Broker Tamber King Proctor Accused of Unsuitable Recommendations of NorthStar REIT and FS Energy & Power Fund
Two investors have filed complaints against previously registered broker Tamber King Proctor, according to Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report. Both complaints center on Proctor’s activities while working for LPL Financial LLC, in Waynesboro, MS. One dispute settled, while the other remains pending.
The settled dispute alleged that Proctor engaged in unauthorized trading between February 6, 2017 and April 25, 2017. FINRA received the complaint on May 1, 2017. The former customer claimed damages totalling $6,010.33, and the matter settled for $4,038.27, as per BrokerCheck’s report.
New Allegations of Unsuitable Investments in 2020
On December 15, 2020, another customer complaint against Proctor surfaced. LPL Financial LLC reported the complaint to FINRA, which consisted of multiple allegations. According to BrokerCheck data, the former customer accused the broker of making unsuitable investments in FS Energy & Power Fund and NorthStar Healthcare REIT on December 17, 2015.
The customer further alleges that Proctor failed to properly disclose the risks associated with these investments. The investor cites multiple forms of wrongdoing, including violation of securities laws, negligence, breach of contract and fiduciary duty, and vicarious liability.
Claimed damages amount to between $50,000 and $100,000, plus interest and costs, according to BrokerCheck.
A claim was filed with FINRA, and arbitration is currently pending.
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