Patrick Louise: $2 Million Complaint Against Fraser Wealth Advisor

Woodstock, Illinois financial advisor Patrick Louise (CRD# 5810428) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with LPL Financial, doing business as Fraser Wealth Management.

Mr. Louise’s BrokerCheck report discloses one investor complaint. Filed in March 2024, it alleges that as a representative of LPL Financial, he recommended unsuitable variable annuity investments. The pending complaint alleges damages of $2 million. In a statement included with the complaint’s disclosure, Mr. Louise defends himself against it. “I deny all allegations of wrongdoing and the claim is without merit,” he writes. “All recommendations made to claimant were suitable and within claimant’s investment objectives.”

Fraser Wealth Management’s website include a profile of Mr. Louise that describes him as the firm’s Vice President and his experience in banking. “Patrick’s work ethic, integrity, and relationship skills were instrumental in his success with this firm,” it states. “His banking background gives him a holistic perspective to financial services. Patrick’s skills translate well into serving the income needs of those in or near retirement as is the specialty of Fraser Wealth Management.”

According to the Financial Industry Regulatory Authority, Patrick Louise holds 13 years of securities industry experience. Based in Woodstock, Illinois, he has been a broker and an investment advisor with LPL Financial since 2012 and 2017, respectively, doing business as Fraser Wealth Management. He was previously registered with Fifth Third Securities in Woodstock from 2010 until 2012. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 California, Florida, Illinois, Nevada, New Mexico, South Carolina, Tennessee, Texas, Wisconsin, and Wyoming. (Information current as of April 21, 2024.)

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