Articles Tagged with Pruco Securities Corp

The Financial Industry Regulatory Authority (FINRA) has complaints against Charles Geraci. They allege that he violated securities laws that include making unsuitable investments, breach of fiduciary duty, fraud, misrepresentations, and negligence, among other claims. Most of the claims tend to relate to allegations regarding the inappropriate sale of direct participation products such as limited partnerships, equipment leasing, oil and gas investments and non-traded real estate investment trusts (non-traded REITs) and variable annuities. The complaints specify certain oil and gas programs and United Mortgage Trust (UMT).

Many of these products are very unsuitable for investors, as they are risky and illiquid. A broker has a duty to only recommend those investments that are suitable for clients, and his firm may be liable if the client loses money in these investments. Please call our law firm today if you have suffered similar losses, and you may speak to an attorney for free about your options of suing to recover losses in the FINRA arbitration forum on a contingency fee basis.

According to his online BrokerCheck report, Geraci was registered with The Variable Annuity Marketing Company, The Prudential Insurance Company of America, Pruco Securities Corp, Cadaret, Grant & Co., Sun Investment Services Company, Signal Securities Inc., Walnut Street Securities, D.H. Hill Securities, VSR Financial Securities and SagePoint Financial. He is currently registered with VSR Financial Services in The Woodlands, Texas and has been since January 2014. He has six customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Willbanks Securities and two of its registered representatives, Timothy N. Payne and Michael Inderlied. According to a Missouri Securities Division settlement, Inderlied and Payne recommended that an elderly, widowed investor client purchase annuities and then prematurely liquidate them. They also allegedly sold the same client an unsuitable bond fund, and they told her to sell her home to make additional investments. In August 2010, Payne and Inderlied met with the client a day before her husband’s funeral and had her sign three Prudential variable annuity applications. Allegedly, 15 months later, they recommended that she liquidate the annuities to invest in additional annuities, which caused the client to pay significant surrender charges. Payne and Inderlied were each required to pay $17,500 in restitution and pay civil penalties of $20,000 because of this.

Timothy N. Payne was registered with MML Investors Services in Springfield, Massachusetts from March 1996 until July 1999, Wilbanks Securities in Oklahoma City, Oklahoma from August 1999 until March 2008, SagePoint Financial in Oklahoma City from March 2008 until June 2009, Wilbanks Securities in Oklahoma City from June 2009 until February 2014 and Investors Capital Corp in Oklahoma City form January 2014 until March 2015. He is currently registered with Adirondack Trading Group in Woodstock, New York and has been since April 2015. He has one customer dispute against him.

Michael Inderlied was registered with the following firms: The Prudential Insurance Company of America, Pruco Securities Corp, Carillon Investments, G.R. Phelps & Co., MML Investors Services, MIMLIC Sales Corporation, Wilbanks Securities in Oklahoma City, Oklahoma from July 1999 until March 2008, Sagepoint Financial, and Investors Capital Corp. He is currently registered with Adirondack Trading Group in New Woodstock, New York and has been since April 2015. He has two customer disputes against him.

Stoltmann Law Offices is investigating Barry George Hartman, a former registered representative with FSC Securities. Hartman was terminated from FSC on March 5, 2015 for participating in an undisclosed outside business activity and an undisclosed private securities transaction. It is alleged that in 2004, Hartman made a telephone call to an insurance company regarding a variable annuity it had issued to that customer. Hartman told the insurance company that he was a branch manager, and he did this without the branch manager’s knowledge or authorization to do so. Hartman then entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), wherein FINRA imposed on him a 15-day suspension and a $2,000 fine.

Hartman also served on the board of directors of an unaffiliated privately-held company without providing written notice to his member firm. This was between 2004 and 2015. Hartman engaged in an undisclosed outside business activity and this is against FINRA rules and regulations. During the same time period, Hartman also participated in private securities transactions by personally investing $450,000 in the privately held company, and recommending that 13 of those customers invest in the company. He also did not provide written notice of his actions to his member firm. This is referred to as selling away, and is when a broker recommends a security that is not held by his member firm, for the sole purpose of garnering commissions for the broker. For this he was barred from the industry.

Hartman was registered with Prudential Insurance Company of America in Newark, New Jersey from June 1985 until December 1993, Pruco Securities Corp in Newark from June 1985 until November 2000, Raymond James Financial Services in St. Petersburg, Florida from October 2000 until February 2002, and FSC Securities in Missoula, Montana from February 2002 until March 2015. He has 10 customer disputes against him, eight of which are currently pending. He is not licensed within the industry and FIRNA permanently barred him from acting as a broker.

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