Finra bars former National Planning rep
Broker William Glaser caused $400,000 loss, claims infirm 76-year-old Navy veteran.
The Financial Industry Regulatory Authority Inc. has barred William Glaser for failing to provide information connected to circumstances surrounding his termination from National Planning Corp.
The firm terminated Mr. Glaser’s registration on July 5, 2017, reporting that it had received an arbitration claim alleging that he had solicited a private investment away from the firm.
In July, the St. Louis Post-Dispatch reported that a 76-year-old infirm Navy veteran lost more than $400,000 after his longtime investment adviser persuaded him to lend his lifetime savings to a homebuilder now involved in a criminal investigation by federal authorities.
The veteran, Frank B. Steinberger, complained to Finra that Mr. Glaser, who lives and worked in suburban St. Louis, had Mr. Steinberger sell annuities he owned and incur $45,000 in surrender charges to invest in two promissory notes with Everett Builders, a company run by Paul Everett Creager.
According to a Finra, there is an “ongoing federal criminal investigation related to investments involving Paul Creager and his companies.”
Mr. Glaser entered the securities industry in 1984 and was registered with eight firms before joining National Planning Corporation in December 2007.
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