Investors Sue LPL Financial For Misrepresentation
Kevin Charles Fretz of South Windsor Connecticut a stockbroker formerly registered with LPL Financial LLC is the subject of a customer initiated investment related written complaint on March 2, 2020 where the customer sought $66,000.00 in damages based upon accusations that transactions were unsuitable for the customer and that misrepresentations were made by Fretz concerning real estate security products during the time that the stockbroker was associated with LPL Financial.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Fretz has been identified in three additional customer initiated investment related disputes containing allegations of his misconduct while employed by LPL Financial and UVest Financial Services Group Inc. Fretz is the subject of a customer initiated investment related written complaint in which the customer requested more than $5,000.00 in estimated damages based upon allegations of Fretz having failed to follow the customer’s instructions relating to a variable annuity while registered with UVest Financial Services Group.
On March 6, 2020, a customer initiated investment related complaint concerning Fretz’s activities was resolved for $15,255.65 in damages founded on accusations that the LPL Financial customer’s funds failed to be invested by Fretz according to the customer’s instructions. Fretz is also identified in a customer initiated investment related written complaint which was resolved for $49,343.91 on February 27, 2020 founded on accusations of the customer being provided with bad investment advice from Fretz regarding real estate security transactions during the time that the stockbroker was employed by LPL Financial. According to the complaint, misrepresentations were made by Fretz. The complaint also alleges that the customer’s signature was forged on investment related documentation.
Fretz was discharged by LPL Financial on September 12, 2019. According to the securities broker dealer, Fretz neglected to abide by instructions provided by its customers as it concerned their investable assets. LPL Financial also indicated that customer initiated investment related complaints had not been reported by Fretz and that Fretz possessed blank but otherwise signed documents from customers for purposes of initiating transactions.