- November 25, 2019
- Stephen A Kohn & Associates
Harold Alan Schwartz (CRD # 841225) is a Financial Advisor at Stephan A. Kohn & Associates in Jacksonville, FL. Harold Schwartz has been in the securities industry since 1997 and previously worked at Royal Alliance, The Leaders Group, D.E. Frey & Company, Pruco Securities, Lehman Brothers, E.F. Hutton, Connecticut Mutual Life, and New York Life.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 21, 2019, Harold Schwartz was suspended by FINRA for allegedly impersonating “a customer on two telephone calls to an annuity company for the purpose of reducing the periodic withdrawals from the customer’s annuity…”
For a copy of Harold Schwartz’ FINRA sanction click https://www.finra.org/sites/default/files/fda_documents/2019061715601%20Harold%20A.%20Schwartz%20CRD%20841225%20AWC%20jm.pdf.
In February 2019, Harold Schwartz was “permitted to resign” from Royal Alliance relating to these allegations. In addition, Harold Schwartz has two customer complaints disclosed on his CRD alleging:
- August 2018 – “CUSTOMER ALLEGED THAT REPRESENTATIVE GUARANTEED THE MONEY WOULD DOUBLE IN 10 YEARS, BUT THE INCOME BASE IS WHAT DOUBLED IN 10 YEARS.” The matter settled for $100,000.
- December 2001 – “MARKET CONDITIONS CHANGED AND CLIENT BELIEVED POLICY WAS NO LONGER VIABLE.” The matter settled for $118,223.13
For a copy of Harold Schwartz’ CRD, click https://brokercheck.finra.org/individual/summary/841225#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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