Investigation of FSC Securities Brokers Lee Kramer & David Frank on Behalf of Local Deaf Customer-West Palm Beach, FL
February 13, 2020
Rex Securities Law
February 2020- West Palm Beach, Florida/Frederick, Maryland
We are investigating FSC Securities Corporation financial advisors Lee R. Kramer and David A. Frank on behalf of a Palm Beach County, FL, resident who is deaf.
According to our client, Mr. Frank and Mr. Kramer made sales presentations, both in person, as well as via video presentations, to her and other members of the local deaf community resulting in the investment in various unsuitable investments, including annuity investments.
According to publicly available records, Lee R. Kramer discloses 7 prior regulatory events, one pending customer dispute and one prior customer dispute, and 2 terminations from employment.
Kramer’s regulatory issues include allegations by Massachusetts securities regulators that he was the subject of 7 disclosures alleging alteration of a variable annuity application, failure to provide notice of replacement of a variable annuity, failure to disclose consent orders to state regulators, possible signature irregularities and failure to report customer emails to his supervisor. Massachusetts R-2005-188.
In pending FINRA Case 19-2969, a customer of FSC Securities alleges that Kramer made unsuitable recommendations to invest in an annuity, a business development company and unsuitable stocks. The customer is seeking damages of $93,000.
In 2005, Kramer was discharged by Securities America who allege that Kramer failed to disclose state insurance department consent orders.
In 2002, Kramer was ‘permitted to resign’ from Veravest Investments after an internal audit of over 800 customer files indicated that some customer files contained possible predictive statements, possible signature irregularities and two unreported emails from deaf customers.
Lee Kramer has been employed by FSC Securities since 3/2005.
According to publicly available records, David A. Frank has been employed by FSC Securities Corp. since 4/2005.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
If you have information that you think would be helpful to our investigation of FSC Securities Corp. financial advisors Lee Kramer and/or David Frank please contact our Boca Raton, FL, office at the number below.
Rex Securities Law, with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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Source: blog.rexsecuritieslaw.com/2020/02/13/lee-kramer-and-david-frank-investigation/
