DID CLAY GAVIN ERICKSON CAUSE YOU INVESTMENT LOSSES?
Clay Erickson Formerly With Hornor, Townsend & Kent Has 6 Customer Complaints For Alleged Broker Misconduct
Who is Clay Erickson formerly with Hornor, Townsend & Kent?
Clay Erickson (CRD #1583644) who was formerly registered with Hornor, Townsend & Kent and located in Salt Lake City, Utah is a subject of one of our many securities industry sales practice abuse investigations.
Clay Erickson has also been the subject of a FINRA investigation concerning his alleged unauthorized transactions in 57 customer variable annuity sub- accounts. This matter was settled in 2019 by consent to a nine-month suspension in all capacities and $7,500 fine. This was the second FINRA suspension in Clay Erickson’s career.
Clay Erickson Customer Complaints
Clay Erickson has been the subject of 6 customer complaints that we know about, one of those complaints was filed in the last year to recover investment losses. Four of Clay Erickson’s 6 customer complaints were settled in favor of investors. Two of Clay Erickson’s customers’ complaints were denied and, to date, the customers have not taken any further action.
Allegations Against Clay Erickson
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:
- Client alleged that his subaccounts in his variable where placed in the money market subaccount without his knowledge by Clay Erickson.
- Client alleged that the variable annuity he purchased was misrepresented by Clay Erickson and he further alleged that since the policy was never delivered he is requesting the contract be cancelled.
- Client alleged she was advised by Clay Erickson to transfer her investments to purchase a life insurance policy to avoid a large tax penalty. The client now believes this was not suitable.
- Complaint alleged that Clay Erickson omitted to inform her of surrender penalties associated with a variable annuity contract.
- Complaint contains an allegation of Clay Erickson’s misrepresentation with regard to the amount of income a combination of a fixed index annuity and mutual funds would generate. The client also alleged that the investments were not suitable since they failed to generate the income that the client needed.
- The plan administrator alleged on behalf of the participants in the plan that Clay Erickson did not provide options relating to subaccount choices and alleges the funds remained in the money market account.
Clay Erickson Red Flags & Your Rights As An Investor
Of course, Clay Erickson did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Clay Erickson at Hornor, Townsend & Kent on alert to review carefully the activity and performance of their accounts and question whether Clay Erickson has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Hornor, Townsend & Kent also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At Hornor, Townsend & Kent Due To Clay Erickson
If you have questions about Hornor, Townsend & Kent and/or Clay Erickson and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.