LPL Clients Complain About Securities Broker Michael Henschel’s Annuity, REIT Transactions
Soreide Law Group comes to you with some helpful information in regard to securities broker Michael James Henschel (CRD#: 3112890, Stevens Point, Wisconsin). Specifically, the securities broker, who has worked as both an LPL Financial advisor and securities broker since October 2011, is involved in three disputes involving LPL Financial clients. A fourth dispute concerns Henschel’s actions at Pruco Securities, his former employer. Let’s take a look at these allegations against Henschel, including what you could do if you experienced losses.
LPL Financial Client Alleges Misrepresentation Of REIT By Michael Henschel
Namely, a client of LPL Financial disputed Michael Henschel’s sales practices in March 2020. The main complaint by this client is that Henschel misrepresented the liquidity of a real estate investment trust (REIT). Supposedly, the broker sold a non-traded REIT or another type of illiquid REIT, which restricted their ability to access principal. However, LPL Financial denied this client’s complaint in April 2020.
Henschel Allegedly Fails To Disclose Fees To LPL Financial Client
It appears that a second LPL Financial challenged Michael Henschel’s sales of alternative investments. Supposedly, in the April 2017 complaint, the client complained about the fees related to these products. Allegedly, the broker did not make the client aware of these fees. Supposedly, the client experienced $11,000 in damages, but LPL Financial disagreed and denied the complaint.
Client Of LPL Financial Alleges Misrepresentation, Omissions Relating To Michael Henschel’s Variable Annuity Sale
Notably, a client of LPL Financial expressed concern about Michael Henschel’s sale of a variable annuity. Supposedly, Henschel had the client invest in this product after he made omissions and misrepresentations in connection with the purchase. Although the client asked for compensation, LPL Financial denied this dispute.
Pruco Securities Client Alleges Unsuitable Transactions
Moreover, a Pruco Securities client took aim at Michael Henschel’s sales practices in a June 2001 matter. Mainly, the client alleged that Henschel engaged in churning. Not only that, but the securities broker allegedly invested their money in unsuitable products. The client reportedly sustained losses on mutual funds. For this reason, they obtained compensation in an October 2001 settlement.
Losses Through Michael Henschel?
Did you suffer losses because of securities broker Michael Henschel? 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 Henschel denies all allegations of his sales practice violations.