Jeffrey Scott Larson of Saint Louis Missouri a stockbroker formerly employed by Larson Financial Securities LLC is the subject of a customer initiated investment related written complaint on August 9, 2017 in which the customer sought $34,000.00 in damages based upon accusations that omissions were made to the customer concerning the costs and fees pertaining to a variable universal life insurance policy that had been purchased by the customer on August 1, 2016.

The Complaint appears to have been lodged by an orthopedic surgeon, and we all know that they are very smart.

According to Public Disclosure:

At the time of the VUL sale, [Customer] was a private practice orthopedic surgeon. We carefully created a financial plan and we successfully paid down their high interest debt, created a significant cash reserve, locked in an umbrella policy, purchased a home, and funded/converted their IRAs into a Roth. For the second step, we maximized their retirement savings by maximizing [Customer’s] employer-sponsored plan. For the third step, we reviewed the option of using VUL and a brokerage account for additional savings. After hearing the pros and cons of each, they chose to split the funding between VUL and a brokerage account. They were very well aware that the VUL funding was long term and needed to be consistent which was documented and emailed to the clients. Over the following 12 months, the clients did not respond to meeting requests for their review and as such did not update me with any news on their lifestyle. In early September 2017 the client made me aware that they were doing a large home renovation and trying to invest in a real estate opportunity through the employer which was creating cash flow concerns. Had the client made me aware of these updates, I would have been able to navigate their plan to accommodate.

Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on August 17, 2017, a customer filed an investment related complaint concerning Larson’s activities where the customer requested $36,078.25 in damages founded on allegations that the customer was placed into a variable universal life insurance policy that was unsuitable for the customer.

Larson’s registration with Larson Financial Securities LLC was terminated on August 17, 2017. Since August 2, 2017, Larson has been registered with Arete Wealth Management.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

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Guiliano Law Group

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