According to FINRA’s BrokerCheck, Karl Romero (CRD No. 6413) has been the subject of at least nine customer complaints alleging that he made unsuitable investments, mainly in private placements and alternative investment related products. The claims against Romero include breach of fiduciary duty and unsuitable investments. Some of the unsuitable investment claims may involve Romero’s recommendations to invest in the LaeRoc Income Fund, which is a troubled real estate private placement.
The LaeRoc Funds manage more than $650 million in assets and focus on income producing properties in the Western United States. In 2011 the LaeRoc 2005-2006 Income Fund LP tried to raise $11 million – $14.5 million to pay off approximately $49 million in debt.
According to public records, Romero operates out of a DBA business called Karl H. Romero & Associates, Inc. He has been an active broker for 43 years with the following member firm(s):
LPL FINANCIAL GROUP, INC.
CRD # 6413
SANTA ANA, CA
12/1989 – PRESENT
LINSCO FINANCIAL GROUP, INC.
CRD # 524
10/1987 – 12/1989
COOPERATIVE FINANCIAL PLANNERS, LTD.
CRD # 16891
5/1986 – 10/1987
FINANCIAL NETWORK INVESTMENT CORPORATION
CRD # 13572
7/1983 – 10/1987
FNI CAPITAL CORPORATION
CRD # 14814
6/1984 – 9/1985
THE VARIABLE ANNUITY MARKETING COMPANY
CRD # 5081
2/1973 – 5/1985
UNIVERSITY SECURITIES CORPORATION
CRD # 6518
5/1979 – 9/1983
TRAVELERS EQUITIES SALES, INC.
CRD # 833
4/1973 – 12/1980
THE VARIABLE ANNUITY MARKETING CO. OF SOUTHERN
CRD # 1000002
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.