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Benjamin Lecroy Allegedly Chose Unsuitable Investments for Client

Benjamin Lecroy (CRD #: 2666961), a broker registered with LPL Financial, was recently involved in an investor dispute, according to his BrokerCheck record, accessed on November 13, 2022. Read on if you have questions about his conduct as a broker.

Investor Dispute

On August 26, 2022, an investor alleged that Benjamin Lecroy chose an unsuitable portfolio of equities (including mutual funds) and fixed-income products, and failed to clearly explain the investments to her. The investor alleged that this misconduct occurred between October 31 and December 31, 2021.

The client sought $72,073.16 in damage but this dispute was denied by the firm.

However, investors should be aware that firms don’t need to permit an outside review before denying a dispute. Investors can seek out FINRA arbitration following a dispute and may be able to recover their losses.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles contain information about investors’ risk tolerance, tax status, and investment goals.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other unethical methods to influence investors’ decisions. Misrepresenting or omitting information about investments violates this rule.

Background Information

Benjamin Lecroy has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Benjamin Lecroy is a registered broker in 21 states and a registered investment adviser in Missouri and Texas.

He has also worked for Waddell & Reed (CRD#:866).

Kurta Law Can Help

If you worked with Benjamin Lecroy and you have concerns about your investments, please contact us today at 877-600-0098 or 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.