fbpixel
888-840-1571

National Investment Fraud Lawyers

¿Perdió en bonos y fondos de Puerto Rico?

Erez Law Investigating Claims Involving Former Pruco Securities Broker John Wesley DuRant (Savannah, GA)

Posted on Tuesday, January 6th, 2015 at 9:04 am    

Erez Law is investigating claims regarding John Wesley DuRant III (CRD #1546234, Savannah, Georgia). DuRant recently submitted an AWC in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for six months. See FINRA Case #2013039263101. The suspension is in effect from November 3, 2014, through May 2, 2015. DuRant was registered with Pruco Securities, LLC, from November 1988 until his termination in November 2013. The Form U-5 filed by Pruco Securities to terminate DuRant’s registration stated that “Registered representative did not disclose to the firm, and did not amend his form u4 to report, appointments with non-prudential carriers; engaged in the replacement of existing prudential products, including life insurance and annuities, with indexed annuities not approved for sale by the firm; did not submit such transactions to the firm for supervisory review; and, where required, did not disclose replacement and complete replacement forms. Allegations confirmed.”

FINRA found that DuRant made sales of equity indexed annuities totaling approximately $741,981. FINRA also found that these products were not offered or sponsored by Pruco Securities, and DuRant failed to provide prior written notice to Pruco Securities of his intent to sell the indexed annuities. FINRA further found that DuRant earned commissions on the sales, and had submitted monthly compliance questionnaires that failed to disclose the activity. In entering into the AWC, DuRant neither admitted nor denied FINRA’s findings.

If you were a client of John DuRant or Pruco Securities, and have experienced investment losses, financial irregularities, or unauthorized transactions, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”