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Articles Tagged with Pruco Securities

Elderly Investor Claims $250K in GPB Fraud Losses

In yet another GPB private placement fraud case, our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have filed a claim on behalf of an investor. 

This time, the respondents are Pruco Securities and Kalos Capital, which the firm has gone after in previous private placements claims over the same investments and broker, Christopher Shaw. The claimant, who is an elderly woman from North Carolina is reporting over $250K in losses. She is seeking up to $500K in damages plus interests and other costs. 

Former Pruco Securities Broker Accused of Borrowing Customers’ Money

The Financial Industry Regulatory Authority (FINRA) announced that it is barring Joseph Viet Duy Phan, an ex-Pruco Securities broker, after he did not appear at a hearing in the self-regulatory organization’s (SRO) probe into why he was fired by the broker-dealer. Phan was let go by Pruco for allegedly borrowing money from two clients’ accounts without firm approval. Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) is currently looking into potential investor claims against the former Pruco broker and his firm. If you lost money while working with Phan as your registered representative, contact our broker fraud lawyers today.

Phan was a Pruco broker from 2007 into 2018. Aside from allegedly borrowing money from clients’ accounts without authorization, he is also accused of trying to deposit one client’s insurance premium check into an account that was in his name.

Source Capital Group Inc. must pay three elderly investors their full investment of $810K plus $147K in interest, as well as $250K in legal fees, in a securities arbitration case accusing one of the investment bank’s brokers of selling them unsuitable investments. William Lashlee and Joyce and Keith McCrea filed their elder financial fraud claim with the Financial Industry Regulatory Authority.

According to the retirees, the broker sold them stock in a health care tech start-up in 2012. Lashlee invested $220K while the McCreas invested $590K. Unfortunately, the start-up, iPractice Group, shuttered its business in 2013.

The claimants claim that Source Capital was negligent in supervising the broker who sold them the securities. Although the broker was assigned to the firm’s Bowling Green, Kentucky branch, the manager there was purportedly never notified that this particular financial representative was under his supervision.

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The Financial Industry Regulatory Authority is accusing Winston Wade Turner, a former registered representative with Pruco Securities Inc. and MetLife Securities Inc., of misconduct related to the exchanges and sales of variable annuities. Turner allegedly persuaded clients to exchange certain investments, including variable annuities, which compelled them to surrender existing contracts to pay for the purchase of new variable annuities. In certain situations, this led to surrender charges for the client and additional commissions for Turner.

The regulator contends that Turner concealed the transactions’ unsuitable nature from brokerage firms and his clients. He allegedly did this by falsifying documents and misrepresenting how certain income features on the annuity contracts functioned. FINRA claims that Turner hid the nature of the VA transactions from his firm by managing to get around the additional documentation and supervisory examination mandated for the exchanges. He also sometimes would recommend clients put proceeds from the contract surrenders into their bank accounts first-as opposed to a direct annuity to annuity transfer-and then use those funds to purchase new variable annuities.

Turner is also accused of falsifying VA applications, documents related to VA exchanges, and customer information forms. He purportedly forged customer signatures and used his own e-mail address, misrepresenting it as customers’ addresses so that he received the account notifications instead of them.
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