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Brian Lee: Oil & Gas Complaint Against Lee Wealth Management Advisor
Fort Worth, Texas financial advisor Brian Lee (CRD# 2950037) recently received an investor complaint alleging his investment advice resulted in high commissions and fees. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LPL Financial, doing business as Lee Wealth Management Group, and that he resigned from two former member firms following allegations of misconduct.
Mr. Lee’s BrokerCheck report discloses one investor complaint against him. Filed in June 2022, it alleges that as a representative of Cambridge Investment Research, he recommended an oil and gas investment “for the purpose of generating high commissions and fees.” The claim alleges further that his recommendation “deprived” the claimants “of the ability to generate reasonable returns that would have been received in a diversified portfolio.” The pending complaint alleges unspecified damages.
In August 2021, Mr. Lee was “permitted to resign” from his position at Cambridge Investment Research. According to a disclosure on his BrokerCheck report, his resignation related to allegations that he “reused client signatures from previously signed client forms with client knowledge.” In a comment on the disclosure, he denied the allegations, stating: “I had no knowledge of, nor did I have any direct or indirect involvement in the re-use of forms. This was done at the operations level and at the full discretion of the office administrative assistant in a remote office location.”
Mr. Lee was also permitted to resign from a former member firm, Northwestern Mutual Investment Services, in 2010. According to a disclosure on his BrokerCheck report, his resignation occurred while he was under an internal review investigating whether he violated firm policies by engaging in “undisclosed private securities transactions and the sale of equity indexed annuities.” In a statement on the disclosure, Mr. Lee denied the allegations, writing: “I tendered my unprompted, voluntary resignation to my former firm prior to and without knowledge of their conducting an internal review. I did not engage in private securities transactions.”
According to the Financial Industry Regulatory Authority, Brian Lee holds 22 years of securities industry experience. Based in Fort Worth, Texas, he has been a broker and an investment advisor with LPL Financial since 2021, doing business as Lee Wealth Management Group. His past registrations include Cambridge Investment Research (Fort Worth, Texas; 2012-2021), MML Investors Services (Fort Worth, Texas; 2010-2012), Northwestern Mutual Investment Services (Fort Worth, Texas; 2003-2010), Nationwide Securities (Columbus, Ohio; 2002-2003), Morgan Stanley (Fort Worth, Texas; 2001-2002), and Robert W. Baird & Company. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 Colorado, Florida, Georgia, Kansas, Kentucky, Michigan, New Mexico, North Carolina, South Carolina, and Texas. (Information current as of July 27, 2022.)
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