Danny Scott Hood Barred for Variable Annuity Scam
Danny Scott Hood (CRD# 3236852) has been barred from the securities industry by the SEC, effective Oct. 11, 2017, for his part in a variable annuity scam.
From October 2012 to December 2014, Danny Hood was a registered representative associated with LPL Financial LLC, based in Alpharetta, Ga. According to the SEC, during that same period of time, Hood fraudulently induced clients to roll over funds from their federal retirement accounts into variable annuity products promoted under the name Keystone Capital Partners, Inc.
The SEC alleged that Hood and two others sold approximately 200 variable annuities, though misleading statements to the customers. The SEC also claimed that Hood,
“failed to disclose the significantly higher annual fees associated with the investments and opened accounts with his broker dealer without the investor’s knowledge or consent.”
Hood and his cohorts allegedly earned $1.7 million in commissions from the fraudulent sales.
If you were sold a variable annuity by Danny Scott Hood, you could benefit by speaking with one of the expert financial legal representatives at Meyer Wilson.