MARK ALAN STOLTZFUS is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 2938 COLUMBIA AVE. STE 1502, LANCASTER, PA, 17603.
MARK ALAN STOLTZFUS has worked at LPL FINANCIAL LLC since September 15, 2017
Disclosure History
MARK ALAN STOLTZFUS has 3 Disclosure Event(s).
Date: May 11, 2009 Category: Financial Type: Compromise Disposition: Satisfied/Released Broker Comment: I HAD A 30% STAKE IN A FAMILY-OWNED INSURANCE AGENCY AND THE RIGHT OF FIRST REFUSAL IF THE PRACTICE WAS SOLD. MY CAREER PLAN WAS TO EXECUTE THIS RIGHT AND BUILD AN INVESTMENT MANAGEMENT PRACTICE AROUND THIS AGENCY. WITHOUT NOTICE IN 2006 THE OTHER TWO OWNERS OF THE AGENCY (MY FATHER AND SISTER) SOLD IT TO A THIRD PARTY IGNORING MY FIRST REFUSAL RIGHTS. AS WELL, THEY REFUSED TO COMPENSATE ME FOR MY EQUITY INTEREST IN THE AGENCY. THIS LEFT ME TEMPORARILY OUT OF BUSINESS AND CREATED A SHORT-TERM FINANCIAL HARDSHIP AS I NOW NEEDED TO BUILD A NEW PRACTICE. DURING THIS TIME I NEGOTIATED DEBT SETTLEMENTS WITH SEVERAL CREDITORS AS I REBUILT MY BUSINESS.
Date: May 09, 2009 Category: Financial Type: Compromise Disposition: Satisfied/Released Broker Comment: I HAD A 30% STAKE IN A FAMILY-OWNED INSURANCE AGENCY AND THE RIGHT OF FIRST REFUSAL IF THE PRACTICE WAS SOLD. MY CAREER PLAN WAS TO EXECUTE THIS RIGHT AND BUILD AN INVESTMENT MANAGEMENT PRACTICE AROUND THIS AGENCY. WITHOUT NOTICE IN 2006 THE OTHER TWO OWNERS OF THE AGENCY (MY FATHER AND SISTER) SOLD IT TO A THIRD PARTY IGNORING MY FIRST REFUSAL RIGHTS. AS WELL, THEY REFUSED TO COMPENSATE ME FOR MY EQUITY INTEREST IN THE AGENCY. THIS LEFT ME TEMPORARILY OUT OF BUSINESS AND CREATED A SHORT-TERM FINANCIAL HARDSHIP AS I NOW NEEDED TO BUILD A NEW PRACTICE. DURING THIS TIME I NEGOTIATED DEBT SETTLEMENTS WITH SEVERAL CREDITORS AS I REBUILT MY BUSINESS.
Date: February 27, 2006 Category: Customer Dispute Allegations: CLIENT ALLEGES SUITABILITY, VIOLATION OF UNFAIR TRADE PRACTICES AND CONSUMER PROTECTION LAW, FRAUDULENT MISREPRESENTATION, UNJUST ENRICHMENT, BREACH OF FIDUCIARY DUTY. 07/2002-02/2006 Damage Amount Requested: $50,000.00 Settlement Amount: $14,900.00 Broker Comment: In 2002, after discussing the pros and cons of various investment alternatives, my client elected to invest in an annuity with options that would provide a higher payout during his life, with the provision that a surrender charge would be imposed upon his estate if the estate opted for a lump sum payment instead of multiple payments over several years. The client wanted the higher living benefit for himself and wished his estate to take the periodic payments from the annuity after his death, thereby avoiding the lump sum surrender charge. After the client's death, a lawyer was appointed as executor of his estate. He decided to take the lump sum settlement from the annuity and paid the surrender charge. The charge was entirely avoidable with other settlement options. The executor, then, attempted to recover the charges from me, and have me pay for his decision which caused the surrender charge, by filing a civil suit. Although there was no wrong doing on my part, my lawyer advised me that even in winning the case the cost of fighting it in court would be much greater than negotiating a settlement. I took my counsel's advice and offered a settlement. The matter was settled for $14,900.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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