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Written by 6:42 pm Blog

Lee D. Weiss Investigation

According to reports, the CFP Board permanently revoked the CFP certification of Lee D. Weiss on May 16th, after he failed to respond to its complaint in a timely manner. Among other misconduct, the Board said that Weiss allegedly recommended and sold investments to his clients that did not pass a reasonable basis suitability test and were not suitable for any investor. The Board also reportedly and allegedly found that he failed to disclose his direct and indirect interests in the investments that he recommended and that he overcharged clients for advisory fees.

Not long afterwards, Weiss, who resides in Newton, MA , was also allegedly permanently barred from the securities industry by the SEC. Weiss and his firm Family Endowment Partners LLC will apparently also pay about $8.4 million in relief to investors he purportedly duped.

The SEC reportedly alleged that from 2010 to 2012 Mr. Weiss and his registered investment advisory firm fraudulently advised clients and hedge funds to invest more than $40 million in securities issued by companies owned by Biosyntec, which claimed to have developed a cigarette filter that reduced the risk of lung cancer. Mr. Weiss purportedly held shares in the French company, which paid him more than $600,000 soon after the investments were made.

Weiss and his firm Family Endowment Partners LLC were allegedly sanctioned with a monetary penalty of close to $8.4 million.

For more information on The White Law Group’s investigation, see Lee Weiss banned by SEC.

Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you suffered losses investing with Lee Weiss, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

Tags: , , , , , , , , , , , , , , Last modified: December 28, 2022