William Kastelz Allegedly Misrepresented Whole Life Insurance Policy

William Kastelz (CRD #: 5564461), a broker formerly registered with MML Investors Services, allegedly misrepresented an insurance policy, according to his BrokerCheck record, accessed on April 13, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On February 13, 2023, an investor alleged that William Kastelz misrepresented a whole life insurance policy issued on or about April 5, 2022.

The client further alleged that William Kastelz mismanaged the account that funded this policy by buying and selling securities without advising his client. This allegedly incurred a loss. The dispute is currently pending.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. Misrepresenting an investment’s limitations, fees, or other features violates this rule.

FINRA Rule 3260

FINRA Rule 3260 limits brokers to exercising their trading discretion in pre-approved discretionary accounts. Both the firm and the client must approve an account before discretionary trading can occur.

Resignation from MML Investors Services

On February 3, 2023, William Kastelz was permitted to resign from MML Investors Services while allegedly under review for sales practices related to traditional life insurance policies. He allegedly also violated firm policy with regard to replacement disclosures.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Resignation from Northwestern Mutual Investment Services

On May 18, 2018, William Kastelz was permitted to resign from Northwestern Mutual Investment Services following allegations of client signature discrepancies on forms related to non-variable life insurance and annuities.

Background Information

William Kastelz has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for MML Investors Services (CRD#:10409) and Northwestern Mutual Investment Services (CRD#:2881).

Kurta Law Can Help

If you worked with William Kastelz 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 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.