Scott Klor - Financial Advisor Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses | Scott Klor, Financial Advisor Suspended from Securities Industry

Scott Klor of Fort Mill, South Carolina was a previously licensed financial advisor/broker with LPL Financial LLC. FINRA reports that Scott Klor was suspended for 14 months beginning in April 2019.

According to FINRA: Scott Klor consented to the sanctions and to the entry of findings that he solicited investors, including his member firm customers, to purchase a variable life insurance policy on the life of an elderly individual, however, the firm's policies prohibited registered representatives from participating in the offering of life or viatical settlements and Scott Klor did not notify the firm of his involvement in the viatical settlement. The findings stated that the transaction was structured as a viatical settlement, in which investors purchased the life insurance policy for an amount that exceeded the policy's surrender value but was less than the expected death benefit. With Scott Klor's assistance, the investors formed a limited liability company (LLC) to purchase the policy for approximately $1.4 million. In furtherance of this transaction, Scott Klor communicated with potential investors regarding the policy, assisted in making sales presentations regarding the proposed viatical settlement, and consulted with professionals regarding the formation of the LLC. For Scott Klor's efforts in facilitating the transaction, Scott Klor received a four percent interest in the LLC, which he requested be placed in Scott Klor's wife's name. The findings also stated that Scott Klor provided inaccurate responses on the firm's annual compliance questionnaires in which he answered no when asked whether he had ever participated in a viatical settlement or a joint venture involving the pooling of investor funds for a common purpose.

LPL Financial LLC reported to FINRA that Scott Klor was discharged in April 2017. LPL Financial LLC reported to FINRA that Scott Klor allegedly violated Firm policy regarding private securities transactions.

If you lost any money on investments with Scott Klor, you may be able to recover your losses. If you lost money on investments with Scott Klor and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Scott Klor’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Scott Klor and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

 

Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange

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