LPL Advisor Barry Buchholz Faces $131K Annuity Complaint

Cedar Rapids financial advisor Barry Buchholz (CRD# 1583582) is involved in an investor complaint alleging that a variable annuity investment recommendation led to six-figure damages. Records maintained by the Financial Industry Regulatory Authority show that he is a broker with LPL Financial, doing business as Diamond Capital.

Mr. Buchholz’s BrokerCheck report discloses several investor complaints. The most recent, filed in February 2023, alleges that as a representative of Private Client Services, he “made an unsuitable recommendation by soliciting the purchase of a variable annuity funded by refinancing the client’s mortgage, did not disclose the variable annuity’s surrender charge, and misrepresented the liquidity features of the variable annuity.” The pending complaint alleges damages of $131,725. A “Firm Statement” included with the complaint’s disclosure notes: “The representative misrepresented the source of funds used to purchase the variable annuity on the Private Client Services new account paperwork.”

An earlier investor complaint, filed in 2003, details allegations regarding the customer’s surrender of three existing life insurance policies for a “paid up policy which would sustain itself,” after which the customer received a premium notice. In 2004 the complaint reached a settlement of $13,000.

A third investor complaint, filed in 2001, alleged that as a representative of The ON Equity Sales Company, he recommended the exchange of two variable annuities to a customer who states that “she was unaware of surrender charges or her rights under the free-look provision” and who subsequently “experienced market depreciation in her allocations in the new contracts.” In 2003 the complaint reached a settlement of $2,500.

According to the Financial Industry Regulatory Authority, Barry Buchholz holds 35 years of securities industry qualifying exams. Based in Cedar Rapids, Iowa, he has been a broker with LPL Financial since 2021, doing business as Diamond Capital. His registration history includes Private Client Services (Hiawatha, Iowa; 2018-2021), Cambridge Investment Research (Hiawatha, Iowa; 2011-2018), New England Securities (Cedar Rapids, Iowa; 2008-2011), Securities America (Cedar Rapids, Iowa; 2005-2008), The ON Equity Sales Company (Cincinnati, Ohio; 1999-2005), Edward D. Jones & Company (St. Louis, Missouri; 1998-1999), Princor Financial Services Corporation (Des Moines, Iowa; 1997-1998), and AAL Capital Management Corporation (Minneapolis, Minnesota; 1987-1997). His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Illinois, Iowa, Kansas, Minnesota, Nebraska, Texas, Washington, and Wisconsin. (Information current as of March 9, 2023.)

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