FINRA barred longtime Riverside area broker Joseph Glenn Pratte for refusing to provide requested information related to a review of his outside business activities, thus capping off a 35-year career with Signator Investors, Inc. of California.
Signator Investors had already terminated Pratte (CRD #818045) in December 2017 for engaging in a prohibited outside business activity and for failing to disclose this activity to the firm for approval.
Pratte's BrokerCheck report indicates he is a local rental property owner in Riverside, and that this outside business is limited to "rental property owner;" FINRA's report did not indicate whether the prohibited outside business activity involved real estate beyond ownership, although the State of California's database indicates Pratte held insurance licenses pertaining to variable contracts, life-only, and accident/health insurance.
According to Policypedia, Pratte was previously authorized to sell insurance on behalf of Sun Life Assurance Company of Canada, Paul Revere Life Insurance Company, John Hancock Life Insurance Company, Jackson National Life Insurance Company, and Delaware Life Insurance Company.
FINRA in 2017 suspended ex-Royal Alliance Associates (Arcadia, CA) broker Sharon Melinda Kwan aka Sharon Chen/Mei Man Quan for participating in undisclosed real estate activities and failing to disclose the scope of certain outside business activities; Kwan too participated in an additional business of selling property, casualty, health, and life insurance.
In January 2018, FINRA cited former LPL Financial and FSC Securities Corporation (San Diego, CA) broker Sandeep Varma for unsuitably recommending that investors sell appreciated real estate and use the proceeds to invest in certain securities, including variable annuities and life insurance.
If you have invested with former Signator Investors Inc., of California representative Joseph Glenn Pratte or with any broker or financial adviser who engaged in an unauthorized outside business activity that has proven harmful to your investments or interests, such as through excessive fees or the recommendation and purchase of an unsuitable life insurance policy, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.