Last Updated: October 2024 (La Grange Park, Illinois)
Paul N. Lekousis Financial Advisor Fraud Alert
National securities fraud lawyers at Patil Law P.C. are investigating broker Paul Lekousis (CRD #2545673), a financial advisor at OneAmerica Securities, Inc., who has faced customer disputes and a termination related to unsuitable investment practices and non-genuine electronic signatures.
Paul N. Lekousis (CRD #2545673) is a financial advisor with decades of experience, currently registered with OneAmerica Securities, Inc., but has faced customer disputes and was terminated from a previous firm for policy violations involving non-genuine signatures and failure to report client complaints. Below, we detail his professional background and the negative disclosures that potential investors should be aware of before considering his services.
Critical Insights about La Grange Park, IL Stockbroker Paul N. Lekousis
- Advisor Name: Paul N. Lekousis
- CRD: 2545673
- Location: La Grange Park, IL
- Current Employer: OneAmerica Securities, Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: La Grange Park, IL
- Can Paul Lekousis be sued in private FINRA arbitration: Yes
- Customer Dispute Allegations: Non-disclosure of fees, churning of policies, and unsuitable investment recommendations
If you have suffered investment losses in an account handled by Mr. Lekousis or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Lost Money With Stockbroker Paul N. Lekousis?
Two customer disputes have been filed against Paul Lekousis, both related to his tenure at Pruco Securities, LLC, involving unsuitable practices and failure to disclose critical policy details. The key details are as follows:
- Customer Dispute (Filed April 11, 2024): A customer alleged that Lekousis advised her to reduce her monthly premium payment, leading to her policy going into default. The dispute settled on June 20, 2024, for $10,050.
- Customer Dispute (Filed December 7, 2022): Another customer claimed that Lekousis failed to disclose all relevant facts regarding policy churning and fees, resulting in alleged damages of $146,268.53. The case settled for $148,532.53 on June 28, 2023.
- Termination (June 22, 2023): Lekousis was discharged by Pruco Securities for submitting non-genuine electronic client signatures, reusing signature pages, sharing login information with a business partner, and failing to report client complaints related to his partner’s conduct.
Allegations of Broker Misconduct Against Paul N. Lekousis
Customers of Paul Lekousis have alleged the following misconduct in connection with their accounts:
- Unsuitable Investment Practices: Allegations include advising customers to reduce premium payments leading to financial loss, and failing to disclose policy fees and details of churning activities.
- Non-Genuine Electronic Signatures: Lekousis was terminated for submitting non-genuine electronic signatures on policy applications and reusing client signature pages, actions that violated firm policies and internal regulations.
These issues may raise concerns related to FINRA Rule 2010, which requires brokers to uphold high standards of commercial honor and integrity, and FINRA Rule 2111, which governs the suitability of investment recommendations.
Broker Experience Summary
Paul N. Lekousis (CRD #2545673) is a financial advisor currently registered with OneAmerica Securities, Inc. in La Grange Park, Illinois. Over the course of his career, Lekousis has worked for multiple firms, including Pruco Securities, LLC, MML Investors Services, LLC, and NYLIFE Securities. He has been in the financial services industry since 1995 and is currently licensed with one self-regulatory organization (FINRA) and one U.S. state or territory.
Lekousis has passed several industry exams, including one principal/supervisory exam (Series 26), three general industry/product exams (Series 6 and Series 7), and three state securities law exams (Series 63, 65, and 66). His experience spans working with insurance and securities products, focusing on providing financial and investment advice. His most recent employment with OneAmerica Securities began in October 2023.
Negative Disclosures and Customer Disputes
Paul Lekousis has been involved in three reported disclosure events: two customer disputes and one termination.
- Customer Dispute (April 11, 2024): A customer alleged that Lekousis advised her to reduce monthly premium payments, which led to her policy going into default. The dispute was settled for $10,050 on June 20, 2024.
- Customer Dispute (December 7, 2022): Another customer claimed that Lekousis did not fully disclose details regarding the churning of policies and related fees. The case was settled for $148,532.53 on June 28, 2023.
- Termination (June 22, 2023): Lekousis was terminated by Pruco Securities, LLC, following allegations of submitting non-genuine electronic signatures, sharing login credentials, and failing to report client complaints in a timely manner.
Allegations and Accusations in Terminations or Regulatory Actions
- Non-Genuine Signatures and Policy Violations: Lekousis was discharged from Pruco Securities, LLC, after it was discovered that he submitted non-genuine electronic signatures on policy applications and reused client signature pages. Additionally, he shared login information with a business partner in violation of company policy and failed to report client complaints, which were related to his partner’s conduct, to firm management in a timely manner.
These actions raise concerns about compliance with firm policies and adherence to regulatory standards required for financial advisors under FINRA Rule 2010 and FINRA Rule 2111.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Paul N. Lekousis or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
