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H L WEITH IV, H LEE WEITH IV, HERBERT L WEITH, LEE WEITH, HERBERT L WEITH IV
CRD#: 5453866
IA
Previous Investment Adviser
B
Previous Broker
BARRED BY FINRA OR THE SEC
FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
Respondent Weith failed to respond to FINRA requests for information.
Resolution
Letter
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Duration
Indefinite
Start Date
1/10/2022
Regulator Statement
Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated October 5, 2021 and October 29, 2021, respectively, on January 10, 2022, Weith is barred from association with any FINRA member in all capacities. Weith failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.
10/27/2020
Customer Dispute
Settled
Allegations
Claimant alleges (time frame not specified), his financial advisor made an unsuitable financial plan recommendation an annuity and mutual fund.
Damage Amount Requested
$260,000.00
Settlement Amount
$100,000.00
3/9/2017
Customer Dispute
Settled
Allegations
Client verbally alleged negligence in using 401k funds to create a income stream through a variable annuity. (12/1/2016-3/8/2017)
Settlement Amount
$20,000.00
4/9/2015
Customer Dispute
Settled
Allegations
CLIENT ALLEGES THAT ANNUITY INVESTMENT WAS NOT REPRESENTED PROPERLY AND NOT SUITABLE. CLIENT ALSO ALLEGES LIQUIDATION OF SECURITIES TO PURCHASE THE ANNUITY RESULTED IN CAPITAL GAINS. (06/23/2014-07/03/2014)
Settlement Amount
$28,594.00
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.