Were you the victim of former The Leaders Groups, Inc. broker Harold Schwartz (CRD# 841225)? Schwartz has been registered with Stephen A. Kohn & Associates, Ltd. in Jacksonville, Florida since February 2019. Previously, Schwartz was registered with Royal Alliance Associates, Inc. in Lutz, Florida from 2015 to 2019, when he was terminated regarding, “Making an improper telephone call.” Prior to that, Schwartz was registered with The Leaders Group, Inc. in Littleton, Colorado from 1995 to 2015.
In November 2019, FINRA suspended Schwartz for 15 days after he consented to the sanctions and to the entry of findings that he impersonated a customer on two telephone calls to an annuity company for the purpose of reducing the periodic withdrawals from the customer’s annuity, a change the customer wanted. The FINRA findings also stated that although the customer gave Schwartz permission to effect the reduction of withdrawals, he did not give Schwartz permission to impersonate him with the annuity company. Schwartz was sanctioned to a $5,000 civil and administrative penalty/fine.
Schwartz has been the subject of two customer complaints between 2001 and 2018, according to his CRD report. The most recent complaint is regarding:
August 2018. “Customer alleged that representative guaranteed the money would double in 10 years, but the income base is what doubled in 10 years.” The case was settled for $100,000. The complaint is regarding a variable annuity and took place while Schwartz was registered with The Leaders Group.
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, The Leaders Groups, Inc. may be liable for investment or other losses suffered by Schwartz’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.