The securities attorneys at Gana Weinstein LLP are currently investigating Founders Financial Securities LLC (Founders Financial) broker Timothy Lofton (Lofton). According to BrokerCheck Records, Lofton has been subject to termination from employment due to alleged outside business activities. In addition, Lofton has been subject to three customer disputes concerning unsuitable investments.
Most recently, in April 2018, Horter Investment Management discharged Lofton for failing to follow the company’s policy regarding outside business activities.
In October 2009, a customer alleged that Horter recommended securities that were unsuitable for the customer in terms of the customer’s age and misrepresented the material facts of the investment. The customer requested $5,000 in damages.
In May 2016, Lofton filed for bankruptcy due to corporate debt. Bankruptcy is a potential sign that financial advisors are struggling with their finances. The Financial Industry Regulative Authority (FINRA) makes this information public so that investors can have a better sense of their brokers.