Ohio Broker Barred by FINRA Over Sale of Annunities

The Soreide Law Group, PLLC, is a Securities Arbitration Law Firm, (888) 760-6552. We recently obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

Darrell Glynn Frazier (CRD #1663429, Registered Representative, Dublin, Ohio)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Frazier consented to the described sanction and to the entry of findings that he made false representations in connection with the sale of variable annuities. Allegedly, Frazier told customers that they would earn a return of 7 percent or more by purchasing variable annuity products and that the principal amount they invested through the variable annuity would be guaranteed against loss. All of the representations and assurances were false.

FINRA's findings also stated that some of the customers contacted Frazier to question why a particular annuity was not performing as expected. Frazier assured them that they were receiving the 7 percent return and that their principal was safe. Frazier told customers that the 7 percent return would be reflected on annual, not quarterly statements, and in response to why the value of the annuity seemed to be declining, Frazier promised to look into the matter, but never did.

FINRA found that Frazier made unsuitable allocation recommendations to his variable annuity customers. The customers were at or near retirement age, were of moderate means, and expressed concerns about losing their principal. Nevertheless, he recommended high-risk investments and were unsuitable for these customers. FINRA also found that Frazier recommended that customers take out home mortgages from their paid-off homes and invest the proceeds into variable annuities. Some customers actually followed this advice.

All of Frazier's strategies produced additional compensation for Frazier but were unsuitable for his customers. FINRA found that Frazier often completed or partially completed forms that the customers were required to fill out when applying for a variable annuity contract. Several of the forms Frazier completed were inaccurate.
(FINRA Case #2010023442901)

Darrell Glynn Frazier was previously registered with FINRA at the following brokerage firms:

MML INVESTORS SERVICES, LLC
CRD# 10409
DUBLIN, OH
08/2010 - 05/2011

PARK AVENUE SECURITIES LLC
CRD# 46173
DUBLIN, OH
07/2002 - 06/2010

LINCOLN FINANCIAL ADVISORS CORPORATION
CRD# 3978
FORT WAYNE, IN
08/1998 - 05/2002

This ends the information from FINRA's website.

If you or a loved one have experienced investment losses due to your stock broker/financial advisor’s recommendations of annuities, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.

The Soreide Law Group, PLLC, is a Securities Arbitration Law Firm, (888) 760-6552. We recently obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

Darrell Glynn Frazier (CRD #1663429, Registered Representative, Dublin, Ohio)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Frazier consented to the described sanction and to the entry of findings that he made false representations in connection with the sale of variable annuities. Allegedly, Frazier told customers that they would earn a return of 7 percent or more by purchasing variable annuity products and that the principal amount they invested through the variable annuity would be guaranteed against loss. All of the representations and assurances were false.

FINRA's findings also stated that some of the customers contacted Frazier to question why a particular annuity was not performing as expected. Frazier assured them that they were receiving the 7 percent return and that their principal was safe. Frazier told customers that the 7 percent return would be reflected on annual, not quarterly statements, and in response to why the value of the annuity seemed to be declining, Frazier promised to look into the matter, but never did.

FINRA found that Frazier made unsuitable allocation recommendations to his variable annuity customers. The customers were at or near retirement age, were of moderate means, and expressed concerns about losing their principal. Nevertheless, he recommended high-risk investments and were unsuitable for these customers. FINRA also found that Frazier recommended that customers take out home mortgages from their paid-off homes and invest the proceeds into variable annuities. Some customers actually followed this advice.

All of Frazier's strategies produced additional compensation for Frazier but were unsuitable for his customers. FINRA found that Frazier often completed or partially completed forms that the customers were required to fill out when applying for a variable annuity contract. Several of the forms Frazier completed were inaccurate.
(FINRA Case #2010023442901)

Darrell Glynn Frazier was previously registered with FINRA at the following brokerage firms:

MML INVESTORS SERVICES, LLC
CRD# 10409
DUBLIN, OH
08/2010 - 05/2011

PARK AVENUE SECURITIES LLC
CRD# 46173
DUBLIN, OH
07/2002 - 06/2010

LINCOLN FINANCIAL ADVISORS CORPORATION
CRD# 3978
FORT WAYNE, IN
08/1998 - 05/2002

This ends the information from FINRA's website.

If you or a loved one have experienced investment losses due to your stock broker/financial advisor’s recommendations of annuities, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.