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Lowell Kruger Subject of FINRA Fine and Suspension for Alleged Customer Impersonation

Feb 22, 2022 FINRA Fine

Lowell Kruger (CRD #: 4183008), a broker registered with St. Bernard Financial Services, is the subject of a FINRA suspension and fine, according to his BrokerCheck record, accessed on February 12, 2020. 

FINRA Suspension 

According to an Acceptance, Waiver, and Consent agreement dated December 29, 2021, Lowell Kruger consented to the findings that he impersonated a customer of his member firm on telephone calls to an annuity company in order to effectuate a surrender of the customer's annuity. The findings state that through these calls, he was successful in effectuating the surrender.

Although the customer requested that Lowell Kruger effectuate the annuity's surrender, he did not give him permission to impersonate him with the annuity company. 

FINRA Rule 2010

FINRA Rule 2010 requires members and associated persons, in the conduct of their business, to "observe high standards of commercial honor and just and equitable principles of trade." Impersonating a customer is inconsistent with this standard and constitutes a violation of Rule 2010.

Sanctions

As part of the terms of the AWC, Lowell Kruger consented to:

  • A 15-day suspension 
  • A $2,500 fine

You can read a copy of the AWC here.

Regulatory Action 

On August 5, 2021, the State of Minnesota Department of Commerce entered a Consent Order that imposed a $3,303.75 civil penalty on Lowell Kruger for violating Minnesota insurance laws by engaging in client impersonation.

Employment Resignation

On April 23, 2021, Lowell Kruger voluntarily resigned from his position at Avantax Investment Services following allegations that he impersonated a client.

Background Information

Lowell Kruger 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

He is a registered broker in Minnesota.

He has also worked with the following firms:

  • Packerland Brokerage Services (CRD#:37031)
  • Brooklight Place Securities (CRD#:15764)
  • ING Financial Partners (CRD#:2882)
  • Locust Street Securities (CRD#:1703)

Kurta Law Can Help

If you have worked with Lowell Kruger and you have concerns about your investments, please 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.