Lee Kramer (CRD #: 1465416), a broker and an investment adviser registered with FSC Securities Corporation, is facing two pending investor involving recommendations related to a business development company, according to his BrokerCheck record, accessed September 21, 2020. In addition, Mr. Kramer has faced regulatory actions in six different states and has two disclosures related to employment separations after allegations.
On August 4, 2020, a client alleged that Mr. Kramer made unsuitable investment recommendations related to a business development company. The client is seeking damages of $62,000; the dispute is pending.
On October 4, 2019, a client alleged that Lee Kramer made unsuitable investment recommendation related to an annuity as well as a business development. The client is seeking $93,000; the dispute is pending.
State Regulatory Actions
On October 3, 2005, the Commonwealth of Massachusetts Division of Insurance sanctioned Mr. Kramer with a Cease and Desist / Injunction and imposed a monetary fine of $1,000. The State alleged that Mr. Kramer failed to disclose his 2001 Maryland Consent Order. The State also alleged that he did not inform Massachusetts within 30 days of the final disposition about the September 2003 consent agreement with the Maine Department of Insurance.
On September 21, 2005, the State of Massachusetts approved Mr. Lee Kramer’s registration, on the condition that Mr. Kramer would be supervised on a heightened basis, and that his firm should not permit him to have any principal, supervisory, or managerial duties. In the regulatory disclosure, the State cited Mr. Kramer’s seven previous disclosures as the reason for heightened supervision.
On July 28, 2005, the Virginia Division of Securities imposed a sanction of special supervision for a period of 12 months. According to the state’s allegations, this was based on Mr. Kramer’s “disciplinary history.”
On June 22, 2005, the State of New Hampshire Insurance Department imposed a fine of $500, alleging that Lee Kramer “reported an administrative action more than 15 days from the date of its disposition.”
On May 27, 2004, Lee Kramer entered into an Acceptance, Waiver, & Consent (AWC) agreement with the California Department of Insurance and agreed to pay a fine of $1,5000 and $500 in court costs. Mr. Kramer also consented to a restricted license for 18 months. The State alleged that on two occasions, Lee Kramer provided a false answer on the renewal application for the non-resident life agent and variable contracts licenses.
On July 3, 2003, the State of Maine imposed a $100 fine. The State alleged that Mr. Kramer failed to disclose an administrative matter.
On November 10, 2001, the State of Maryland Insurance Administration alleged that Lee Kramer altered a variable annuity and failed to leave a copy of the notice regarding the replacement with the applicant. The State imposed a fine of $1,0000.
Employment Separation After Allegations
On February 11, 2005, Lee Kramer was fired from his position at Securities America, Inc. The company alleged failure to disclose state insurance department consent orders.
On December 13, 2002, Lee Kramer was permitted to resign from his position at Veravest Investments, Inc., following allegations that after an internal audit of 863 files, there was an allegation that some customer files contained possible predictive statements and two unreported emails from deaf customers.
Lee Kramer has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 7 General Securities Representative Examination, and the Series 24 General Securities Principals Examination. He is a registered broker in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. He is also a registered investment adviser in Alabama, Alaska, Arizona, California, Connecticut, Delaware, D.C., Florida, Georgia, Hawaii, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, Washington, and West Virginia.
During his 34 years in the securities industry, Lee Kramer has worked in the following firms:
- Securities America Advisors, Inc (CRD #: 110518)
- Securities America, Inc. (CRD #: 10205)
- Veravest Investment Advisors, Inc. (CRD #: 105796)
- Allmerican Investments, Inc. (CRD #: 3960)
If Lee Kramer was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.