Bradford Harris Blazar/RIM Securities

Posted on January 20, 2012 by Klayman & Toskes

Our law firm is investigating potential claims against RIM Securities on behalf of customers of Bradford H. Blazar (“Blazar”). Customers of Blazar have alleged that he solicited them to invest their retirement assets into fractional interests in life settlement contracts which were acquired from a subsidiary of Life Partners Holdings, Inc. Our law firm is investigating the sales practices of Blazar in connection with the sale of these products, as well as the supervision and due diligence performed by RIM Securities concerning the sale of life settlement contracts.  Further, Blazar may have been involved in selling life settlement contracts to his customers while he was employed with a number of other Financial Industry Regulatory Authority (“FINRA”) brokerage firms since leaving the employ of RIM Securities, including Cambridge Legacy Securities, KCD Financial, and Allied Beacon Partners. 

FINRA has specifically addressed the sale of life settlements in various Notices to its members. Specifically, FINRA has reminded brokerage firms that:

  • variable life settlements are securities transactions that are subject to the federal securities laws and all applicable FINRA rules;
  • if they seek to enter the business of variable life settlements, they must file an application for approval of this material change in business under NASD Rule 1017;
  • they must present balanced and fair information in their advertising and other communications with the public and customers about variable life settlements and related products, and otherwise comply with all aspects of NASD Rule 2210; and
  • they must adhere to suitability obligations under NASD Rule 2310; fair and reasonable commissions under FINRA Rule 2010 (formerly NASD Rule 2110), NASD Rule 2440 and related guidance; and fair fees and the disclosure of fees under NASD Rule 2430.

Investors who held accounts with Bradford Blazar and RIM Securities, Cambridge Legacy Securities, KCD Financial, or Allied Beacon Partners can contact Klayman & Toskes to explore their legal rights and options.