Lance David Rubachko, of Newport Beach, California, a stockbroker formerly registered with Securian Financial Services, Inc., is the subject of a customer initiated investment related written complaint on July 6, 2017, wherein the customer requested more than $5,000.00 in damages based upon allegations that Rubachko made investment misrepresentations to the customer and also misled the customer at the time that the customer’s insurance policy was purchased.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Rubachko has been identified in twelve more customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with Securian Financial Services. In particular, on February 7, 2012, a customer filed an investment related written complaint involving Rubachko’s conduct, in which the customer requested $28,000.00 in damages based upon allegations that Rubachko did not apprise the customer of the surrender penalties that would be assessed as a result of the customer’s termination and replacement of an annuity policy.
Subsequently, on November 13, 2013, a customer filed an investment related written complaint regarding Rubachko’s conduct, in which the customer’s claim was settled to resolve allegations against Rubachko of having misrepresented insurance policies that the customer purchased. On February 17, 2014, another customer initiated investment related written complaint involving Rubachko’s activities was settled for $306,354.42 in damages based upon allegations that Rubachko misrepresented the features and benefits of an annuity, and effected unauthorized transactions of the customers’ funds in insurance and mutual fund products.
Further, on February 18, 2014, a customer filed an investment related written complaint regarding Rubachko’s activities, wherein the customer sought $5,000.00 in damages supported by allegations that Rubachko made unsuitable investment recommendations to the customer concerning insurance products, variable and fixed annuities.
Additionally, on June 11, 2014, a customer dispute was resolved for $4,105.89 based upon allegations that Rubachko failed to accurately convey the face value of the customer’s insurance contract and caused the customer to incur a reduction in the value of the policy as well as additional costs. Another customer’s written complaint concerning Rubachko’s activities was settled on October 7, 2014, grounded upon allegations that the customer’s insurance policies were induced by Rubachko’s misrepresentations. Between February 27, 2015, and November 9, 2015, three customer disputes were settled for a total of $290,947.60, wherein customers’ claims were supported by allegations that Rubachko misrepresented investments to customers.
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