Robert L. Friederich of Lake Zurich Illinois a stockbroker formerly registered with Edward Jones is the subject of a customer initiated investment related complaint which was settled on September 22, 2017 for $18,827.28 in damages founded on allegations that Friederich made inappropriate investment recommendations concerning the customer’s sale of mutual funds and purchase of single premium immediate annuity products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Friederich has been referenced in three more customer initiated investment related disputes pertaining to accusations of his misconduct while employed by Edward Jones. Specifically, on December 4, 2009, a customer filed an investment related complaint involving Friederich’s conduct where the customer sought $25,815.00 in damages based upon allegations that the customer was not made aware of the assets in her investment portfolio being liquidated to make a lump sum purchase of a long term care insurance policy, and the customer suffered unwarranted tax consequences from the liquidation of her assets.
Then, on March 21, 2017, a customer initiated investment related written complaint regarding Friederich’s activities was resolved for $28,349.83 in damages supported by accusations that between March of 2013 and April of 2015, Friederich poorly advised the customer concerning several single premium immediate fixed annuity products, the purchase of which caused the customer to be subject of surrender penalties.
Moreover, on March 2, 2017, a customer initiated investment related complaint concerning Friederich’s activities was resolved for $13,330.00 in damages founded on allegations that Friederich steered the customer towards purchasing a MassMutual single premium immediate annuity that was inappropriate for the customer.
FINRA Public Disclosure further confirms that on November 16, 2015, Edward Jones discharged Friederich from the firm based upon accusations that Friederich gave bad advice to Edward Jones customers concerning the purchase of immediate annuity products.
