Stoltmann Law Offices is investigating Parkland Securities (formerly Sammons Securities) broker Steven Love. He allegedly failed to follow instructions in the portfolio of an 81 year-old widow from Terre Haute, Indiana. He was supposed to put her retirement funds in safe, suitable investments, and he did not. An arbitration claim filed with the Financial Industry Regulatory Authority (FINRA) claimed that Parkland Securities failed to supervise Love and allowed him to invest a large percentage of the client’s retirement funds in high commission, illiquid, risky and non-publicly traded real estate investment trusts (REITs), and other alternative investments. These were highly unsuitable for the client, based on her age, net worth, investment objectives and investment risk tolerance. Parkland Securities may be liable for money losses because the firm allowed Steven Love to do this, which is against securities laws and internal firm rules.
According to FINRA’s BrokerCheck, Steven Eugene Love was previously registered with Pruco Securities in Newark, New Jersey from January 1984 until December 1994 and Alanar Inc. in Sullivan, Indiana from December 1994 until August 2003. He is currently registered with Parkland Securities in Terre Haute, Indiana, and has been since August 2003. He has two customer disputes against him and one regulatory matter.
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