LEE REUEL KRAMER is currently employed as a Broker and/or Investment Adviser at FSC SECURITIES CORPORATION located at 9099 RIDGEFIELD DRIVE, SUITE 101, FREDERICK, MD, 21701.
LEE REUEL KRAMER has worked at FSC SECURITIES CORPORATION since March 15, 2005
Disclosure History
LEE REUEL KRAMER has 10 Disclosure Event(s).
Date: October 03, 2005 Category: Regulatory
Date: September 21, 2005 Category: Regulatory Initiated By: MASSACHUSETTS Allegations: ON OR ABOUT MAY 19, 2005, FSC SUBMITTED TO THE CENTRAL REGISTRATION DEPOSITORY (THE "CRD") OF THE NASD AN APPLICATION (THE "APPLICATION") FOR SECURITIES INDUSTRY REGISTRATION SEEKING REGISTRATION OF KRAMER AS AN AGENT OF FSC IN MASSACHUSETTS. KRAMER HAS BEEN THE SUBJECT OF SEVEN (7) DISCLOSURES REPORTED IN THE CRD ALLEGING, INTER ALIA, ALTERATION OF A VARIABLE ANNUITY APPLICATION, FAILURE TO PROVIDE NOTICE OF REPLACEMENT OF VARIABLE ANNUITY WITH APPLICANT, FAILURE TO DISCLOSE CONSENT ORDERS TO STATE REGULATORS ON AGENT APPLICATIONS, MAKING PREDICTIVE STATEMENTS, INVOLVEMENT WITH POSSIBLE SIGNATURE IRREGULARITIES AND FAILURE TO REPORT CUSTOMER E-MAILS TO HIS SUPERVISOR. KRAMER HAS BEEN EMPLOYED WITH VARIOUS BROKER-DEALERS SINCE 1986. THESE MATTERS HAVE MOVED THE DIVISION TO PLACE CONDITIONS ON HIS REGISTRATION AS AN AGENT OF FSC FOR A PERIOD OF TWO (2) YEARS. Resolution: Consent Sanctions: THE DIVISION APPROVED KRAMER'S APPLICATION FOR REGISTRATION IN MASSACHUSETTS AS AN AGENT OF FSC UPON THE CONDITIONS SET FORTH BELOW, WHICH ARE EFFECTIVE FOR TWO (2) YEARS: A) KRAMER SHALL BE SUPERVISED, ON A HEIGHTENED BASIS; B) FSC SHALL NOT PERMIT KRAMER TO HAVE ANY PRINCIPAL, SUPERVISORY, OR MANAGERIAL DUTIES WHILE ASSOCIATED WITH FSC; C) FSC SHALL NOT PERMIT KRAMER TO POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; D) ON A QUARTERLY BASIS, FSC SHALL MONITOR AND REPORT ON KRAMER'S MASSACHUSETTS CUSTOMERS WITH RESPECT TO THE CUSTOMERS' SATISFACTION WITH KRAMER'S SERVICES; E) SHOULD KRAMER BECOME THE SUBJECT OF ANY WRITTEN OR ORAL CUSTOMER COMPLAINT CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, FSC SHALL NOTIFY THE DIRECTOR; F) SHOULD KRAMER BECOME THE SUBJECT OF ANY REGULATORY INVESTIGATION, INTERNAL INVESTIGATION, ARBITRATION PROCEEDING, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, FSC SHALL NOTIFY THE DIRECTOR; G) KRAMER SHALL NOT POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; Sanction Details: H) KRAMER SHALL NOTIFY MR. MOONEY, OR HIS SUCCESSOR, OF THE RECEIPT OF ANY CUSTOMER COMPLAINT, ORAL OR WRITTEN, CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT AS A REGISTERED REPRESENTATIVE; I) KRAMER SHALL NOTIFY MR. MOONEY, OR HIS SUCCESSOR, OF THE INITIATION OF ANY ARBITRATION PROCEEDING, REGULATORY INVESTIGATION, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS; J) KRAMER SHALL NOTIFY MR. MOONEY, OR HIS SUCCESSOR, OF ANY INACCURACY IN ANY REPRESENTATION MADE TO THE DIVISION HEREIN OR THE BREACH OF ANY PROVISION OF HIS UNDERTAKINGS AND REPRESENTATIONS; K) TWENTY-FOUR (24) MONTHS AFTER THE ENTRY OF THE ORDER, KRAMER SHALL SUBMIT TO FSC AND THE DIRECTOR AN AFFIDAVIT STATING THAT HE HAS FULLY COMPLIED WITH ALL CONDITIONS OF THE ORDER REFERENCED IN PART 9 OF THE UNDERTAKINGS. IN THE EVENT THAT KRAMER CANNOT SUBMIT THE REQUIRED AFFIDAVIT, HE SHALL INSTEAD SUBMIT A STATEMENT EXPLAINING WHY THE AFFIDAVIT CANNOT BE SUBMITTED. Broker Comment: IN MASSACHUSETT, ALL CONDITIONAL REGISTRATIONS ARE REQUIRED TO BE DONE BY ORDER. THIS ORDER IS NOT A RESULT OF NEW ALLEGATIONS OR FINDINGS.
Date: July 28, 2005 Category: Regulatory Initiated By: VIRGINIA - DIVISION OF SECURITIES Allegations: BASED ON MR. KRAMER'S DISCIPLINARY HISTORY, MR. KRAMER AND THE EMPLOYING BROKER-DEALER FIRM FSC SECURITIES CORPORATION, CRD# 7461, AGREED, AS A CONDITION OF MR. KRAMER'S REGISTRATION TO BE BOUND BY A SPECIAL SUPERVISION ORDER, WHICH REQUIRES ADDITIONAL MONITORING OF MR. KRAMER'S ACTIVITIES FOR A PERIOD OF 12 MONTHS. Resolution: Dismissed Sanctions: SPECIAL SUPERVISION Sanction Details: SPECIAL SUPERVISION Broker Comment: IN VIRGINIA, ALL CONDITIONAL REGISTRATIONS ARE REQUIRED TO BE DONE BY ORDER, THIS ORDER IS NOT A RESULT OF NEW ALLEGATIONS OR FINDINGS. ORDER DISMISSED
Date: June 22, 2005 Category: Regulatory Initiated By: STATE OF NEW HAMPSHIRE, INSURANCE DEPARTMENT Allegations: REPORTED ADMINISTRATIVE ACTION MORE THAN 15 DAYS FROM THE DATE OF ITS DISPOSITION Resolution: Consent SanctionDetails: Sanctions: Monetary/Fine SanctionDetails: Amount: $500.00 Sanction Details: ADMINISTRATIVE PENALTY WAS PAID BY CASHIERS CHEK RECEIVED BY THE STATEOF NEW HAMPSHIRE ON JULY 27, 2005.
Date: February 11, 2005 Category: Employment Separation After Allegations Firm Name: SECURITIES AMERICA, INC. Termination Type: Discharged Allegations: FAILURE TO DISCLOSE STATE INSURANCE DEPARTMENT CONSENT ORDERS. Broker Comment: FAILURE TO DISCLOSE WAS UPON ADVICE OF PREVIOUS BROKER/DEALER. VERAVEST INVESTMENTS,INC. THESE ACTIONS WERE LATER DISCLOSED AND INVESTIGATED AND FOUND TO HAVE NO INTENTION TO HIDE OR WITHHOLD INFORMATION
Date: May 27, 2004 Category: Regulatory
Date: December 11, 2003 Category: Customer Dispute Allegations: CLIENT ALLEGES SHE DID NOT SIGN THE FORMS TO AUTHORIZE EXCHANGE OF UNIVERSAL LIFE INSURANCE FOR A VARIABLE UNIVERSAL LIFE INS. Broker Comment: THE CLIENT DID, IN FACT, SIGN ALL FORMS TO AUTHORIZE CONVERSION FROM UL TO VUL. DOCUMENTS VERIFYING THIS WERE PROVIDED TO THE CLIENT AND ALL ALLEGATIONS WERE DENIED.
Date: July 03, 2003 Category: Regulatory
Date: December 13, 2002 Category: Employment Separation After Allegations Firm Name: VERAVEST INVESTMENTS, INC Termination Type: Permitted to Resign Allegations: INTERNAL AUDIT OF 863 FILES INDICATED SOME CUSTOMER FILES CONTAINED POSSIBLE PREDICTIVE STATEMENTS, POSSIBLE SIGNATURE IRREGULARITIES, AND TWO UNREPORTED E-MAILS FROM DEAF CUSTOMERS. NO CUSTOMER INJURY OR FRAUD CLAIMED OR FOUND. Broker Comment: "PREDICTIVE" STATEMENT LANGUAGE WAS TO SIMPLIFY ENGLISH AS 2ND LANGUAGE FOR DEAF AND INTENDED TO CONSOLE CUSTOMERS, NOT TO SELL OR LULL. SIGNATURES WERE GENUINE, SOME ON CUSTOMER LETTERS DRAFTED AFTER SIGNATURE AFFIXED, PER CUSTOMERS REQUEST. TWO E-MAIL COMPLAINTS FROM DEAF CUSTOMERS WERE BELIEVED NOT TO BE COMPLAINTS BUT TYPICAL DEAF CULTURE BLUNT LANGUAGE. CUSTOMERS EXPLAINED THAT NO COMPLAINTS WERE INTENDED.
Date: November 10, 2001 Category: Regulatory
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