Lester William Burroughs (also known as Chad Burroughs) of Torrington Connecticut a stockbroker formerly registered with Lincoln Investment Planning LLC has been referenced in a customer initiated investment related complaint on October 13, 2020 where the customer requested $126,380.00 in damages supported by allegations that the stockbroker concealed the surrender penalty on an annuity that he recommended for the customer while registered with Lincoln.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Burroughs has been identified in 19 additional customer initiated investment related disputes containing accusations of his improper conduct during the time that he was employed by Woodbury Financial Services Inc., Lincoln Investment Planning, Crown Capital Securities LP, Brookstone Securities Inc. and Pruco Securities Corporation.
On December 20, 2019, a customer filed an investment related FINRA securities arbitration claim involving Burroughs’ conduct in which the customer sought compensatory damages based upon allegations of the misappropriation of $445,000.00 in customer funds by Burroughs. FINRA Arbitration No. 19-03658 (Dec. 11, 2019). According to the claim, the customer had been provided with unsuitable investment recommendations involving guaranteed interest contracts, mutual funds and equities. The claim also alleges elder abuse by the stockbroker while registered with securities broker dealers including Lincoln Investment Planning.
Burroughs is also the subject of a customer initiated investment related written complaint on December 21, 2019 where the customer requested compensatory damages founded on accusations of his sales practice violations as it pertained to real estate securities, mutual funds and annuities. The claim alleges that the customer lost principal by investing in products through Burroughs at Lincoln Investment Planning.
On January 8, 2020, additional customers filed an investment related complaint concerning Burroughs’ conduct in which the customers sought compensatory damages supported by allegations that they were falsely told that they did not need to make premium payments on their universal life insurance policies. According to the complaint, the customers’ policies lapsed because premiums were not paid.
Burroughs has been referenced in another customer initiated investment related FINRA securities arbitration claim where the customer requested $150,000.00 in damages based upon accusations of unsuitable recommendations by Burroughs as it pertained to variable and fixed annuities. FINRA Arbitration No. 20-01178 (Apr. 28, 2020). The claim alleges that Burroughs had been negligently supervised by Lincoln Investment Planning LLC.
Another customer filed an investment related FINRA securities arbitration claim regarding Burroughs’ conduct in which the customer sought $500,000.00 in damages founded on allegations of fraudulent fixed-income investments being sold by Burroughs at Lincoln Investment Planning. FINRA Arbitration No. 20-02144 (July 22, 2020). The claim alleges that the insurance products were inappropriate and that Lincoln Investment Planning failed to supervise Burroughs.
Burroughs has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative supported by findings of the stockbroker pleading guilty to wire fraud. In the Matter of Lester W. Burroughs Administrative Proceeding File No. 3-19657 (Jan. 14, 2020). According to the SEC Order, between 2012 and 2019, three investors had been defrauded out of $575,000.00 as part of Burrough’s scheme. This involved him lying to investors and using their funds for his own personal benefit.
Burroughs pleaded guilty to wire fraud through his sale of fictious insurance contracts. United States v. Lester Burroughs Criminal Action No. 3:19-cr-00292-VAB.
He was discharged by Lincoln Investment Planning on December 6, 2019 based upon the legal actions taken against him by SEC and United States Attorney’s Office.
