immediately prior to the time he recommended the variable annuity exchange.
According to the FINRA report, ERIC PETER BURTON allegedly recommended to his clients that the death benefits be removed from the existing variable annuities in order to make his recommended exchanges look to his firm as though they were more advantageous to the client than they were, even though each of the forms identified other, accurate reasons why each exchange was suitable for the client.
FINRA’s findings also stated that by falsifying the variable annuity forms, Burton allegedly caused his firm to maintain inaccurate books and records.
According to an article in Citywireusa.com, ERIC PETER BURTON was terminated by LPL Financial, in March of 2019 over the alleged exchanges. Burton joined Cetera that month; his practice, Megent Financial, managed roughly $640m in client assets at the time, according to a recent press release. Burton has been affiliated with Cetera since February of 2019. FINRA found that Burton allegedly falsified a reason for exchanging a variable annuity on 22 disclosure forms between August of 2016 and December of 2016.
According to FINRA’s BrokerCheck, ERIC PETER BURTON has been registered in the securities industry for 22 years, both as a broker and investment advisor.  Burton has 4 disclosures on his FINRA CRD report, and has been listed with 7 firms.
Burton is currently listed with the following firm since 2/28/2019:
CETERA ADVISORS LLC
15321 S 94TH AVE STE 100
ORLAND PARK, IL 60462
Some of the more recent firms Burton was listed with were:
05/02/2016 - 03/04/2019 OPUS WEALTH MANAGEMENT GROUP - Orland Park, IL
04/28/2016 - 03/08/2019 LPL FINANCIAL LLC - ORLAND PARK, IL
09/18/2012 - 05/02/2016 FSC SECURITIES CORPORATION - ORLAND PARK, IL
If you’ve experienced investment losses due to the actions or recommendations of ERIC PETER BURTON, of Orland Park, Illinois, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial loss through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis--no fee to you if no recovery--and we represent clients nationwide before FINRA.
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