Goodman & Nekvasil P.A., May Recover Investor Losses – Danny Scott Hood (Danny Hood) Barred from Securities Industry and Charged with Fraud by the SEC
Danny Hood was formerly licensed with Summit Brokerage Services, Inc., BCG Securities, Inc., LPL Financial LLC, and Valic Financial Advisors, Inc. FINRA reports that Danny Hood was barred by the SEC from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization (NRSRO).
FINRA reports that according to the SEC, Danny Hood and three others, Jonathan Cooke, Brandon P. Long, and Christopher S. Laws, each of whom were registered representatives of a broker dealer (collectively, the “Representatives”), fraudulently induced federal employees to rollover significant funds from their federal retirement accounts, referred to as Thrift Savings Plan (“TSP”) accounts, into variable annuity products promoted under the banner of an entity called Keystone Capital Partners, Inc. d/b/a Federal Employee Benefits Counselors. FINRA reports that, according to the SEC, motivated by the prospect of high commissions associated with the variable annuities, the Representatives targeted federal employees, age 59 ½ and over, who had significant TSP account holdings that could be rolled over on a tax-free basis into variable annuities held in qualified plans at annuity carriers.
FINRA also reports that, according to the SEC, defendants employed several tactics calculated to mislead federal employees into believing that Defendants and their recommended investment (that is, a variable annuity) were affiliated with or approved by the federal government. For example, FINRA reports that according to the SEC, despite the fact that their recommended investments had no connection to the TSP, the Representatives, in recommending this investment: (a) made misleading comparisons between their recommended investment and the life annuity offered through the TSP by omitting key information or falsely describing the actual fee structure and surrender fees related to their recommended investment; (b) used an eagle-encircled insignia on other documents given to customers and on their website that resembled the official seal of various agencies of the federal government; and (c) used a name, Federal Employee Benefits Counselors, that insinuated that they were affiliated with the federal government while obscuring the fact that they were associated with a broker dealer.
If you lost any money on investments with Danny Hood, while Danny Hood was employed with Summit Brokerage Services, Inc., BCG Securities, Inc., LPL Financial LLC, and/or Valic Financial Advisors, Inc., you may be able to recover your losses from Summit Brokerage Services, Inc., BCG Securities, Inc., LPL Financial LLC, and Valic Financial Advisors, Inc. This is because Summit Brokerage Services, Inc., BCG Securities, Inc., LPL Financial LLC, and Valic Financial Advisors, Inc. had a duty to supervise Danny Hood.
If you lost money on investments with Danny Hood and believe 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 against Summit Brokerage Services, Inc., BCG Securities, Inc., LPL Financial LLC, and/or Valic Financial Advisors, Inc. concerning Danny Hood’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.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Danny Hood 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.
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