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United Planners Financial Services of America: 1 Customer Complaint, 9 Regulatory Actions

United Planners Financial Services of AmericaPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 17, 2019 indicate that Arizona-based brokerage and advisory firm United Planners Financial Services of America has received a customer complaint and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding United Planners Financial Services of America (CRD# 20804).

Established in Arizona in 1987, United Planners Financial Services of America is headquartered in Scottsdale, Arizona and registered with 52 US states and territories. Organized as a partnership, the firm’s fiscal year ends in December. According to its BrokerCheck report, United Planners Financial Services of America has received one customer complaint and nine regulatory sanctions.

In 2018 the Massachusetts Securities Division sanctioned United Planners Financial Services of America in connection to allegations it failed to supervise at least one agent’s outside business activities, causing harm to investors. In connection with these findings, the firm was censured, issued a fine of $100,000, and ordered to pay restitution to affected customers.

In 2016 FINRA sanctioned United Planners Financial Services of America in connection to allegations of supervisory failings concerning the use of consolidated reports by firm representatives. According to FINRA’s findings, the firm allowed about 50 of its representatives to distribute consolidated reports to about 600 customers, although firm supervisory procedures did not address matters such as the verification of valuation information on consolidated reports, “or other information entered manually by registered representatives or ensuring that registered representatives” kept evidentiary documents for that information. In connection with these findings, the firm was censured and issued a fine of $225,000.

In 2012 FINRA sanctioned the firm in connection to allegations of supervisory failings concerning “variable annuity transactions of field office of supervisory jurisdiction supervisors.” According to FINRA’s findings, the firm allowed those supervisors to self-approve their own variable annuity sales, and the firm’s post-transaction review system was not adequate. In connection with these findings, the firm was censured and issued a fine of $200,000.

In 2001 the Arizona Corporation Commission sanctioned the firm in connection to allegations it failed to reasonably supervise firm salespersons by failing to establish and maintain written supervisory procedures, as well as a system for applying those procedures, that could be expected to prevent and detect “insofar as practicable” possible securities violations by its representatives. In connection with these findings, the firm was ordered to pay a fine of $75,000.

In 1995 a customer alleged United Planners Financial Services of America breached its fiduciary duty, made unsuitable investment recommendations, and failed in its supervisory duties in connection to investments in limited partnerships and mutual funds. The complaint resulted in an award to the customer of $75,000.

If you have lost money investing with United Planners Financial Services of America, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.