Barred Broker: Former United Planners’ Financial Services Of America A Limited Partner Financial Advisor Jerry Guttman
Posted on Tuesday, December 19th, 2017 at 10:07 am
Erez Law is currently investigating former United Planners’ Financial Services Of America A Limited Partner financial advisor Jerry Guttman (CRD# 1078383) regarding offering an unapproved investment to his clients. Guttman was registered with United Planners’ Financial Services Of America A Limited Partner in Phoenix, Arizona from 2001 to September 2017, when he was terminated regarding, “RR offered to public and clients an unapproved investment.” Guttman was registered with Hornor Townsend & Kent, Inc. in Horsham, Pennsylvania from March 1998 to October 2001 before he was terminated regarding, “Provided inaccurate information concerning sales changes to a prospective customer in connection with solicitation of a mutual fund purchase.”
In November 2017, FINRA barred Guttman from acting as a broker or otherwise associating with a broker-dealer firm after Guttman consented to the sanction and to the entry of findings that he sold more than $7 million worth of membership interests in at least six different limited liability companies (LLCs) to 31 customers of United Planners’ Financial Services Of America A Limited Partner and seven non-customers without first disclosing the sales to the firm, between approximately September 2008 through May 2017. According to the Acceptance, Waiver & Consent (AWC), FINRA found that Guttman solicited the membership interests to investors; communicated with investors about their investments; drafted, distributed, and collected the investment agreements from each investor; collected and deposited investors’ checks into the companies’ bank accounts; and managed the companies as one of only two managing members.
Guttman has been the subject of three customer complaints between 2002 and 2007, according to his CRD report:
April 2007. “Two stocks were liquidated for the client in November 2006, reps documentation supported the transaction. Client disputed the action when she discovered that she would have to pay taxes on the profits when she filed her taxes in April 2007.” The customer sought $8,311 in damages and the case was settled for $2,500.
May 2004. “Client allege that they had to pay $18,427 in premiums and that this amount would provide them with $400,000 worth of insurance. Clients are requesting a full return of their premium in the amount of $100,582.” The customer sought $110,582 in damages and the case was settled for $8,911.
December 2002. “The client and her sons (attorney & accountant)chose to purchase a variable life insurance product knowing that the cash value part of the policy would be invested into seperate accounts that stocks & bonds as the investment tool.” The case was settled for $550,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, United Planners’ Financial Services Of America A Limited Partner may be liable for investment or other losses suffered by Guttman’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.