Glenn R. King, Royal Alliance Securities, and Buckman, Buckman & Reid
Have you lost money with financial advisor Glenn R. King from Shrewsbury, New Jersey? We are currently investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against King. FINRA alleged that Glenn King made unsuitable recommendations to his customers to switch mutual funds and Unit Investment Trusts (UITs), amounting to excessive trading. In June 2016, FINRA barred Glenn King regarding these allegations.
FINRA alleged that from January 2013 to December 2014, Glenn King was alleged to have traded his customers’ mutual funds and UITs, often holding them for less than one year (sometimes less than one month), then selling them and purchasing additional mutual funds. Those clients would have incurred anywhere from a 3% to 5% upfront sales charges each time. FINRA alleged that King’s customers lost over a combined $163,000, while making over $210,000 for himself in commissions.
Also, FINRA alleged that from 2008 to 2011, Glenn King represented to customers that he would purchase safe, no-risk bonds on their behalf. Instead, FINRA alleged that King invested his clients’ money in UITs, which caused them losses.
Glenn King was a registered representative and financial advisor with Buckman, Buckman & Reid from January 2012 to June 215, and with Royal Alliance Securities from 2005 to June 2011. He is currently not affiliated with any securities brokerage firm. He worked out of branch offices in Shrewsbury and Lakewood, New Jersey. Glenn King has at least seventeen customer complaints disclosed on his FINRA BrokerCheck report, and he was allowed to resign by Royal Alliance concerning the allegations of misrepresenting the sales of UITs. King has also filed for bankruptcy twice, and he was the subject of a $234,000 federal tax lien.
Broker-dealers like Royal Alliance Securities and Buckman, Buckman & Reid have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account or switching mutual funds. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our firm represents investors throughout the country who are victims of financial advisors’ negligence and fraud. Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S., including New Jersey.
Click to view: King FINRA Order
Click to view: King BrokerCheck 11.16.15
If you have lost money with Glenn R. King, Royal Alliance Securities, or Buckman, Buckman & Reid, and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.