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Broker Complaints: Princor Financial Services (CRD# 1137)

According to the Financial Industry Regulatory Authority (FINRA), Des Moines-based brokerage/advisory firm Princor Financial Services (CRD# 1137) is the subject of numerous customer complaints, civil actions, and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Princor Financial Services.

Formed in Iowa in 1968, Princor Financial Services is headquartered in Des Moines and registered in 52 US states and territories. Kara Marie Hoogensen serves as President, Cheif Executive Officer, and Chair; Scott Allen Christensen serves as Chief Financial Officer; Julie Sinn Leclere serves as Senior Vice President and Managing Director.

According to its BrokerCheck Report, Princor Financial Services is the subject of three regulatory sanctions, two civil events, and three customer complaints that evolved into FINRA arbitration.

In 2014 Princor Financial Services was the subject of a civil lawsuit in the State of New York alleging misappropriation of trade secrets, tortious interference with agreements, deceptive trade practice, and unjust enrichment, among other charges. The lawsuit was initiated by KeyBank and settled for $105,000.

In 2014 the State of South Dakota Department of Labor & Regulation’s Division of Securities sanctioned Princor Financial Services following allegations the firm failed to maintain a supervisory system designed to detect and prevent registered representatives’ lack of registrations in a client’s home state. Princor Financial Services was fined $5,000.

In 2013 Princor Financial Services was the subject of a lawsuit in the State of Minnesota alleging breach of contract, misappropriation of trade secrets, and breach of fiduciary duty, among other charges. The lawsuit was initiated by Minnesota Life Insurance Company and Securian Financial Services; it settled for  approximately $1,043,000.

In 2009 the State of Missouri sanctioned Princor Financial Services following allegations the firm failed to reasonably supervise a registered representative who engaged in “dishonest or unethical practices. Princor Financial Services was issued a fine of $227,600.

In 2009 a customer alleged Princor Financial Services made an unauthorized transfer of funds. The complaint resulted in an award to the customer of $5,499.

If you have lost money investing with Princor Financial Services, you may be qualified to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.