San Diego financial advisor Aubrey Morrow (CRD# 836500) allegedly recommended unsuitable investments, according to recent investor complaints. Financial Industry Regulatory...Read More
Bob Kromer: Did RK Retirement Solutions Advisor Recommend GWG L Bonds?
At least one current or former client of RK Retirement Solutions advisor Bob Kromer (CRD# 1448765) is listed as creditor for an investment in GWG L bonds, according to public records. Filed with a bankruptcy court in Texas, the records describe an investment of more than $150,000. Securities and Exchange Commission records show that Mr. Kromer is based in Sun City West, Arizona.
Investors should be aware that FINRA Rule 2111 stipulates that advisors like Mr. Kromer must perform “reasonable diligence” to determine whether the investments they recommend to their customers are suitable for the customers’ profiles. Suitability describes a product or strategy’s appropriateness for the customer’s background and goals. For example, an illiquid and speculative investment would likely not be considered suitable for an investor with conservative investment goals like income preservation, growth, and liquidity. Investors in GWG L bonds, life settlement-backed products issued by a Dallas-based firm that filed for bankruptcy amidst SEC scrutiny in 2022, may have been unsuitable for inexperienced and/or conservative investors. More information about these products is available here.
Mr. Kromer’s BrokerCheck report discloses four investor complaints. The most recent, filed in 2011, alleged that as a representative of Tower Square Securities, he invested the customer’s money in an unsuitable variable universal life insurance policy. In 2012 the complaint reached a settlement of $70,000.
A second investor complaint, filed in 1992, alleged misrepresentation regarding a life insurance policy. In 1996 the complaint reached a settlement of $12,609.73. A third investor complaint, filed in 1996, similarly alleged misrepresentation relating to a variable appreciable life insurance contact. In 1997 the complaint reached a settlement of $27,000. Finally, a 1991 complaint regarding a VAL policy reached a settlement of $27,547.98.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Bob Kromer holds 36 years of securities industry experience. Based in Sun City West, Arizona, he has been an investment advisor with RK Retirement Solutions since 2017. His past registrations include Securities America (Sun City West, Arizona; 2014-2017), Dalton Strategic Investment Services (Finlayson, Minnesota; 2011-2014), Workman Securities Corporation (Finlayson, Minnesota; 2003-2011), USAllianz Securities (Minneapolis, Minnesota; 2000-2003), Tower Square Securities (El Segundo, California; 1996-2000), Advantage Capital Corporation (Atlanta, Georgia; 1994-1996), Travelers Equity Sales (El Segundo, California; 1993-1994), MetLife Securities (Springfield, Massachusetts; 1992-1993), and Pruco Securities Corporation (Newark, New Jersey; 1984-1992). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona and Minnesota. (Information current as of June 12, 2023.)
Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.