Clay Gavin Erickson of Salt Lake City Utah a stockbroker formerly employed by Hornor Townsend Kent Inc. is referenced in a customer initiated investment related written complaint which settled for $13,006.40 on March 12, 2018 based upon allegations that the customer’s assets were allocated in sub-accounts of a variable annuity without the customer’s knowledge.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Erickson has been identified in four additional customer initiated investment related disputes containing accusations of Erickson’s misconduct while employed with Hornor Townsend Kent and Equity Services, Inc. Specifically, on December 2, 2008, a customer filed an investment related complaint regarding Erickson’s activities in which the customer sought $35,322.77 in damages founded on allegations that Erickson made omissions regarding the surrender penalties of a variable annuity.
Subsequently, a customer initiated investment related arbitration claim regarding Erickson’s conduct was resolved for $35,000.00 in damages supported by accusations that misrepresentations had been made to the customer by Erickson concerning the income to be generated through investments in mutual funds and a fixed index annuity; and the customer was placed into unsuitable investments given the customer’s income needs. FINRA Arbitration No. 10-01571 (Jan. 5, 2011).
On September 2, 2015, another customer initiated investment related complaint involving Erickson’s activities was settled for $15,873.53 in damages based upon allegations that Erickson failed to deliver a customer’s annuity prospectus, and the policy was not accurately explained to the customer. Further, on April 24, 2017, a customer initiated investment related complaint concerning Erickson’s conduct was resolved for $22,992.40 in damages founded on accusations that Erickson was poorly advised concerning the transfer of investments into a life insurance policy.
Moreover, Erickson has been previously fined $15,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he willfully failed to make disclosures of state tax liens, federal tax liens, and civil judgments entered against him that totaled nearly $319,000.00. Letter of Acceptance Waiver and Consent No. 2015046883301 (Sept. 29, 2016). Hornor Townsend Kent discharged Erickson on October 27, 2016 based upon FINRA’s imposition of the suspension.
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