radient Securities LLC Representative Hit With Arbitration Case
Glenn Patrick Lattz (CRD #1744697, Lady Lake, Florida), who was a registered representative of Gradient Securities, LLC from December 10, 2009 to June 1, 2018, disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that he has been named in a customer-initiated investment-related arbitration. (FINRA Arbitration Case #18-01227, April 6, 2018). According to the customer, between December 2017 and February 2018, Lattz improperly liquidated the customer’s variable annuity account, causing the customer to experience losses and penalties. The customer has alleged $150,000.00 in damages.
Customer Files Suit Against Gradient For Annuity Liquidation
Three more customer disputes have been disclosed by Lattz on FINRA BrokerCheck where customers have collectively alleged sales practice violations including misrepresentation and unsuitability. Here’s a closer look at the nature of those disputes:
- On February 3, 1997, a customer’s written complaint settled for damages totaling $17,739.00. The customer contended that when Lattz was employed by Premier Financial Resources, Inc., a funding proposal on a variable appreciable life insurance policy had been misrepresented.
- On February 23, 2010, a customer brought a written complaint alleging that when Lattz was associated with Legacy Financial Services, the customer had been induced into surrendering a long-term care policy and purchasing a universal life insurance policy after being advised that the customer would not be required to make any premium payments beyond an initial purchase. The customer was apparently provided false information, and has alleged $9,299.66 in damages.
- On June 11, 2012, a written complaint was filed by a customer who alleged that it was unsuitable for the customer’s AXA variable annuity to have been replaced. The customer apparently lost out on the benefits of an existing annuity’s income stream, and sustained unnecessary surrender penalties as a result of the replacement. $7,200.00 in damages were sought by the customer.
FINRA BrokerCheck also details two instances in which Lattz was sanctioned by a securities regulator. Notably, on February 19, 2008, Lattz and Florida Office of Financial Regulation entered into a Stipulation and Consent Agreement, where Lattz consented to the Office’s findings that he facilitated seven financial seminars while associated with Legacy Financial Services, Inc. in which he utilized advertising material concerning variable annuities that was unwarranted, exaggerated or misleading. The Office fined Lattz $10,000.00 and ordered him to cease and desist from committing infractions of FINRA rules and Chapter 517 of Florida Statutes. (Case #0352-S-8/07, February 21, 2008).
Moreover, on March 20, 2015, Florida Department of Financial Services executed an Order fining Lattz $3,500.00 and placing him on probation for a year after Lattz consented to the Department’s findings that he made misrepresentations about the terms and conditions of fixed annuity products when associated with Gradient Securities. (Case #169403-15-AG, March 20, 2015).
Have you experienced losses from Glenn Patrick Lattz or other registered representatives based on misrepresentations, unsuitable sales or other sales practice violations? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced securities attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses. https://www.securitieslawyer.com