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State of Wisconsin Fines Janice Uberecken Following Unsuitability Allegations

Feb 8, 2022 Regulatory Action

Janice Uberecken (CRD #:2341262), a broker registered with Pruco Securities, has been fined by the state of Wisconsin following unsuitability allegations, according to her BrokerCheck record, accessed on January 15, 2022. She is also a registered investment advisor with Prudential Financial Planning Services. 

Unsuitability Allegations 

According to the Office of the Commissioner (OCI) Of Insurance State Of Wisconsin, Janice Uberecken allegedly recommended a Flexible Premium Deferred Variable and Index-Linked Annuity Contract with an initial premium of $600,000 and a five-year surrender period. 

An investigation by the OCI concluded that placing a substantial percentage of this elderly consumer's liquid net worth in a variable annuity with a five-year surrender period was unsuitable and that Janice Uberecken had violated Wisconsin Statutes. As a result, Wisconsin fined Janice Uberecken $1,000. 

Misrepresentation Allegations 

On August 1, 2019, Janice Uberecken was involved in an investor dispute alleging the omission of material facts. According to the investor, Janice Uberecken did not fully disclose all the facts regarding the investment's suitability and the guarantees and risks. The damage amount requested was $75,000; however, the case was denied. 

 Investors should know that they can still recover their losses following a denial.  

Unsuitability and Misrepresentation 

What is Unsuitability? 

FINRA deems trade recommendations inconsistent with the customer's goals and investment profile unsuitable.  

FINRA Rule 2111 states that a broker must take into account their investor's:  

  • Age 
  • Financial situation and needs 
  • Tax status 
  • Investment objectives 
  • Investment experience 
  • Risk tolerance 
  • Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration. 

What is Misrepresentation? 

Misrepresentation is a common problem in the securities industry. It usually occurs when a stockbroker makes false or misleading statements about a financial product to persuade their customer to invest. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

Did you know that any of the following can be considered misrepresentation or omission? 

  • Inadequate due diligence concerning security offerings 
  • Failure to disclose all material risks 
  • Failure to disclose all transaction costs 
  • Unrealistic presumptions for investment projections 
  • Inaccurate investment performance calculation 

Losses that can be attributed to a stockbroker's material misrepresentations of facts may result in a viable securities arbitration claim for damages. 

Background Information 

Janice Uberecken 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 6 - Investment Company Products/Variable Contracts Representative Examination 

Janice Uberecken is a registered broker in four states. She is also a registered investment advisor in Minnesota and Wisconsin. 

Besides Pruco Securities and Prudential Financial Planning Services, Janice Uberecken has not worked with any other firm. 

Kurta Law Can Help 

If you have worked with Janice Uberecken and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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.