Investors Allege Lester Hamrick Executed Unsuitable Investment Strategy

Lester Hamrick (CRD #: 5208155), a broker registered with MML Investors Services, allegedly recommended an unsuitable investment strategy, according to his BrokerCheck record, accessed on March 4, 2025. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On January 7, 2025, multiple investors filed a dispute alleging that Lester Hamrick executed an unsuitable investment strategy that involved high-risk securities, and a whole life insurance strategy that resulted in significant losses.

The clients allegedly had a moderate risk tolerance and an investment goal of preservation of assets. They further alleged that Lester Hamrick’s firm failed to supervise him. The investors seek $100,000.01 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must consult the investor’s profile, which describes their investing experience, tax status, risk tolerance, and other information.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems designed to maintain their compliance with securities regulations. Their systems of supervision should be able to catch unsuitable recommendations. 

Background Information

Lester Hamrick has passed the following exams:

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

Lester Hamrick is a registered broker in six states and a registered investment adviser in Florida and Texas.

He has also worked for the following firms:

• Securities America Advisors (CRD#:110518)
• Securities America (CRD#:10205)
• Park Avenue Securities (CRD#:46173)

Kurta Law Can Help

If you worked with Lester Hamrick 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 that 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.