Independent Financial Group Accused Of Misconduct In Connection With The Sale of REITs
Theodore Hendrickus Franse of Fair Oaks California a stockbroker formerly employed by Independent Financial Group LLC is referenced in a customer initiated investment related written complaint which was settled on August 9, 2018 to resolve accusations of the customer being sold unsuitable real estate investment trust products while Franse was associated with Independent Financial Group LLC and First Allied Securities Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Franse is referenced in three additional customer initiated investment related disputes containing allegations of Franse’s unacceptable conduct when he was employed by Independent Financial Group, First Allied Securities and SunAmerica Securities Inc. Specifically, a customer filed an investment related complaint regarding Franse’s activities where the customer sought unspecified damages supported by accusations that unauthorized trades were effected in the customer’s account by Franse, and the customer’s investment instructions had been disregarded by Franse during the time he was associated with SunAmerica Securities Inc.
Moreover, a customer filed an investment related complaint involving Franse’s conduct in which the customer requested damages estimated to exceed $5,000.00 founded on allegations that mutual fund and annuity products were not appropriate for the customer given the customer’s investor profile. Thereafter, a customer initiated investment related complaint concerning Franse’s activities was settled to resolve accusations that an unauthorized stock trade had been placed in the customer’s account when Franse was employed by Independent Financial Group.
FINRA Public Disclosure additionally reveals that Independent Financial Group discharged Franse on April 10, 2017 based upon allegations of Franse improperly utilizing customer documentation to effect securities business; conduct violative of Independent Financial Group’s policies. Between April 13, 2017 and July 6, 2017, Franse was registered with Sandlapper Securities LLC, and since August 23, 2017, he has been employed by NI Advisors.