Stoltmann Law Offices is investigating Glenn Robert King, a former registered representative with Royal Alliance Associates. According to a Financial Industry Regulatory Authority (FINRA) Disciplinary Proceeding, King made fraudulent misrepresentations and omissions to seven Royal customers in connection with the sale of Unit Investment Trusts (UITs). King told the investors, all retirees, that he would use their investment funds to purchase no-risk bonds, and that he would not charge any fees or commissions on the transactions. In reality, King used the customers’ funds to purchase 44 UITs, resulting in $17,000 in realized losses to the customers, $43,000 in unrealized losses and $38,000 in commissions to King himself. This was against securities rules and regulations. From January 2013 through December 2014, he also allegedly exercised discretion in the accounts of four customers without their written authority. This was also against securities rules and regulations.
King was registered with Thomas James Associates in Rochester, New York from February 1992 until December 1992, Dean Witter Reynolds in Purchase, New York from October 1994 until November 1994, Citigroup Global Markets in New York, New York from October 1994 until December 2004, Royal Alliance Associates in Lakewood, New Jersey from January 2005 until June 2011, Saxony Securities in Lakewood from June 2006 until October 2011, Garden State Securities in Red Bank, New Jersey from October 2011 until November 2011 and Buckman Buckman & Reid in Shrewsbury, New Jersey from January 2012 until June 2015. According to his FINRA BrokerCheck report, he has 18 customer disputes against him, one of which is currently pending. He is not licensed within the industry.
If you or someone you know invested money with Glenn R. King, please consult our Chicago-based securities law firm at 312-332-4200 to speak to an attorney. The call is free with no obligation. His former firm, Royal Alliance Associates, may be responsible for your investment losses. We sue firms such as Royal Alliance in the FINRA arbitration forum.