Eric Peter Burton of Orland Park, Illinois, a stockbroker registered with Cetera Advisors LLC, has been suspended for three months by Florida Department of Financial Services based upon allegations that Burton received a Financial Industry Regulatory Authority (FINRA) suspension. Case No. 294028-22-AG (Apr. 15, 2022).
On June 21, 2021, Burton was fined $5,000.00 and suspended from associating with any FINRA member in any capacity for three months based upon allegations that Burton Burton falsified documents that he submitted in connection with 22 variable annuity exchanges. FINRA Enforcement (AWC) No. 2017055447501.
According to the AWC, between August 2016 and December 2016, during the time that he was associated with LPL Financial LLC, Burton falsified documents he submitted to LPL concerning 22 variable annuity exchanges. Specifically, on 22 VA replacement disclosure forms, Burton falsely stated that the reason the VA exchange was suitable for the customer was that it gained a stepped-up death benefit. However, Burton knew that each VA that was to be replaced had a stepped-up death benefit that, unknown to LPL, was removed at Burton’s request immediately before he recommended the exchange. Burton did this to make the recommended exchanges appear to LPL as though they were more beneficial to the customer than they were. As a result, Burton violated FINRA Rules 2010 and 4511.
Following the FINRA Enforcement Action, Burton withdrew his securities registration in Maryland. Case No. 20210299 (Aug. 11, 2021).
This is not the first time that Burton has been the subject of a regulatory action concerning his conduct in the securities industry. FINRA Public Disclosure shows that Burton is referenced in additional customer initiated investment related disputes concerning Burton’s conduct while associated with securities broker dealers, including FSC Securities Corporation. On November 23, 2015, a customer filed an investment related complaint involving Burton’s conduct in which the customer requested $10,617.00 in damages based upon allegations that Burton made mistatements and omissions in connection with the recommendation and sale of variable annuities when Burton was associated with FSC Securities Corporation.
On March 21, 2021, a customer initiated investment related complaint involving Burton’s conduct was settled for $17,553.18 in damages based upon allegations that Burton made unsuitable recommendations in connection with the sale of variable annuities during the period Burton was associated with Cetera Advisors LLC.
