Securities Lawyers Blog
The law offices of Gana Weinstein LLP is reporting on public disclosures on advisor David Crane (Crane), currently registered with Centaurus Financial, Inc. (Centaurus Financial) out of Dacula, Georgia. According to a BrokerCheck report, Crane has been subject to at least one customer dispute. In addition, Crane disclosed five tax liens during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Crane’s customer complaint concerns over variable annuity sales practices.
In March 2018 Crane disclosed a $131,644 tax lien against him. Prior to that, in November 2010 Crane disclosed a $34,101 tax lien against him. Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.
In July 2004 a customer alleged that Crane provided negligent investment advice and breached his fiduciary duty concerning the purchase of a variable annuity. The amount of damages was not specified. The claim was settled for $225,000.