Jerry Guttman Barred for 10 Years of Unauthorized Private Securities Transactions

Attorney Advising Disclaimer

FINRA barred Jerry Lou Guttman, formerly of United Planners' Financial Services of America A Limited Partner in Phoenix, Arizona, for participating in private securities transactions without first providing notice to the firm. Investigators alleged that Guttman's misconduct went undetected for 10 years—from 2008 through May 2017.

AWC #2017055800301

According to the report, Guttman (CRD #1078383) sold more than $7 million worth of membership interests in six different limited liability companies to over 30 firm customers and seven additional non-customers without disclosing these sales to United Planners.

Guttman purportedly solicited the membership interests; drafted, distributed, and collected investment agreements; collected and deposited investors' checks into the companies' bank accounts; and managed the companies as one of only two managing members.

When the allegations came to light in 2017, United Planners discharged Guttman for offering clients an unapproved investment. Guttman's BrokerCheck report lists a handful of additional employments and other business activities, mostly in the Phoenix area.

Amongst these associations and business are 92nd Street Holdings (Scottsdale, AZ); Champion Entertainment Group, LLC; Guttman Financial Group; Leasing USA and Leasing USA II, LLC; Serenity Management, LLC; Society for Financial Awareness (SOFA); Total Living Plan (an estate planning service); and Walled Lake Properties, LLC.

Because of the decade-long duration of Guttman's misconduct, his allegedly violative actions ran afoul of both NASD rules (in effect when Guttman's misconduct began in 2008) and FINRA rules (in effect when United Planners terminated Guttman's registration in 2017).

If you have invested with ex-United Planners' Financial Services of America broker Jerry Lou Guttman, or with any representative or financial adviser who has solicited unapproved private securities sales which they have not disclosed to their employing firm, or who has engaged in any unauthorized outside business activity that has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Related Posts
  • After $13 Million in Penalties for 'Widespread Failure,' Oppenheimer Fined $500,000 for Supervisory and Suitability Gaps Read More
  • FINRA barred former Independent Financial Group (IFG) broker Brett Arthur Hartvigson of San Diego, California for refusing to cooperate with its investigation into allegations that were part of a complaint. In 2021, while associated with IFG, Brett Harvgi Read More
  • Stifel Nicolaus Failed to Detect Unsuitable Recommendations Despite Risk Policy, Says FINRA Read More