WARNING! Investigation of CHRISTOPHER HERRMANN in Greenwood, IN
Christopher Herrmann from Greenwood, Indiana, Suspended by FINRA for Nine Months
Have you lost money with financial advisor Christopher Herrmann from Greenwood, Indiana? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) made against Christopher Michael Herrmann. FINRA alleged that Christopher Herrmann made unsuitable recommendations to his customers to sell variable annuities in order to switch to another. In October 2018, FINRA suspended Herrmann from the securities industry for nine months for this conduct, and Herrmann was also fined $10,000.
Variable annuities often have surrender charges if they have been sold within a few years of being purchased. Moreover, customers can face tax consequences if the annuities are switched without using a 1035 exchange. FINRA alleges that Christopher Herrmann recommended that his customers sell their existing annuities in order to purchase other annuities without using a 1035 exchange, causing tax consequences to the investors.
Christopher Herrmann was a registered representative and financial advisor with Key Investment Services from September 2011 to April 2015. He worked out of a branch office in Greenwood, Indiana. He now is affiliated with Legacy Practice Management in Plainfield, Indiana. He has been the subject of at least nine customer disputes, and his affiliation was terminated by Key Investment Services.
Broker-dealers like Key Investment Services have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from switching variable annuities. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our firm represents investors throughout the country who are victims of financial advisors’ negligence and fraud. Our firm has offices in Ann Arbor, Michigan; Denver; and Seattle, but we continue to represent investors throughout the U.S., including Indiana and the Indianapolis area.
Click to view: Herrmann, Christopher BrokerCheck 10.22.18
Click to view: Herrmann, Christopher FINRA AWC
If you have lost money with Christopher Herrmann and Key Investment Services, and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or CONTACT ISRAELS & NEUMAN at 720-599-3505.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.