Chris Parr – Christopher Matthew Parr, Financial Advisor Suspended from Securities Industry

Chris Parr – Christopher Matthew Parr, Financial Advisor Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Chris Parr, CRD# 2110651

Chris Parr was previously licensed with KCD Financial, Inc. in Overland Park, Kansas. FINRA reports that Chris Parr was suspended from the securities industry for 2 years.

According to FINRA: Chris Parr consented to the sanction and to the entry of findings that Chris Parr borrowed a total of $750,000 from a married couple, before they had opened their brokerage account at his member firm, and he did not disclose the existing loans to the firm at the time the couple opened the brokerage account. The findings stated that the married couple opened the brokerage account at the firm with Parr as their registered representative. The customers transferred a position in one security into the account, but otherwise conducted no brokerage activity through the account while Parr was their registered representative. The firm’s policies required registered representatives to disclose any proposed loan from a customer and obtain the firm’s approval prior to accepting such loan. The findings also stated that later, Chris Parr and the customers agreed to replace the existing debt with two new promissory notes in the total amount of $345,697.04. Chris Parr failed to disclose the promissory notes to the firm. As part of Chris Parr’s annual compliance declaration to the firm, he falsely certified that he had not and will not borrow or lend money to or from a customer. Further, Chris Parr borrowed an additional $915,000 from the customers via a new promissory note. The customers funded this new loan by an early surrender of a fixed annuity that was an asset of their trust and, as a result, incurred a surrender charge. The surrender was effected through another representative, who had sold them the fixed annuity previously. Parr used a portion of the new loan to repay the remaining balance of the previous promissory notes. Parr failed to disclose the new loan to the firm. Chris Parr again falsely certified that he had not borrowed money from a customer. The findings also included that Chris Parr and the customers agreed to exchange the debt, at that time $850,000, for shares in an entity he controlled, but participated in this private securities transaction without approval from or notice to his firm until after he and the firm had received the first inquiries from FINRA regarding his personal dealings with the customers.

If you lost any money on investments with Chris Parr, you may be able to recover your losses. If you lost money on investments with Chris Parr 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 Chris Parr’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 Chris Parr 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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