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Geoff Wolterstorff: Why Is SEC Investigating LifeMark Advisor?
Eau Claire, Wisconsin financial advisor Geoff Wolterstorff (CRD# 2711805) is the subject of an investigation by the Securities and Exchange Commission. Records provided by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker with LifeMark Securities Corporation, having previously been registered with Foresters Equity Services.
Mr. Wolterstorff’s BrokerCheck report discloses a recent filing regarding the SEC investigation into his conduct. Filed in May 2023, the disclosure states that the SEC issued a Wells Notice that alleged “violations of certain provisions of the federal securities laws, including Rules 15l-1(a)(1) and 15l-1(a)(2) of the Securities Exchange Act of 1934.” In a statement included with the disclosure, Mr. Wolterstorff noted that he is “cooperating with the investigation, but denies any allegations of wrongdoing.”
For reference, Rule 15l-1 constitutes the SEC’s Best Interest Regulation, which requires advisors like Mr. Wolterstorff to act in the best interests of a customer when making an investment recommendation, without placing their interests or their member firm’s interests ahead of the customer’s. More information about Regulation BI is available here.
A second disclosure on Mr. Wolterstorff’s BrokerCheck report concerns a FINRA enforcement action against him. Undertaken in 2016, the sanction concerned allegations that when he offered a quote for worker’s compensation insurance coverage to a potential customer, he “misrepresented that their current policy compensation dividends were guaranteed whereas dividends with the employer’s current worker’s compensation carrier were not guaranteed.” In connection with these findings, he was issued a fine of $500.
“While presenting a quote to a potential customer for a workers compensation policy I made incorrect assumptions about the guarantee of dividends,” Mr. Wolterstorff stated in a comment included with the sanction’s disclosure. “A rival insurance agent attempting to acquire the same business reported this inadvertent error to the WI DOI. They fined me but stated that since these violations appear to have resulted in little, if any, actual harm to any customer, took no further action.”
According to the the Financial Industry Regulatory Authority, Geoff Wolterstorff holds 26 years of securities industry experience. Based in Eau Claire, Wisconsin, he has been a broker with LifeMark Securities Corporation since 2018. His past registrations include Foresters Equity Services (2016-2018), Packerland Brokerage Services (2013-2015), Country Capital Management Company (2008-2013), Thrivent Investment Management (2006-2008), Ameriprise Financial Services (1996-2006), and IDS Life Insurance Company (1996-2006). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Michigan, Minnesota, and Wisconsin. (Information current as of June 3, 2023.)
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