H&R BLOCK FINANCIAL STOCKBROKER MISCONDUCT

H&R Block was founded in the 1950’s as a tax preparation firm, then a new business sector. It developed a business plan that had many small offices, outside of the largest financial areas. More recently, the tax preparation side gained substantial income from loans against anticipated tax refunds. Because the firm has access to a person’s entire financial information, there is a potential for overly aggressive selling.

H&R Block Financial Advisors came about from the tax preparation side’s purchase of Olde Financial Company. Olde had caused huge investor losses and improprieties, yet still had many branches and brokerage account customers. By adding a stockbrokerage firm, H&R Block was able to further cross-market the financial information it had on its customers. There have been many regulatory issues from Olde and for the the new firm.