SC Broker Lee Kramer Identified In Investor’s Suitability Dispute
Soreide Law Group is reviewing potential investor claims against FSC Securities Corporation broker Lee R. Kramer (CRD#: 1465416, Frederick, Maryland). Notably, FINRA BrokerCheck reports that the securities broker, who joined FSC Securities Corporation in March 2005, was recently accused of giving bad advice to an investor. Also, regulators in Massachusetts and Virginia sanctioned him for his misdeeds, and two of his past employers disaffiliated with him due to his alleged violation of company policies. Here’s what you need to know:
FSC Client Indicates Lee Kramer Made Bad Alternative Investment Recommendations
Evidently, a client of FSC Securities Corporation disputed Lee Kramer’s sales practices upon filing FINRA Arbitration Claim #: 19-02969. Namely, the client alleged that it was not suitable for Kramer to have recommended various alternative investments. It appears that Kramer convinced the client to invest in stocks, a business development company (“BDC”) and an annuity. Supposedly, these investments posed too much of a risk for the client considering the client’s circumstances. Apparently, the client demanded $93,000 in compensation from FSC Securities Corporation or Kramer to resolve this suitability dispute. This matter is pending a resolution as of October 2, 2019.
Veravest Client Suggests That Kramer Made Unauthorized Transactions
Previously, Kramer worked for Veravest Investments Inc. Apparently, at least one of his clients at that firm contested his sales practices. Supposedly, the client did not authorize an exchange of her universal life insurance policy with a variable universal life insurance policy. It seems that Kramer could have initiated the unauthorized transaction. However, the company denied the client’s allegations.
Regulators Sanction Lee Kramer
Moreover, Massachusetts Securities Division issued a Consent Order sanctioning Lee Kramer in 2005. First of all, the Division reported that Kramer has been accused of altering variable annuity documents. Secondly, the securities broker allegedly failed to inform one or more state regulators about prior sanctions. Thirdly, the Division noted that Kramer possibly made misleading or predictive statements to clients and had involvement with “possible signature irregularities.” Notably, these were the allegations Veravest disclosed when it permitted Kramer to resign.
Losses Because Of Broker Lee Kramer?
Have you experienced losses by investing with Lee Kramer? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Kramer.