Hal Schwartz Facing Royal Alliance Client’s Dispute

Investor Brings Dispute About Securities Broker Hal Schwartz's Investment Strategy

The Financial Industry Regulatory Authority (FINRA) contains important investor-related information concerning securities broker Harold Alan “Hal” Schwartz (CRD#: 841225, Winter Springs, Florida). Namely, the securities broker is involved in three investor disputes. Clients allege sales practice violations at Leaders Group or Royal Alliance. It also appears that FINRA issued a fine and suspension to Schwartz to resolve allegations of his violation of a FINRA rule (impersonation of a client) while at Royal Alliance Associates. Here’s more on the disclosures.

Hal Schwartz’s Royal Alliance Associates Client Alleges Unsuitable Investment Strategy

Evidently, a client of Royal Alliance Associates brought a dispute about Hal Schwartz in January 2020. Basically, the client alleged that Schwartz recommended an improper investment strategy. Supposedly, the client experienced damages on unsuitable stocks and ETFs by following the strategy that Schwartz recommended at Royal Alliance. However, Royal Alliance denied the client’s allegations.

FINRA Issues Fine, Suspension To Schwartz For Purportedly Violating FINRA Rule

Evidently, the financial industry watchdog issued Hal Schwartz a 15-day suspension and a $5,000 fine to resolve allegations that he impersonated a client. Supposedly, Schwartz was on the phone with an annuity company to initiate withdrawals from the client’s annuity. Supposedly, the client allowed Schwartz to contact the company – but that did not entitle Schwartz to impersonate them. It appears that Schwartz, who denies the allegations, paid the fine to resolve the matter. Royal Alliance Associates, whom he was employed with at the time, terminated him amid allegations of him making an improper phone call.

Leaders Group Client Alleges Damages In Connection With Variable Annuity Purchase Through Hal Schwartz

Also, a client of Leaders Group came forward with allegations against Schwartz relating to a variable annuity. Supposedly, Schwartz guaranteed that the client’s money would double in 10 years. However, the amount doubling reflected an income base instead of the client’s actual principal value. For this reason, the client alleged $100,000 in damages. Evidently, Leaders Group agreed to compensate the client in November 2018 by paying $100,000. According to the broker, he was never named specifically for wrongdoing (the allegations were against Leaders Group) but acknowledged selling the investment to the client.

Client Of Leaders Group Alleges Bad Variable Universal Life Policy

Evidently, Leaders Group opted to settle a dispute with a client who complained about a variable universal life policy. The lawsuit alleged that the policy was not viable as the market conditions changed. It appears that Leaders Group settled this matter with the client through making a $118,223.13 payment to them.
Hal Schwartz’s other employers include Pruco Securities Corporation, New Century Financial Group, DMK Advisor Group (2019 to present), and Compass Financial Management LLC (2021 to present).

Losses Through Hal Schwartz?

Did you suffer losses because of securities broker Hal Schwartz? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Schwartz denies all allegations of his sales practice violations.