Did You Suffer Losses from Former Investment Planners, Inc. Financial Advisors William Brunner and Kelly Gunn?
Posted on Thursday, August 3rd, 2017 at 2:28 pm
Erez Law is currently investigating former Investment Planners, Inc. financial advisors William Brunner (CRD# 2610348) and Kelly Gunn (CRD# 5332047) regarding churning and unauthorized trades in customer accounts. Brunner was registered with Investment Planners, Inc. in Huntington, New York from January 2015 to May 2017, when he resigned following allegations, “Firm received its cycle exam report on 5/9/17 and allegations were made by a client of use of discretion. Firm requested phone records and written response from RR. RR sent letter of resignation on 5/12/17.” Previously, he was registered with First Midwest Securities, Inc. in Huntington, New York from 2009 to 2015. Gunn was also registered with Investment Planners, Inc., from February 2015 to May 2017, and with First Midwest Securities, Inc. from 2010 to 2015.
Recently, a retired former client of Brunner and Gunn filed FINRA arbitration against Investment Planners, Inc., Brunner and Gunn alleging that Brunner and Gunn bought and sold securities in large concentrations without downside protection, despite the client’s desire to not gamble with his retirement savings. The lawsuit also alleges that Brunner and Gunn did not disclose excessive markups and markdowns charged to the account, totalling more than $400,000 in commissions between 2015 and 2016. In one year, the client lost $500,000 of his principal, while the brokers made $200,000 in commissions; however this information was not made available to the client. The client has suffered $1 million in damages as a result of investment recommendations made by Brunner and Gunn. The legal claims against Brunner and Gunn include negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Florida’s Investor Protection Act 517.
In November 1998, the National Association of Securities Dealers, Inc. fined Brunner $20,000, suspended him from association with any NASD member for 30 days, and ordered him to pay restitution to a customer in the amount of $24,781.25. The complaint alleged that Brunner made material misrepresentations and omitted to disclose material facts in connection with his recommendations of securities to public customers; made fraudulent price predictions in connection with his recommendations of securities; and, failed to execute a sell order).
Brunner has been the subject of three additional customer complaints between 1998 and 2017, according to his CRD report:
May 2017. “Client alleged suitability, discretion, client unaware of amount of fees paid, client did not receive statements and did not sign active trading letters (client did not allege RR signed letters). Mar 2015 – Feb 2017.” The customer is seeking $1,000,000 in damages and the case is currently pending.
July 2002. “Claimant alleges that he sustained losses from unsuitable investments, unauhtorized (sp) trading and churning. Damages are unspecified.” The customer was awarded $99,500.in damages.
April 1998. “Failure to execute trades alleged damages of $5000.00.” The customer was granted damages in the amount of $7,597.
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, Investment Planners, Inc. may be liable for investment or other losses suffered by Brunner and Gunn’s customers.
Erez Law represents investors in the United States for claims against former Investment Planners, Inc. financial advisors William Brunner and Kelly Gunn. If you were a client of Investment Planners, Inc. or another firm, 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.