Broker Kevin Fretz Supposedly Sold LPL Clients Bad Investments
The Financial Industry Regulatory Authority (“FINRA”) reports alarming details in regard to financial advisor Kevin Charles Fretz (CRD#: 4128808, South Windsor, Connecticut). Notably, there are six investors who have brought complaints or lawsuits which suggest that Fretz caused their losses. Supposedly, Fretz sold unsuitable and misrepresented securities in the course and scope of his employment with LPL Financial from 2011 to 2019. In fact, LPL Financial disaffiliated with Fretz because he seemingly concealed client complaints. Here’s what you need to know.
LPL Financial Client Indicates That Kevin Fretz Made Bad Recommendations
Apparently, a client brought a FINRA Arbitration Claim with regard to Kevin Fretz’s actions at LPL Financial. Namely, the client claimed in this July 2020 dispute that Fretz provided unreasonable investment advice. Fretz supposedly sold the client multiple real estate investment trusts (REITs). These speculative investments do not trade on an exchange, and their illiquidity could make them a problem for investors needing to sell their holdings. Also, the client indicated that Fretz misrepresented death put options on the REITs. For these reasons, the client demanded compensation in this ongoing matter.
Fretz Supposedly Misrepresents Structured Note
Evidently, a client of LPL Financial disputed Kevin Fretz’s sales practices through a lawsuit from April 2020. Supposedly, Fretz misled the client by providing false or misleading information. In addition, the client arguably should not have invested in structured notes products. In order to resolve allegations of Fretz’s unsuitable and misrepresented sales, LPL Financial compensated the client in the amount of $77,708.25. Evidently, this matter settled in July 2020.
Third LPL Financial Client Indicates Kevin Fretz’s Investment Transactions “Unsuitable”
Evidently, an LPL Financial client who purchased real estate securities had complained about Kevin Fretz in March 2020. Notably, this is the third client who seemed to indicate that Fretz failed to consider the client’s suitability profile when making investment recommendations or preparing transactions. It is possible that Fretz overlooked the client’s goals or income needs. Because of this, LPL Financial settled in July 2020 by paying the client $28,194.59.
Fretz Sells Bad Investments To More LPL Financial Clients
Critically, all but one dispute concerns Kevin Fretz’s bad actions at LPL Financial. Indeed, an LPL Financial Client contended in April 2019 that Fretz failed to follow instructions. Also, a complaint from August 2019 seems to suggest that Fretz forged a client’s signature and had made horrible investment recommendations. Notably, the client who sued over Fretz’s alleged forgery had received $49,343.91 in compensation in February 2020 as a settlement.
Did You Buy Bad REITs Because Of Kevin Fretz?
Have you faced losses by investing in speculative REITs or other investments because of Kevin Fretz? If you have, contact Soreide Law Group at (888) 760-6552 and talk with experienced counsel about a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for clients who have experienced losses due to the unreasonable actions of securities brokers and financial advisors.