Were you the victim of former LPL Financial LLC broker Kevin Houser (CRD# 2513167)? Houser has been registered with Ameriprise Financial Services, LLC in Center Valley, Pennsylvania since 2016.
Kevin Houser Customer Complaints
He has been the subject of six customer complaints between 2020 and 2023, one of which was withdrawn, according to his CRD report:
July 2023. “Claimant alleges that in about October 2015, he was recommended to invest his retirement account in two high-commission products, a BDC (FSEP) and a variable annuity.” The customer sought $46,979 in damage, and the case was settled for $14,999. The complaint was regarding variable annuities and business development companies (BDCs), and it took place while he was registered with Ameriprise Financial Services, LLC and LPL Financial, LLC.
December 2022. “Claimants allege that in late 2014, respondents recommended they invest in two unsuitable Equitable Financial Life Insurance Company variable annuities and in two high-risk, illiquid alternative investments, FS Energy and Power (FSEP) and FS KKR Capital Corporation (FSKR).” The customer sought $200,000 in damages, and the case was settled for $1,000. The complaint was regarding variable annuities and real estate securities, and it took place while he was registered with Ameriprise Financial Services, LLC and LPL Financial, LLC.
February 2022. “Claimants allege that while they were at LPL, they were recommended the following unsuitable, speculative, high-risk investments: FSKR, FSEP, Cole Credit Property Trust IV and CIM Real Estate Finance Trust.” The customer sought $244,000 in damages, and the case was settled for $55,000. The complaint was regarding business development companies and real estate securities, and it took place while he was registered with LPL Financial, LLC.
November 2020. “Claimants allege that they invested in Franklin Square BDC, Cole Credit Property Trust IV, and CIM REIT upon their broker’s misleading recommendation, which did not suit their allegedly conservative investment profile.” The customer sought $292,000 in damages, and the case was settled for $75,000. The complaint was regarding real estate securities and BDCs and took place while Kevin Houser was registered with LPL Financial LLC.
July 2020. “Claimants allege that they invested in Franklin Square BDC’s and AXA annuities upon their broker’s misleading recommendation, which did not suit their allegedly conservative investment profile. Activity period: 12/2015 to present.” The customer sought $300,000 in damages, and the case was settled for $75,000. The complaint was regarding variable annuities and BDCs, which occurred while he was registered with LPL Financial LLC.
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, LPL Financial LLC may be liable for investment or other losses suffered by Kevin Houser’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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