Florida stockbroker suspended from securities activity for 6 months due to misconduct
Walter P. Priebe, from Pompano Beach, FL, is accused of engaging in outside business activities without telling his registered firm, Investacorp. Priebe worked for Investacorp between March 1989 and July 2014, when his position in that company was terminated.
The FINRA report alleges that Priebe served as a primary or successor trustee for numerous trusts that were associated with his firm (and was paid for this role). He did not, however, disclose this outside business role and on several occasions, indicated that he had fully disclosed all outside business associations.
As a result of these allegations, Priebe receives a six month ban from the securities industry as well as a $25,000 fine. He is suspended from 9/21/15 until 3/20/2016.
Investacorp also alleges that Priebe, as a registered representative, acted in a fiduciary and discretionary capacity, had check writing privileges and was named as a beneficiary on three client accounts. This is a violation of securities industry rules and FINRA guidelines and allegedly took advantage of vulnerable elderly clients.
Silver Law Group helps individuals all over the country recover investment losses at the hands of brokers or financial advisors who have not acted in the best interest of their clients. Our experienced attorneys have recovered tens of millions of dollars from Ponzi schemes, elder investment fraud cases, class action suits, professional negligence, stockbroker misconduct, and securities litigation.
Stockbrokers and other financial advisors are closely intertwined with the elder community and can help many retirees navigate through their golden years. However, FINRA has reported abuse by some financial advisors which highlight red flags to watch out for, including but not limited to:
- Financial advisors serving as a trustee, executor or beneficiary of an estate
- Stockbrokers having check writing privileges or access to a client’s checking or savings accounts
- Excessive trading or churning of an account
- A financial advisor recommending investments which are not approved by the firm, sometimes called selling away
- Financial advisors who encourage investors to not discuss finances with family members or others
Silver Law Group works on a contingency-fee basis, meaning that we do not profit unless we help our clients recover lost funds. If no money is recovered from your claim, our legal team does not get paid. It is a simple promise to the clients of Silver Law Group. If you would like more information or think that you or someone you love is being taken advantage of by an investment broker or financial advisor, call our team at 1-800-975-4345 now for a free consultation.