Barry Buchholz Allegedly Misrepresented and Omitted Facts About Variable Annuity
Barry Buchholz (CRD #: 1583582), a broker registered with LPL Financial, allegedly misrepresented and omitted information about a variable annuity, according to his BrokerCheck record, accessed on May 5, 2023. Read on to learn more about his alleged conduct as a broker.
Investor Dispute
On February 13, 2023, an investor alleged that Barry Buchholz solicited the purchase of a variable annuity funded by refinancing the client’s mortgage.
The client further alleges that this recommendation was unsuitable and that Barry Buchholz failed to disclose the annuity’s surrender charge and misrepresented its liquidity features.
The client seeks $131,725 in damages in this pending dispute.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s tax status, risk tolerance, and other characteristics.
Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. Misrepresenting or omitting facts about an investment’s potential risks, returns, or other features violates this rule.
What are Variable Annuities?
Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.
Background Information
Barry Buchholz has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Barry Buchholz is a registered broker in nine states.
He has also worked for the following firms:
- Private Client Services (CRD#:120222)
- Cambridge Investment Research (CRD#:39543)
- New England Securities (CRD#:615)
- Securities America (CRD#:10205)
- The O.N. Equity Sales Company (CRD#:2936)
- Edward D. Jones & Company (CRD#:250)
- Princor Financial Services (CRD#:1137)
- AAL Capital Management Corporation (CRD#:18387)
Kurta Law Can Help
If you worked with Barry Buchholz and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.