Lowell Kruger Subject of FINRA Fine and Suspension for Alleged Customer Impersonation
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 April 6, 2023. If you have questions about his alleged conduct as a broker, read on.
Lowell Kruger has been the subject of two denied disputes:
- On December 8, 2022, an investor named Lowell Kruger in allegations involving suitability and the failure to discuss fees.
- On December 5, 2022, an investor alleged that Lowell Kruger failed to discuss fees and surrender charges, and failed to deliver a prospectus. The client sought $81,629.17 in damages.
Investors should be aware that firms can deny disputes without permitting an outside review. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which contain investor characteristics including their age, financial goals, and risk tolerance.
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 deception, manipulation, and other fraudulent means of influencing the purchase or sale of securities. Misrepresenting or omitting facts about an investment’s risks, requirements, or other features violates this rule.
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.
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.
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.
On April 23, 2021, Lowell Kruger voluntarily resigned from his position at Avantax Investment Services following allegations that he impersonated a client.
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)
- Avantax Investment Services (CRD#:13686)
- 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 email@example.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.