Articles Tagged with Cuna Brokerage Services

Former Cuna Investment Services broker Michael Grant recently resigned from his former employer after allegations surfaced that he violated securities rules. According to the Financial Industry Regulatory Authority (FINRA), Mr. Grant is not affiliated with any broker-dealer. In October 2017, he was permitted to resign from his position at Cuna following allegations he violated firm policy as well as FINRA rules when he exercised discretion in customer accounts for which he lacked discretionary trading authority. A brokerage firm such as Cuna has a duty to reasonably supervise its employees to make sure that they do not violate securities laws. If the firm does not do so, it can be held liable for investment losses on a contingency fee basis, in the FINRA arbitration forum.

According to FINRA records, Mr. Grant was previously registered with Northwestern Mutual Investment Services in Tampa, Florida from June 2005 until January 2008, OneAmerica Securities in Tampa from January 2008 until November 2008 and Cuna Brokerage Services in Panama City, Florida from January 2009 until November 2017. He has three criminal final dispositions against him, and is not currently registered as a broker.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Ladin, a former broker with Allstate Financial Services, allegedly borrowed $12,000 from a customer. Ladin failed to notify Allstate of the loan or obtain approval. He then engaged in an outside business activity without providing notice to Allstate. These are against securities laws. A broker is not allowed to borrow customer money without the knowledge of his firm, and a broker must not engage in outside business activity without giving notice. Because Allstate did not properly supervise Ladin and allowed him to transgress, the firm may be liable for money losses. Please call our Chicago-based securities law firm today to find out how you may be able to recover your losses on a contingency fee basis. The call to us is free with no obligation. Attorneys are standing by. 312–332–4200.

Ladin was registered with Brookshire Securities Corp, JB Oxford & Company, Quick & Reilly, Banc of America, Allstate Financial Services in Fort Lauderdale, Florida from November 2007 until January 2014 and Cuna Brokerage Services in Pembroke Pines, Florida from January 2014 until September 2015. He has one customer dispute against him and is currently not registered within the industry, according to his online, FINRA BrokerCheck report.

According to the Financial Industry Regulatory Authority (FINRA), there have been customer complaints filed against Peter Klaass, a registered representative with Allegis Investment Advisors in South Jordan, Utah. The allegations concern unsuitable trading involving options. Klaass was accused of failing to meet the standard of care as a supervisor, and, because of this, a client suffered losses of $400,000. He was also accused of recommending a trading strategy without regard to the client’s age, investment experience and risk tolerance. This is against securities rules and regulations, as a broker is obliged to make only suitable recommendations for his customers. The broker must take into account the client’s age, net worth, investment savvy and investment objectives before recommending or selling a security. He must also base his recommendation the investment’s properties including its benefits, risks, tax consequences and other relevant factors. If he does not, his brokerage firm or former brokerage firm may be responsible for investment losses.

Klaass was formerly registered with Fidelity Brokerage Services in Smithfield, Rhode Island from December 1993 until October 1994, WMA Securities in Duluth, Georgia from October 1994 until July 1995, CUNA Brokerage Services in Waverly, Iowa from July 1995 until July 2002, Edward Jones in St. Louis, Missouri from July 2002 until February 2003, Financial Network Investment Corp in Idaho Falls, Idaho from February 2003 until July 2007, LPL Financial in Idaho Falls from September 2007 until May 2011 and Signator Financial Services in Idaho Falls from April 2011 until June 2014. He is currently registered with Allegis Investment Services in South Jordan, Utah, and has been since May 2014. He has six customer disputes against him, four of which are currently pending.

You may be able to bring litigation claims against Allegis Investment Services in the FINRA arbitration forum in order to recover financial losses you may have suffered with Peter Klaass. The call to our Chicago-based law offices is free with no obligation. Please call today as time is of the essence. Attorneys are standing by to discuss your options of suing his firm on a contingency fee basis, which means we do not get paid unless you recover money.

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