Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report for prior Fidelity Brokerage Services LLC broker Ryan Lee (CRD#: 4169548, Wayne, New Jersey) confirms that clients disputed his sales practices. In addition to the five plus investors who took aim at Lee’s sales practices, Fidelity discharged him for suspicious behavior.
Evidently, a Fidelity Brokerage Services client brought a complaint dated May 15, 2019 about Ryan Lee. Mainly, the client contended that Lee gave unsuitable investment recommendations about surrendering an annuity. Apparently, the broker asked the client to sell the annuity and place proceeds in a managed account. Supposedly, Lee led the client to experience unnecessary tax consequences. However, Fidelity denied the client’s complaint on May 30, 2019.
Previously, Ryan Lee worked for Citigroup Global Markets Inc. Apparently, a client of Citigroup filed FINRA Arbitration #: 11-03581 to contest Lee’s sales practices. First of all, the client suggested Lee made “false and misleading” statements regarding mutual funds he sold to the client. Secondly, Lee supposedly placed his interest ahead of the client, breaching a fiduciary duty. Supposedly, those mutual funds were inconsistent with the client’s investor profile. Eventually, Citigroup agreed to pay the client $15,000 to settle.
It appears that another Citigroup Global Markets Inc. client had something to say regarding Ryan Lee. Particularly, the client filed a complaint to contest Lee’s annuity sales. Supposedly, Lee misrepresented information about a variable annuity which he sold the client. Because of this, the client allegedly purchased an annuity that was unfitting for the client’s needs and which produced losses. For this reason, Citigroup compensated the client to the tune of $85,630 to settle.
FINRA BrokerCheck shows that Ryan Lee worked at firms including Banc of America Investment Services (2009 – 2012), Fidelity Brokerage Services LLC (2012 – 2018) and Santander Securities LLC (2019 – present). Notably, Fidelity disaffiliated with Lee because of Lee potentially failing to be truthful regarding his client interactions.
Suffered losses because of broker Ryan Lee? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.
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