January 2020-Torrington, CT
According to publicly available records. Lester William Burroughs (CRD#1413972), a former stockbroker who last worked for Lincoln Investment discloses 2 regulatory events, a criminal charge, a pending civil event, 3 pending customer disputes, 14 prior customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 1/2020 the Securities & Exchange Commission permanently barred Burroughs from the securities industry after Burroughs pled guilty to one count of wire fraud. The information to which Burroughs pled guilty alleged that Burroughs misappropriated about $575,000 from three investors.
The Insurance Commissioner of the State of Connecticut filed case #MC 03-06 alleging improper handling of premium payment on traditional universal life insurance payment, misrepresentation and failure to properly handle request for disability waiver.
In December 2019, Federal court case 3:19cr292 was filed in U.S. District Court for the District of Connecticut with formal charges of wire fraud to which Burroughs entered a guilty plea. His sentencing has not been scheduled.
From 1994 to 2009, eight customer complaints alleging among other things improper sales practices and speculative recommendations inconsistent with their objective and risk tolerance, failing to place stop loss orders and misrepresentation. Over $134,365 was paid to settle these cases.
In12/2019, a customer of Burroughts filed FINRA case #19-03658 alleging elder abuse, misappropriation and unsuitable investments recommended by Burroughs. Alleged damages are $445,000.
In December of 2019, Lincoln Investment Planning discharged Burroughs after they became aware of charges that were filed by the U.S. Securities Exchange Commission and the U.S. Attorney’s Office wherein Burroughs pled guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals.
Burroughs was employed by Lincoln Investment from September 2012 until December 2019. Prior to that time he was with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services and Tower Square Securities.
If you had an account with Lester William Burroughs that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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