According to a FINRA complaint, former Royal Alliance Associates, Inc. broker Glenn Robert King (CRD# 2191091) made omissions and fraudulent misrepresentations to retired customers of Royal Alliance. He is accused of misrepresenting the purpose of recommended investments, initially stating that he would purchase safe bonds with no risk and charge the customers no commissions or fees. Instead, he allegedly purchased Unit Investment Trusts (UITs) that typically included a sales charge between two and four percent. According to FINRA, as a result of the fraudulent trades, Royal Alliance customers suffered losses while King received approximately $38,000 in commissions.
King has also been accused of engaging in a pattern of unsuitable and excessive trading in customer accounts during his time with Buckman, Buckman & Reid from January 2013 to December 2014. King’s FINRA report reflects that he has been the subject of 18 customer complaints and that he “voluntarily resigned” from Royal Alliance in June 2011. It also states that King filed for Chapter 7 bankruptcy in July 2014.
If you invested and lost money with former broker Glenn Robert King, contact our securities fraud lawyers today. Meyer Wilson is committed to protecting investors from fraudulent behavior and we work hard to help our clients recover losses. Get started with your free case evaluation today and learn if you have a claim.