WARNING! Impending Investigation–DERL KNARR and ALLSTATE FINANCIAL SERVICES
Derl Knarr and Allstate Financial Services
Have you lost money with Derl Knarr? We are currently investigating allegations made by the Securities and Exchange Commission regarding customer funds that he misappropriated and deposited in his own account. Knarr resides in Herndon, Pennsylvania.
Knarr worked for Allstate Financial Services from November 2002 to June 2009, and again from September 2009 to January 2013. Knarr worked at the Allstate office in Palmyra, Pennsylvania. Allstate terminated Knarr in January 2013 after an internal investigation revealed that he was withdrawing funds from customer accounts and depositing them in his own account.
Derl Knarr was also investigated by the SEC, and he pled guilty to embezzling at least $630,836 from his clients. He was barred from the securities industry on August 1, 2014, and FINRA (the Financial Industry Regulatory Authority) also barred him from affiliating with any broker-dealer firm in August 2013 after he failed to respond to FINRA’s investigation.
During the investigations into Knarr’s activities, Mr. Knarr admitted that he also had multiple state and federal tax liens filed against him. Knarr was also let go by Prudential in 1995 after Prudential investigated a number of mutual fund redemptions that potentially were in violation of securities rules and regulations. Prudential’s investigation was inconclusive, but it still terminated him.
Broker-dealers like Allstate Financial 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, as well as internal firm policies. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers. If you have lost money with Derl Knarr and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.