Nicholas Baecker Sanctioned, Involved In Investor Dispute

Thrivent Broker Nicholas Baecker Sanctioned By Oregon Division Of Financial Regulation, FINRA

Soreide Law Group comes to you with important information regarding securities broker Nicholas Gregory Baecker (CRD#: 5618205, Portland, Oregon). Specifically, the Financial Industry Regulatory Authority (FINRA) and the Oregon Division of Financial Regulation sanctioned Baecker. Not only that, but one of Baecker’s clients at Thrivent Investment Management disputed his sales practices, and Baecker’s employer discharged him for misconduct. Here’s a quick summary of those disclosures.

Oregon Division Of Financial Regulation Issues Fine To Nicholas Baecker For Alleged Misstatements, Unauthentic Signatures

Evidently, in February 2021, the Oregon Division of Financial Regulation had Nicholas Baecker pay a $5,000 fine and agree to cease and desist violating Oregon rules. It appears that Oregon also revoked Baecker’s licensure in the state. The disciplinary action comes after the regulator alleged that the broker placed information on life insurance applications without first ensuring the accuracy of that information with the policyholder, resulting in Baecker’s misstatements. The regulator also noted that he “failed to obtain authentic signatures” on applications.

Financial Industry Regulatory Authority Issues Fine, Suspension To Baecker

Notably, in December 2020, FINRA suspended Nicholas Baecker as a stockbroker for four months and fined him $5,000 to resolve allegations of his violation of FINRA rules. Specifically, the regulator says that firm procedures required Baecker to obtain authentic signatures on client documents. Allegedly, the broker forged sixteen clients’ signatures on life insurance applications. It appears that 11 of those applications concerned variable universal life insurance. Baecker paid the fine and served the suspension.

Thrivent Investment Management Client Complains About Nicholas Baecker’s Annuity, Life Insurance Sale

Evidently, a client of Thrivent Investment Management came forward with a dispute about Nicholas Baecker’s sales practices. Specifically, the client contends that Baecker sold a variable annuity and a whole life insurance policy that did not serve the client’s best interests. Because of the allegedly inappropriate sales, the client sought compensation. Thrivent Investment Management opted to settle this matter in April 2020 by paying the client $19,651.63.
Prior to the settlement of the matter, Thrivent Investment Management discharged Nicholas Baecker. The company alleged that the broker made misstatements on variable product applications.

Did You Incur Losses Because Of Baecker?

Did securities broker Nicholas Baecker cause you to suffer investment losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Baecker denies all allegations of sales practice violations.