Did you lose money investing with Lucas King (CRD# 6424176)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Lucas King. If you suffered losses investing with Lucas King, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 27, 2023, Lucas King’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
November 5, 2020 – An AWC was issued in which King was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, King consented to the sanction and to the entry of findings that he converted $7,083.97 in insurance premiums for his personal use and benefit. The findings stated that during the time King was registered with FINRA through his member firm, he was also appointed an insurance agent and sold insurance products offered by the firm’s insurance affiliate. King was required by the affiliate to maintain a premium fund account at a bank into which he was required to deposit insurance customers’ premium payments. The funds in the premium fund account, however, belonged to the affiliate and not to King. Although King maintained control over the premium fund account, the affiliate’s policies prohibited him from using the deposited funds for any purpose other than paying designated insurance premiums. King failed to deposit $7,083.97 in premium payments into the premium fund account. Instead, King intentionally and without authority used those funds for his own personal use and benefit to satisfy other business expenses. King only deposited the missing funds after the affiliate discovered that he had not deposited the premiums into the premium fund account and questioned him. In addition, King initially lied to the affiliate, claiming that he had lost the premiums when, in fact, he had used the funds for his own personal use to pay his office staff. (FINRA Case #2020066414701)
Current and Previous Registrations
08/18/2015 – 06/10/2020 STATE FARM VP MANAGEMENT CORP. (CRD#:43036) BLOOMINGTON, IL
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Lucas King and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
