Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on April 6, 2017 indicate that former Connecticut-based Citizens Securities broker/adviser Adam Fritzsche has been suspended from acting as a broker or an investment adviser. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Fritzsche (CRD# 2821218).
Adam Fritzche has spent nineteen years in the securities industry and is currently not affiliated with any broker-dealer firm. Previous registrations include Citizens Securities in New London, Connecticut; LPL Financial in Canterbury, Connecticut; and Dean Witter Reynolds in Purchase, New York.
According to his BrokerCheck report, Adam Fritzsche has been sanctioned by FINRA and was terminated from Citizens Securities.
In February 2017 FINRA sanctioned him following allegations he “made unsuitable recommendations to customers that were inconsistent with the customers’ investment objectives and resulted in over-concentration of their liquid net worth in an alternative investment.” FINRA’s findings state: “the alternative investment was a speculative, illiquid investment that, according to its registration statement, was suitable only as a long-term investment for persons of adequate financial means who had no need for liquidity. At the time of Fritzsche’s recommendations, all of the customers were retired and had conservative investment objectives. Fritzsche’s recommendations resulted in an undue concentration of the customers’ liquid net worth in a single, high-risk, illiquid investment.” FINRA also found that Mr. Fritzsche “caused his member firm’s books and records to be inaccurate by submitting forms that misrepresented the net worth of the customers” and “attempted to circumvent the firm’s procedures, which prohibited over-concentrating customers’ liquid net worth in alternative investments, by overstating the customer’s net worth on forms he submitted.” He was issued a one-year suspension.
In 2016 he was terminated from his position at Citizens Securities following allegations he failed to disclose liens in a timely manner.
If you or someone you know has a complaint regarding Adam Fritzsche, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.