Investors Sue FSC Securities For Bad REIT Sales
Larry Jefferson Tolbert of Memphis Tennessee a stockbroker formerly registered with FSC Securities Corporation is the subject of a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages founded on allegations that Tolbert put the customer in real estate investment trust products despite those securities having been inappropriate for the customer’s investment account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-01296 (Sept. 15, 2016).
FINRA Public Disclosure reveals that Tolbert has been identified in two more customer initiated investment related disputes containing accusations of his bad conduct during the time that he was associated with MetLife and AIG Financial Advisors, Inc. Specifically, on September 7, 2005, a customer filed an investment related complaint regarding Tolbert’s conduct where the customer requested $22,539.67 in damages supported by allegations that Tolbert neglected to inform the customer about the terms and conditions of investing in a variable universal life insurance policy because Tolbert failed to disclose information about the penalties and risks of the insurance product.
Subsequently, a customer filed an investment related arbitration claim involving Tolbert’s activities in which the customer sought $55,000.00 in damages based upon accusations that Tolbert failed to place the customer in a variable annuity with features designed to address the customer’s objectives for investing.
On July 31, 2018, Tolbert’s registration with FSC Securities Corporation was terminated. Since July 27, 2018, Tolbert has been employed by Lion Street Financial.
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