Annuity Schemes

Archive | Annuity Schemes

Investors Accuse LPL Financial Of Misrepresentation

Donald Stephen Woods of Louisville Kentucky a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related complaint on June 3, 2019 where the customer sought damages estimated to exceed $5,000.00 supported by accusations that (1) bad recommendations of alternative investments including business development companies had been made to the […]

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Investors Accuse Pruco Securities Of Annuity Misconduct

September 13, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Marc Ang of Sherman Oaks California a stockbroker formerly registered with Pruco Securities LLC is referenced in a customer initiated investment related written complaint on August 20, 2018 in which the customer requested unspecified damages founded on allegations of non-disclosures by Ang as it concerned the risks and guarantees of a variable annuity that had […]

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Center Street Sued By Investors For Bad Mutual Fund Advice

September 13, 2019  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

David Joseph Escarcega of Phoenix Arizona a stockbroker formerly employed by Center Street Securities Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $20,000.00 in damages supported by accusations that CNL Lifestyle Real Estate Investment Trust and other mutual fund trades executed in customers’ accounts failed to be suitable […]

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Investors Accuse Principal Securities Of Misrepresentation

Matthew Lee Geiser of Grand Island Nebraska a stockbroker formerly registered with Principal Securities Inc. is the subject of a customer initiated investment related complaint which has been settled for $63,653.28 in damages on January 22, 2018 founded on accusations that Geiser falsified information concerning the guaranteed returns of an annuity he sold to the […]

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J.P. Morgan Securities Accused Of Providing Bad Investment Advice

July 22, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Brad William McDowell of Niles Illinois a stockbroker formerly registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related written complaint which was resolved for $44,098.67 on July 17, 2017 founded on accusations that the customer was placed into an annuity that failed to be suitable for the customer during the […]

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Principal Securities Sued By Investors For Fraud

Fred Shlesinger of Addison Texas a stockbroker formerly employed by Principal Securities Inc. is the subject of a customer initiated investment related complaint on October 14, 2018 regarding Shlesinger’s conduct where the customer sought damages estimated to exceed $5,000.00 based upon accusations that misrepresentations were made to the customer concerning the funding of a variable […]

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Investors Blame Ameriprise Financial For Bad Investment Advice

Sof New York New York a stockbroker formerly registered with Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on January 2, 2018 where the customer sought $97,140.00 in damages based upon allegations that the customer was placed into unsuitable annuity products between 2012 and 2016. Financial Industry Regulatory Authority […]

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FINRA Sanctions Planmember For Failure To Supervise

Planmember Securities Corporation a securities broker dealer with main offices in Carpinteria California has been censured and fined $90,000.00 by Financial Industry Regulatory Authority (FINRA) based in part upon findings that (1) Planmember Securities Corporation failed to supervise the execution of variable annuity exchanges to determine if they were appropriate for customers and (2) Planmember […]

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NYLife Sued By Investors For Misrepresentation

Amr Mostafa Amboulmagd of Horsham Pennsylvania a stockbroker formerly employed by NYLife Securities LLC is referenced in a customer initiated investment related written complaint which was settled for $15,834.58 in damages on May 30, 2017 founded on accusations that Amboulmagd made misrepresentations to the customer with respect to the fees and guarantees on a variable […]

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FINRA Bars LPL Stockbroker For Dodging FINRA Investigation

June 09, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jason Reed Nelson of Tremonton Utah a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Nelson’s consent to findings that Nelson hindered a FINRA investigation concerning Nelson’s alleged misrepresentation of LPL Financial LLC customers’ financial information relating to […]

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FINRA Sanctions Woodbury Financial For The Failure To Supervise Annuities

May 17, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Woodbury Financial Services Inc. a securities broker dealer headquartered in Oakdale Minnesota has been censured and fined $225,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise the suitability of annuities transactions placed in customers’ accounts to ensure that the transactions were complaint with FINRA rules […]

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Investors Accuse AXA Advisors Of Fraud

Anthony Joseph D’Angelo of Los Angeles California a stockbroker currently registered with AXA Advisors LLC is the subject of a customer initiated investment related written complaint on May 4, 2018 where the customer sought $34,186.74 in damages based upon allegations that (1) misrepresentations had been made to the customer by D’Angelo in regard to the […]

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AXA Advisors Sanctioned By FINRA For Fraudulent Bond Sales to Retirement Accounts

AXA Advisors LLC a securities broker dealer headquartered in New York New York has been censured and fined $600,000.00 by Financial industry Regulatory Authority (FINRA) based on findings that (1) AXA Advisors made misrepresentations about the bonds sold to the firm’s retirement account customers and (2) AXA Advisors neglected to supervise its practices to ensure […]

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Wells Fargo Accused By Investors Of Fraud

Peter Frank Valdez of Junction New York a stockbroker currently employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint on September 19, 2018 where the customer sought $17,000.00 in damages founded on accusations that while Valdez was associated with Wells Fargo, omissions had been made to […]

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FINRA Bars Stockbroker For Unsuitable Investment Advice

April 19, 2019  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Frederick David Holloway of Easton Maryland a stockbroker formerly employed by Holloway Associates Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Amended Hearing Panel Decision containing findings that (1) Holloway made bad annuity recommendations to customers of the firm and (2) Holloway omitted […]

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Money Concepts Accused By Investors Of Fraud

Ray Gene Reese of Farmington Missouri a stockbroker formerly registered with Money Concepts Capital Corp is the subject of a customer initiated investment related complaint on May 8, 2018 where the customer requested $75,000.00 in damages based upon allegations of misrepresentations being made to the customer concerning the liquidity of a real estate security sold […]

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RBC Capital Sued By Investors For Unauthorized Trading

James Frederick Sowerine of Billings Montana a stockbroker currently employed by RBC Capital Markets LLC is referenced in a customer initiated investment related arbitration claim which was settled for $80,000.00 in damages based upon allegations that (1) Sowerine executed unauthorized trades in the customer’s account and (2) Sowerine inappropriately placed the customer in energy sector […]

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Key Investment Services Accused Of Annuity Fraud

April 10, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

John L. Knight of Ann Arbor Michigan a stockbroker formerly employed by Key Investment Services is referenced in a customer initiated investment related written complaint which was resolved for $13,932.48 on May 18, 2016 supported by accusations that misrepresentations had been made to the customer concerning a fixed annuity issued by Great American Life Assurance […]

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Allstate Blamed By Investors For Bad Annuity Recommendations

April 10, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James Vincent Prosperi of Rochester New York a stockstockbroker formerly employed by Allstate Financial Services LLC is referenced in a customer initiated investment related written complaint on September 24, 2018 where the customer requested damages estimated to exceed $5,000.00 based upon accusations that while Prosperi was associated with Allstate Financial Services: (1) the customer was […]

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Investors AccuseWoodbury Financial Of Insurance Fraud

April 10, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Barry Matthew Rumpel of Neillsville Wisconsin a stockstockbroker formerly registered with Woodbury Financial Services is the subject of a customer initiated investment related written complaint on January 23, 2018 where the customer sought $35,055.39 in damages founded on accusations that the customer was placed in a variable universal life insurance policy that was not suitable […]

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Cetera Blamed By Investors For Annuity Misconduct

March 28, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kirby Spencer McDonald of Omaha Nebraska a stockbroker currently registered with Cetera Advisors LLC is the subject of a customer initiated investment related written complaint on November 7, 2018 where the customer requested $72,000.00 in damages based upon accusations that the customer was poorly advised concerning a variable annuity transaction which led the customer to […]

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FINRA Bars NYLife Securities Broker In Investigation

March 28, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Judith Adele Johnston of Frisco Texas a stockbroker formerly employed by NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Johnston failed to cooperate with FINRA personnel in the course of an investigation into the complaints lodged against her from customers […]

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Regulator Investigates Sigma Financial Broker For Annuity Misconduct

March 15, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Peter Matthew Bakalis of Trenton Michigan a stockbroker formerly employed by Sigma Financial Corporation is the subject of an investigation launched by the State of Michigan Department of Insurance and Financial Services on December 12, 2018 concerning Bakalis’ possible involvement in the unsuitable surrender of three customers’ annuity contracts. FINRA Public Disclosure confirms that Bakalis […]

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Investors Accuse Wells Fargo Of Unauthorized Transaction

Robert Ellsworth McMann of Lake Mary Florida stockbroker or supervisor currently registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on October 16, 2018 in which the customer requested more than $5,000.00 in damages supported by allegations that funds were inappropriately taken from the customer’s tax-qualified annuity […]

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FINRA Fines World Equity Group Broker For Lying to Customers

Barry Ronald Block of Arlington Heights Illinois a stockbroker formerly employed by World Equity Group Inc. has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Block made misrepresentations to customers concerning the expenses of variable annuities when advising […]

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Investors Sue Merrill Lynch For Annuity Fraud

Jonathan Rafe Rankin (also known as Jonathan Rafe Ranlein) a stockbroker and supervisor currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on November 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that misrepresentations and omissions had […]

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NYLife Blamed By Investors For Breach Of Fiduciary Duty

John Thomas Alexander III of Charlotte North Carolina a broker formerly registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint which settled for $93,052.21 on October 18, 2017 supported by accusations that (1) the customer had been provided poor advice concerning the insurance, mutual fund and annuity products purchased […]

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Morgan Stanley Sued By Investors For Securities Fraud

Ganesh Iyer (also known as Ganesh Ramachandran) of Houston Texas a stockbroker formerly registered with Morgan Stanley has been named in a customer initiated investment related arbitration claim in which Iyer and Morgan Stanley were ordered by a FINRA Arbitration Panel to pay $54,954.04 in compensatory damages to the customer based upon the Panel finding: […]

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NYLife Securities LLC Blamed By Investors For Annuity Misconduct

Sudesh Kumar Jain of Dayton Ohio a stockbroker currently registered with NYLife Securities LLC is the subject of a customer initiated investment related written complaint which was resolved for $11,487.91 on January 9, 2019 founded on accusations that (1) the customer was placed into a variable annuity that failed to align with the customer’s financial […]

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MetLife Blamed By Investors For Bad Annuity Advice

Randall George Skrabonja of West Palm Beach Florida a stockbroker formerly employed by MetLife Securities Inc. is the subject of a customer initiated investment related written complaint on October 10, 2016 where the customer sought damages estimated to exceed $5,000.00 based upon accusations that Skrabonja gave the customer bad advice about purchasing a variable annuity […]

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FINRA Bars Royal Securities Broker For Hindering Investigation

Thomas Cameron Oakes of Grand Rapids Michigan a stockbroker formerly registered with Royal Securities Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Oakes obstructed a FINRA investigation into accusations that he made unsuitable investment recommendations to customers of the firm. […]

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NYLife Accused Of Annuity Fraud

March 04, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christopher Tucciariello of New Windsor New York a stockbroker currently employed by NYLife Securities LLC is the subject of a customer initiated investment related written complaint which was settled for $15,000.00 on October 8, 2018 based upon accusations that misrepresentations had been made to the customer by Tucciariello with regard to the surrender fees paid […]

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Investors Accuse MSI Financial Of Annuity Fraud

Brian Patrick Wells of Philadelphia Pennsylvania a stockbroker formerly registered with MSI Financial Services Inc. is referenced in a customer initiated investment related written complaint on March 1, 2017 in which the customer requested damages estimated to exceed $5,000.00 in damages based upon allegations that the customer was poorly advised concerning the purchases of a […]

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MML Investors Services Accused Of Annuity Fraud

February 20, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Peter Michael Terlecky III of Amherst New York a stockbroker formerly employed by MML Investors Services LLC is the subject of a customer initiated investment related written complaint which was settled on May 13, 2016 to resolve accusations that during the time Terlecky was associated with the firm he made misrepresentations to the customer concerning […]

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JP Morgan Accused By Investors Of Investment Fraud

Bradley Scott Cooperman of San Diego California a stockbroker currently registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related written complaint on July 14, 2016 in which the customer sought $11,060.56 in damages based upon accusations that (1) unauthorized trades were executed in the customer’s managed investment account (2) misrepresentations […]

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FINRA Nails WEG Principal For Failure To Supervise

February 19, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Christopher T. Dallas of Arlington Heights Illinois a stockbroker and supervisor currently employed by World Equity Group Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory capacity based upon consenting to findings that Dallas failed to supervise variable annuity transactions effected by the firm’s […]

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Wells Fargo Pays Victim of Annuity Fraud

Leonard Charles Kinsman of Staten Island New York a stockbroker currently registered with Wells Fargo Advisors Financial Networks LLC is the subject of a customer initiated investment related written complaint which was settled for $24,000.00 on February 22, 2017 founded on allegations that the customer was provided false or misleading information concerning the principal protection […]

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United Planners Broker Caught In Promissory Note Scheme

Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments […]

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Investors Catch MML Twisting Annuity Policies

Thomas John Leone of Farmington Connecticut a stockbroker formerly registered with MML Investors Services is referenced in a customer initiated investment related written complaint which was settled on May 10, 2018 to resolve accusations that (1) the customer’s assets had been inappropriately transferred a number of times between annuities and mutual funds and (2) the […]

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Royal Alliance Broker Fired For Appointing Himself Beneficiary

Erven Joseph Frericks Jr. of Chesterfield Missouri a stockbroker formerly employed by Royal Alliance Associates Inc. has been discharged by the firm on May 11, 2018 supported by allegations that Frericks urged a customer to designate him as the beneficiary of half of the assets held in the customer’s annuity account. Financial Industry Regulatory Authority […]

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Bankers Securities Blamed For Buying Wrong Security

February 05, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mohsen Babaeian of Northridge California a stockbroker currently employed by Bankers Life Securities Inc. is the subject of a customer initiated investment related written complaint on June 27, 2018 where the customer sought $12,750.00 in damages based upon allegations that (1) Babaeian placed the customer in an Allianz Variable Indexed Linked Annuity contrary to the […]

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Ameriprise Financial Sued For Risky Investments

Jack Alan Quick of New Home Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $214,180.00 in damages supported by accusations that (1) Quick made investment recommendations to the customer that were not suitable regarding variable annuities, variable life insurance, […]

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MML Accused By Investors Of Annuity Fraud

Curt Giacobbe a stockbroker currently registered with MML Investors Services LLC is referenced in a customer initiated investment related written complaint on August 25, 2016 in which the customer requested damages estimated to exceed $5,000.00 founded on allegations that Giacobbe misrepresented information about a variable annuity that had been purchased by the customer and the […]

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BBVA Blamed By Investors For Risky Investments

James David Armer of Albuquerque New Mexico a stockbroker formerly registered with BBVA Securities Inc. is referenced in a customer initiated investment related written complaint on December 7, 2018 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that while associated with BBVA Securities Inc. Armer failed to inform the customer about […]

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Mass Mutual Fires Broker For Lying to Customers

January 29, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Chad T. Mackland of Omaha Nebraska a stockbroker formerly registered with Mass Mutual has been discharged by the firm on September 4, 2018 based upon Mass Mutual’s accusations that misrepresentations had been made to customers by Mackland in regard to the terms and conditions of traditional life insurance policies which had been sold by Mackland […]

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Investors Accuse Edward Jones Of Annuity Misconduct

Robert L. Friederich of Lake Zurich Illinois a stockbroker formerly registered with Edward Jones is the subject of a customer initiated investment related complaint which was settled on September 22, 2017 for $18,827.28 in damages founded on allegations that Friederich made inappropriate investment recommendations concerning the customer’s sale of mutual funds and purchase of single […]

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Ameriprise Accused Of Variable Annuity Twisting

January 28, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Sherry Dee Johnson (also known as Sherry D. Sandwick) of Minneapolis Minnesota a stockbroker currently registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related written complaint on September 22, 2016 where the customer sought $16,093.40 in damages founded on allegations that Johnson’s existing annuity was surrendered and transitioned into […]

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Investor Accuses LPL Financial Of Index Annuity Fraud

January 28, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

William Frank Welsh of Williamsville New York a stockbroker currently employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on November 14, 2016 where the customer requested damages estimated to exceed $5,000.00 founded on accusations that Welsh was placed into an indexed annuity that was not suitable for […]

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Cetera Accused By Investor Of Annuity Misconduct

January 28, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

David Lane Gabay of Tarrytown New York a stockbroker currently employed by Cetera Advisors LLC is referenced in a customer initiated investment related written complaint on September 12, 2018 in which the customer sought $52,500.00 in damages based upon accusations that Gabay was placed into a variable annuity that was not suitable for the customer […]

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BMO Harris Financial Blamed For Annuity Investment

Paul Dennis Benish of Janesville Wisconsin a stockbroker formerly employed by BMO Harris Financial Advisors Inc. is referenced in a customer initiated investment related complaint on September 23, 2016 where the customer sought $44,000.00 in damages based upon allegations that (1) the terms and conditions of a variable annuity investment sold to the customer had […]

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LPL Financial Sued By Investors For Annuity Fraud

Gary T. Plessl of Allentown Pennsylvania a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related arbitration claim on February 28, 2017 where the customer sought $250,000.00 in damages based upon allegations that (1) misrepresentations had been made to the customer concerning the customer’s investments in variable annuities and […]

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Wells Fargo Sued By Investors For Annuity Misconduct

Richard William Schloss of Canton Ohio a stockbroker formerly employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim which was settled to resolve allegations that Schloss inappropriately placed the customer’s assets in a variable annuity which exposed the customer to unnecessary surrender penalties and illiquidity. Financial […]

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FINRA Fines CFD Investments For Failure To Supervise

January 19, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

CFD Investments Inc. a brokerage firm headquartered in Kokomo Indiana has been censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations and exchanges made by CFD Investments Inc. brokers. Letter of Acceptance Waiver and Consent No. 2016048224201 (Jan. 10, […]

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MML Investors Blamed For Defective Investment Advice

Nicola Ottavio Caporaso of Melville New York a stockbroker formerly registered with MML Investors is referenced in a customer initiated investment related written complaint which was resolved for $20,000.00 on January 26, 2018 supported by allegations that (1) Caporaso inappropriately advised customers to surrender their annuity investments and use the proceeds for managed account investments […]

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Investors Accuse Morgan Stanley Of Annuity Fraud

John Jeffrey Clay of Washington District of Columbia a stockbroker formerly registered with Morgan Stanley Smith Barney is referenced in a customer initiated investment related written complaint on January 25, 2017 in which the customer sought unspecified damages based upon allegations that the customer was inappropriately sold a variable annuity investment in July of 2016. […]

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Investors Accuse Cambridge Investment Research of Misconduct

January 06, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Robert Wayne Warther of Akron Ohio a stockbroker formerly registered with Cambridge Investment Research Inc. is referenced in a customer initiated investment related written complaint on November 2, 2016 where the customer requested damages estimated to exceed $5,000.00 supported by allegations that the customer was placed in a fixed annuity that was not suitable for […]

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Investors Chase Wells Fargo For Annuity Fraud

January 06, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Andrew Keith Jordan of Montgomery Alabama a stockbroker formerly employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $21,000.00 on January 11, 2018 supported by accusations that Jordan placed the customer in an equity indexed annuity on August 8, 2016 that was inappropriate […]

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FINRA Bars Pruco Broker In Investigation

January 06, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Liju Varghese (also known as Joe Varghese) of Howard Beach New York a broker formerly registered with Pruco Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Varghese failed to cooperate with FINRA personnel’s investigation of his possible unauthorized trading in […]

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RBC Broker Barred In FINRA Investigation

January 03, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Wayne Frederick Stutzer of Scottsdale Arizona a stockbroker formerly registered with RBC Capital Markets LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Stutzer failed to respond to FINRA’s inquiry in regard to his activities. Case No. 2018059300001 (Nov. 5, 2018). According to […]

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SunTrust Accused By Investors Of Annuity Fraud

Kevin James Farrow of Orlando Florida a stockbroker formerly employed by SunTrust Investment Services Inc. is the subject of a customer initiated investment related written complaint on October 4, 2016 in which the customer requested $24,758.12 in damages supported by accusations that Farrow made misrepresentations to the customer by stating that the variable annuity purchased […]

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Investors Sue MML Investors For Misrepresentation

December 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Richard Allen Grenda of Downers Grove Illinois a stockbroker formerly employed by MML Investors Services LLC is the subject of a customer initiated investment related arbitration claim where the customer requested $74,253.55 in damages based upon accusations that misrepresentations had been made to the customer about the terms and conditions of a variable annuity purchased […]

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Pruco Securities Broker Fired For Unauthorized Annuity Purchase

December 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Linda Almeida Jay of East Brunswick New Jersey a securities principal of Pruco Securities LLC has been terminated on October 30, 2018 based upon accusations that Jay submitted documents to effect a purchase of an annuity for a prospective customer who never applied for it. Financial Industry Regulatory Authority (FINRA) Public Disclosure also confirms that […]

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Investors Accuse MSI Financial Of Misrepresentation

December 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kevin Keith Carriere of Glastonbury Connecticut a stockbroker formerly employed by MSI Financial Services Inc. is the subject of a customer initiated investment related written complaint which settled for $148,488.90 on May 22, 2017 founded on accusations that Carriere made misrepresentations to the customer in regard to the terms and conditions of a variable annuity […]

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Wells Fargo Broker Charged With Annuity Twisting

December 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ronald Richard Blasczyk of Manitowoc Wisconsin a stockbroker currently registered with Wells Fargo Clearing Services LLC has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he made unsuitable recommendations for a customer to purchase a variable annuity, and then lied to his firm in regard to his business activities. Department […]

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Investor Sues Cambridge Investment Research For Fraud

Garry Charles Hill Jr. of Birmingham Alabama a stockbroker currently registered with Cambridge Investment Research Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $75,000.00 in damages supported by accusations that (1) a variable annuity transaction was executed in violation of FINRA Rules (2) transactions were effected in the […]

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Bone Doctor Accuses Larson Financial Of Larcency

November 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey Scott Larson of Saint Louis Missouri a stockbroker formerly employed by Larson Financial Securities LLC is the subject of a customer initiated investment related written complaint on August 9, 2017 in which the customer sought $34,000.00 in damages based upon accusations that omissions were made to the customer concerning the costs and fees pertaining […]

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Investors Accuses NYLife Of Unauthorized Annuity Purchases

William Andrew Doran of Johnston South Carolina a stockbroker currently registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint which settled for $15,916.72 on June 29, 2017 based upon allegations that Doran forged the customers’ signatures on variable annuity and insurance documents to effect multiple policy purchases between June […]

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H. Beck Hit For Failure To Supervise

November 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

H. Beck Inc. a brokerage firm headquartered in Rockville Maryland has been censured and fined $400,000.00 by Financial Industry Regulatory Authority (FINRA) founded on accusations that (1) the firm failed to supervise the variable annuity recommendations made by its registered representatives and (2) failed to supervise consolidated reports that were disseminated to customers. Letter of […]

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Principal Broker Discharged For Altering Customer Forms

November 23, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Brian Clark Johnson of Sioux City Iowa a stockbroker formerly employed by Principal Securities Inc. has been discharged on July 25, 2017 supported by Principal Securities’ allegations that Johnson violated the firm’s policy by altering a customer’s fixed-annuity forms. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on December 21, 2012, a customer […]

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Investor Too Late To Chase Bert Bowler Over Annuity

Bert Thomas Bowler of New Canaan Connecticut a stockbroker formerly registered with Ameriprise Financial Services Inc. was referenced in a customer initiated investment related arbitration claim by where the customer sought $50,000.00 in damages based upon accusations that the customer was poorly advised with respect to the purchase of a variable universal life insurance policy. […]

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Investors Chase Amerprise For Unauthorized Withdrawals

November 23, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Hema Joshi (also known as Hema Jerath) of Flemington New Jersey a stockbroker currently registered with Ameriprise Financial Services, Inc. is the subject of a customer initiated investment related written complaint on April 3, 2017 where the customer sought $24,339.85 in damages based upon accusations that Joshi (1) placed the customer in an unsuitable variable […]

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Investors Sue Wells Fargo For Bad Investments

November 23, 2018  |   Posted by :   |   Annuity Schemes, Failure to Diversify, Stockbroker Fraud News   |   0 Comments

Jerry Duane Holdsworth of Lincoln Nebraska a stockbroker currently registered with Wells Fargo Advisors Financial Network LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $40,000.00 in damages founded on accusations that (1) Holdsworth effected stock trades in the customer’s account that were not suitable for the customer and […]

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RBC Capital Blamed By Customer For Inappropriate Annuity

Mark John Evans of Mount Laurel New Jersey a stockbroker currently registered with RBC Capital Markets LLC is the subject of a customer initiated investment related complaint on April 13, 2017 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that the customer was placed in an annuity that did not conform […]

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MT Securities Fires Broker For Annuity Twisting

November 23, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

John Wesley Conrad Robinson of Elizabethtown Pennsylvania a stockbroker formerly registered with MT Securities Inc. has been discharged on July 20, 2017 supported by the firm’s allegations that Robinson violated annuity policies and procedures when Robinson executed the replacement of customers’ existing annuity with another fixed annuity. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally […]

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ProEquities Sued By Investors For Fraud

Bradley John Freimark of Otsego Minnesota a stockbroker formerly registered with ProEquities Inc. is the subject of a customer initiated investment related arbitration claim which settled for $100,000.00 in damages founded on accusations that (1) misrepresentations were made to the customer and (2) the customer’s assets were inappropriately invested in D&L Energy 2010 Ltd. – […]

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Avalon Censured By FINRA For Failure To Supervise Annuities

November 12, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Avalon Investment Securities Group a brokerage firm headquartered in Muscle Shoals Alabama has been censured and fined by Financial Industry Regulatory Authority (FINRA) supported by allegations that the firm had failed to supervise its brokers’ sales of variable annuity products. Letter of Acceptance Waiver and Consent No. 2016047823901 (Oct. 25, 2018). According to the AWC, […]

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Investors Blame Tandem Securities For Annuity Omissions

Jude E. Offiah of Oklahoma City Oklahoma a stockbroker currently registered with Tandem Securities Inc. is referenced in a customer initiated investment related written complaint on May 2, 2017 where the customer sought more than $5,000.00 in damages based upon allegations that omissions had been made to the customer concerning variable annuity and mutual fund […]

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Cadaret Grant Annuity Problems Continue

Philip Anthony Riposo of New Bedford Massachusetts a stockbroker formerly employed by Cadaret Grant Co. Inc. is referenced in a customer initiated investment related written complaint on May 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that transactions were executed in the customer’s variable annuity that were not […]

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Investor Blames Securian For Annuity Misrepresentation

November 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Patrick Dennis Farrell of Huntingdon Valley Pennsylvania a stockbroker formerly registered with Securian Financial Services Inc. is the subject of a customer initiated investment related written complaint which settled for $146,677.22 on January 2, 2018 founded on allegations that Farrell misrepresented the terms and conditions of insurance and annuity products that had been sold to […]

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FINRA Bars NYLife Securities Broker In Investigation

November 03, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Richard Michael Jones of Pilot Mound Iowa a stockbroker formerly employed by NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Jones failed to comply with FINRA’s request for his information. Case No. 2016052252801 (June 23, 2017). FINRA Public Disclosure reveals […]

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State Farm VP Management Broker Suspended For Forgery

November 03, 2018  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Steven John Sosnowski of Bloomington Illinois a former State Farm VP Management Corp. registered representative has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he forged a customer’s signature on a life insurance policy. Letter of […]

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Wells Fargo Sued By Investor For Speculative Investments

November 03, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Robert Paul Friedman of Berwyn Pennsylvania a stockbroker currently registered with Wells Fargo Advisors Financial Network LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $12,000.00 in damages founded on accusations that (1) Friedman made investment recommendations to the customer that were not suitable and placed the customer in […]

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Investors Blame Wells Fargo For Bad Recommendations

November 03, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Robert Michael Henrici of Coral Springs Florida a stockbroker currently registered with Wells Fargo Clearing Services is the subject of a customer initiated investment related written complaint which settled for $20,000.00 on July 3, 2017 founded on accusations that Henrici placed an inappropriate insurance rider on the customer’s variable annuity. Financial Industry Regulatory Authority (FINRA) […]

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Regulators Nab Key Investment Services Broker For Elder Abuse

Christopher Michael Herrmann of Greenwood Indiana a stockbroker formerly registered with Key Investment Services has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable investment recommendations to Key Investment Services customers and concealed information […]

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Lincoln Financial Advisors Sued By Investors For Fraud

November 03, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Chadwick Kingsley Watson of Annapolis Maryland a stockbroker currently registered with Lincoln Financial Advisors Corporation is referenced in a customer initiated investment related arbitration claim in which the customer sought $500,000.00 in damages supported by allegations that (1) unsuitable investment transactions had been effected in the customer’s account and (2) there were inadequate disclosures made […]

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First Allied Blamed By Investors For Bad Tax Advice

October 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mark William Chamberlain of Chesterton Indiana a stockbroker currently employed by First Allied Securities Inc. is the subject of a customer initiated investment related complaint in which the customer requested $94,000.00 in damages founded on allegations that the customer was not provided information about the tax liability pertaining to the activation of a rider that […]

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Ameriprise Accused Of Bad Annuity Product Sales

Richard Paul Martin of Wappinger Falls New York a stockbroker currently registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related written complaint on August 23, 2017 where the customer sought $43,661.73 in damages based upon allegations that from June 2012 to August 2014, Martin sold the customer annuities that […]

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Investor Sues WFG Investments For Misrepresentation

Bert Allen Cooper of Peoria Arizona a stockbroker formerly employed by WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $50,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning direct participation program and limited partnership interest risks at the time […]

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Prospera Financial Broker Suspended For Bad Investment Advice

Wesley Justin Foltz of Alexandria Louisiana a stockbroker formerly employed by Prospera Financial Services Inc. has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Foltz lacked an adequation foundation to conclude that his variable annuity recommendations were suitable for […]

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TCM Blamed By Investor For Misrepresentation

Dean Robert Nowak of Winter Park Florida a stockbroker currently registered with Taylor Capital Management Inc. is referenced in a customer initiated investment related written complaint on September 11, 2018 in which the customer sought $6,000.00 in damages supported by accusations that (1) Nowak placed the customer in stocks and annuity investments that were not […]

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Wells Fargo Blamed By Investor For Misrepresentation

October 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Norman Paul Harres of Virginia Beach Virginia a stockbroker currently employed by Wells Fargo Clearing Services, LLC is the subject of a customer initiated investment related written complaint which settled for $62,199.32 on April 23, 2018 based upon accusations that Harres made false statements to the customer regarding the features on a variable annuity purchased […]

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NYLife Securities Accused Of Bad Insurance Sales

October 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christina Sevilla Camiling of Glendale California a stockbroker currently registered with NYLife Securities LLC is the subject of a customer initiated investment related written complaint which settled for $63,807.56 on December 12, 2017 founded on allegations that the customer was inappropriately placed in variable universal life insurance products and a variable annuity. Financial Industry Regulatory […]

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Bankers Life Blamed For Unauthorized Annuity Purchase

Kevin Paul Lemmon of Baton Rouge Louisiana a stockbroker currently registered with Bankers Life Securities Inc. is the subject of a customer initiated investment related written complaint on July 18, 2017 where the customer sought compensatory damages supported by accusations that Lemmon effected the unauthorized purchase of a fixed annuity. Financial Industry Regulatory Authority (FINRA) […]

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Investors Blame Larson Financial For Insurance Omissions

Anthony Joseph Ferrara of St. Louis Park Minnesota a stockbroker formerly employed by Larson Financial Securities LLC is referenced in a customer initiated investment related written complaint on July 18, 2017 in which the customer requested unspecified damages based upon accusations that (1) omissions had been made to the customer regarding a variable universal life […]

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FINRA Fines Signator Broker For Outside Business Activities

Sidney Joseph Dufresne Jr. of New Orleans Louisiana a stockbroker formerly registered with Signator Investors Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities. Letter of Acceptance Waiver and […]

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Valic Financial Broker Discharged For Forgery

Kyle Michael Marburger of Carmel Indiana a stockbroker formerly employed by Valic Financial Advisors Inc. has been discharged by the firm on December 27, 2016 founded on allegations that Marburger forged a customer’s signature on annuity documentation to establish an annuity contract. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that approximately one month before […]

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Investors Accuse Wells Fargo Of Misrepresentation

October 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Paul William Morse of New York New York a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint on July 18, 2017 where the customer sought damages estimated to exceed $5,000.00 supported by allegations that misrepresentations or false statements had been made to the customer […]

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Investors Accuse NYLife Of Annuity Misrepresentation

Gail Ann Kincannon of Austin Texas a stockbroker formerly registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint on July 30, 2018 in which the customer requested $39,388.32 in damages supported by accusations that Kincannon had misrepresented the holding period and fees pertaining to a variable annuity purchased by […]

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FINRA Fines Lincoln For Failure To Supervise Annuities

October 04, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lincoln Investment a brokerage firm with headquarters in Fort Washington Pennsylvania has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it failed to supervise the rates in which registered representatives made variable annuity exchanges. Letter of Acceptance Waiver and Consent No. 2017052410201 (Sept. 25, 2018). According […]

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NYLife Securities Suspends Broker For Failure To Respond

October 04, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Scott Alfredo Miozzi of New Windsor New York a stockbroker formerly registered with NYLife Securities LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that he failed to provide a response to FINRA’s request for his information. Case No. 2018058244001 (Aug. 23, 2018). FINRA […]

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MSI Financial Accused By Investors Of Fraud

October 04, 2018  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Mark Andrew Cramer of LaRue Ohio a stockbroker formerly registered with MSI Financial Services Inc. is the subject of a customer initiated investment related written complaint which was resolved for $456,990.00 on June 11, 2018 founded on allegations that (1) Cramer provided documentation containing forged customer signatures to an insurance company so that he could […]

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Raymond James Broker Terminated In Annuity Investigation

October 04, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Becky Sue Lynch (also known as Becky Lynch Benfer) of Hagerstown Maryland a stockbroker formerly registered with Raymond James Financial Services Inc. has been terminated by the firm on May 28, 2015 while under internal review of the suitability of transactions effected in Lynch’s customer’s annuity accounts. FINRA Public Disclosure reveals that this is not […]

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Investors Accuse BB&T Of Annuity Fraud

October 04, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Martin Ross McClure of Columbia South Carolina a stockbroker formerly employed by BBT Investment Services Inc. is the subject of a customer initiated investment related written complaint which settled for $24,479.01 on September 18, 2018 based upon allegations that McClure effected unsuitable trades in the customer’s variable annuity accounts by placing the customer’s principal at […]

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Cetera Sued By Investor For Annuity Fraud

Ira Gary Chernick of Woodbury New York a stockbroker currently employed by Cetera Advisors Networks LLC a is the subject of a customer initiated investment related complaint that was settled on December 8, 2017 to resolve allegations that Chernick placed the customer in an inappropriate variable annuity product and made misrepresentations about the product. Financial […]

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AXA Accused By Investors Of Misrepresentation

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jon Saul Yasner of Edison New Jersey a current AXA Advisors LLC registered representative is the subject of a customer initiated investment related written complaint on July 30, 2018 in which the customer sought $8,069.85 in damages supported by accusations that misrepresentations had been made to the customer concerning a rollover of the customer’s fixed […]

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Brokers International Accused By Investors Of Fraud

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Timothy Charles Mortellite of Lynnfield Massachusetts a stockbroker formerly registered with Brokers International Financial Services LLC is referenced in a customer initiated investment related written complaint on July 5, 2018 where the customer sought $26,359.00 in damages based upon accusations that Mortellite failed to explain the terms and conditions of investing in variable annuity products. […]

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CUSO Investors Complain About Variable Annuities

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jacqueline L. Hanson of Washington D.C., a stockbroker formerly employed by CUSO Financial Services L.P. is the subject of a customer initiated investment related written complaint on June 7, 2018 in which the customer sought $15,000.00 in damages based upon allegations that Hanson failed to inform the customer about the tax treatment and surrender penalties […]

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Foresters Financial Blamed For Bad Life Insurance Sale

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Hugo Enmanuel Espiritu of New York New York a stockbroker formerly registered with Foresters Financial Services Inc. is the subject of a customer initiated investment related written complaint which was settled on February 22, 2018 to resolve the customer’s accusations that Espiritu placed the customer in an inappropriate variable life insurance contract from September 18, […]

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LPL Financial Accused By Investors Of Fraud

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Marc Salvatore Pico of Fort Lee New Jersey a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related written complaint on July 3, 2018 in which the customer requested $21,843.55 in damages founded on allegations that omissions had been made to the customer concerning the terms of the variable […]

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FINRA Fines Securities America For Failure To Supervise

September 28, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Securities America Inc. a brokerage firm headquartered in La Vista, Nebraska, has been censured and fined $175,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations made by the registered representatives of the firm. Letter of Acceptance Waiver and Consent No. 2016048243101 (Sept. […]

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Investor Sues Nationwide For Annuity Fraud

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Sonnie Lee Lehman of Milford Pennsylvania a stockbroker currently registered with Nationwide Securities LLC is referenced in a customer initiated investment related civil action in which the customer sought $500,000.00 in damages founded on accusations that the customer’s fixed and variable annuity purchases were not suitable for the customer. Case No. 2200-2012-CIVIL (Aug. 6, 2015). […]

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Investors Accuse Merrill Lynch Of Annuity Fraud

Charles Paul Buland of Tulsa Oklahoma a stockbroker currently employed by Merrill Lynch Pierce Fenner and Smith Inc. is referenced in a customer initiated investment related written complaint which was resolved for $18,000.00 on August 21, 2018 supported by accusations that misrepresentations had been made to the customer between June of 2008 and August of […]

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Capital One Accused Of Providing Bad Investment Advice

September 28, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ion Valentin Cangea of New York New York a stockbroker formerly employed by Capital One Investing LLC is referenced in a customer initiated investment related written complaint on January 11, 2017 where the customer requested unspecified damages founded on allegations that the customer’s fixed annuity purchase was unsuitable given the customer’s age when the annuity […]

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Investors Accuse AXA Advisors Of Misrepresentation

September 27, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Henry Calvin McNeese of Alpharetta Georgia a former AXA Advisors LLC registered representative is referenced in a customer initiated investment related written complaint on September 13, 2017 where the customer sought unspecified damages founded on accusations that the customer’s variable universal life insurance policy had been misrepresented. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Investor Accuses SunTrust With Annuity Fraud

Leonardo Max Garcia of Coral Cables Florida a stockbroker formerly employed by SunTrust Investment Services Inc. is referenced in a customer initiated investment related complaint that was settled on August 28, 2018 for $17,875.00 in damages supported by accusations that (1) the customers were not provided information concerning the features and fees of variable annuity […]

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Thrivent Accused By Investor Of Annuity Misrepresentation

September 27, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Nathan Walter Wangerin of Denver Colorado a stockbroker currently employed by Thrivent Investment Management Inc. is referenced in a customer initiated investment related written complaint on September 8, 2017 in which the customer sought $23,119.95 in damages founded on allegations that Wangerin misrepresented the rider selected by the customer in connection with the purchase of […]

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Securities America Accused Of Misrepresentation

September 27, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Harry Paez of Russellville Arizona a stockbroker formerly registered with Securities America Inc. is the subject of a customer initiated investment related written complaint on March 1, 2016 where the customer sought $72,191.00 in damages founded on allegations that Paez misrepresented the tax consequences of a variable annuity purchased by the customer. Financial Industry Regulatory […]

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H Beck Accused By Investors of Bad Recommendations

Rodney Michael Dabbondanza of Rockville Maryland a stockbroker formerly registered with H. Beck Inc. is the subject of a customer initiated investment related written complaint on November 16, 2017 where the customer requested $15,000.00 in damages based upon accusations that Dabbondanza made recommendations for the customer to change variable annuity investments causing the customer to […]

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FINRA Bars LPL Stockbroker In Investigation

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Charla Cynthia Kabana of Huntington Beach California a stockbroker formerly employed by LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s investigation into her possible variable annuity sales practice violations. Letter of Acceptance […]

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FINRA Fines World Equity Group For Failure To Supervise

World Equity Group Inc. a brokerage firm headquartered in Arlington Heights Illinois has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) supported by accusations that the company failed to supervise its registered representatives’ variable annuities recommendations to ensure that they were suitable for customers in compliance with securities regulations and FINRA Rules. […]

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NYLife Accused By Investors Of Selling Bad Investments

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Richard A. Kruithoff of Las Vegas Nevada a stockbroker formerly registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint which settled for $113,434.00 on October 20, 2017 founded on accusations that the customers were inappropriately placed into variable universal life insurance policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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Investor Accuses Merrill Lynch Of Misrepresentation

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Tyra Nelson Ellison of Farmington Connecticut a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on October 12, 2017 in which the customer requested unspecified damages founded on allegations that (1) misrepresentations and omissions had been made to the customer in September […]

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AXA Accused By Investor Of Annuity Misrepresentation

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Patrick R. McEvoy of New York New York a stockbroker currently employed by AXA Advisors LLC is the subject of a customer initiated investment related written complaint on May 29, 2018 in which the customer sought $5,654.91 in damages based upon accusations that (1) misrepresentations had been made to the customer concerning a variable annuity […]

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Investor Blames Hornor Townsend For Unauthorized Trading

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Clay Gavin Erickson of Salt Lake City Utah a stockbroker formerly employed by Hornor Townsend Kent Inc. is referenced in a customer initiated investment related written complaint which settled for $13,006.40 on March 12, 2018 based upon allegations that the customer’s assets were allocated in sub-accounts of a variable annuity without the customer’s knowledge. Financial […]

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National Planning Accused By Investor Of Misrepresentation

Jack Michael Hartnell of Mount Lebanon Pennsylvania a stockbroker formerly registered with National Planning Corporation is the subject of a customer initiated investment related written complaint on October 31, 2017 where the customer requested $26,204.00 in damages supported by allegations of suitability and misrepresentation concerning the customer’s investment in a variable annuity. Financial Industry Regulatory […]

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MSI Accused By Investor Of Poor Advice

Prentice Valiant Chevalier Jr. of Wall Township New Jersey a stockbroker formerly employed by MSI Financial Services Inc. is the subject of a customer initiated investment related written complaint on October 25, 2017 where the customer sought damages estimated to exceed $5,000.00 based upon accusations that Chevalier inappropriately advised the customer to apply variable annuity […]

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Ameriprise Accused Of Annuity Fraud

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Louis Lanzalotto of Downingtown Pennsylvania a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on October 9, 2017 in which the customer requested $17,486.86 in damages based upon accusations that misrepresentations had been made to the customer in July 2017 concerning a variable annuity purchased […]

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Investors Sue UBS For Misrepresentation

Michael Patrick Roche of Grand Blanc Michigan a stockbroker currently employed by UBS Financial Services Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested up to $499,000.00 in damages founded on accusations that (1) misrepresentations had been made to the customer concerning a variable annuity and (2) annuity […]

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SunTrust Accused By Investor Of Unauthorized Purchases

Stephen Andrew Kelly of Gainesville Georgia a stockbroker currently registered with SunTrust Investment Services Inc. is referenced in a customer initiated investment related written complaint on November 7, 2017 where the customer sought $6,140.00 in damages founded on accusations that Kelly was placed in a fixed annuity without the customer’s grant of authorization. Financial Industry […]

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Investor Sues National Planning For Misrepresentation

August 25, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Gary Stephen Radler of West Hartford Connecticut a stockbroker formerly employed by National Planning Corporation is referenced in a customer initiated investment related civil action which was resolved for $272,000.00 in damages supported by accusations that misrepresentations had been made to the customers concerning the collateralization and other terms and conditions of life insurance policies […]

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Investors Accuse Invest Financial Of Fraud

August 25, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Robert Charles Mulcahy of Invest Financial Corporation a customer initiated investment related complaint involving Mulcahy’s conduct was settled on July 27, 2015 for $15,681.33 in damages supported by accusations that Mulcahy failed to deliver the annuity contract to the customer or discuss the fees that the customer would be charged at the time that the […]

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IMS Securities Accused By Investors Of Fraud

Nghi Thanh Ho of Houston Texas a stockbroker formerly registered with IMS Securities Inc. is referenced in a customer initiated investment related written complaint on February 13, 2017 where the customer sought $175,400.00 in damages based upon accusations that misrepresentations had been made to the customer concerning investments in a variable annuity. Financial Industry Regulatory […]

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Investors Sue New England Securities For Annuity Fraud

August 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Brian Charles McGeehan of Newtown Square Pennsylvania a stockbroker formerly employed by New England Securities is the subject of a customer initiated investment related written complaint on June 4, 2018 where the customer requested damages estimated to exceed $5,000.00 based upon allegations that McGeehan made unsuitable investment recommendations to the customer concerning a variable life […]

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Signator Accused By Investors Of Unauthorized Trading

August 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Judith Ann Tengler of Broadview Heights Ohio a stockbroker formerly registered with Signator Investors Inc. is referenced in a customer initiated investment related written complaint that was settled on March 1, 2017 to resolve allegations that Tengler effected trades in the customer’s variable annuity account without procuring the customer’s authorization. Financial Industry Regulatory Authority (FINRA) […]

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Investors Accuse Edward Jones Of Annuity Fraud

Charles James Mazac of Bastrop Texas a stockbroker formerly registered with Edward Jones is referenced in a customer initiated investment related written complaint on June 18, 2018 in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that Mazac inappropriately made investment recommendations to the customer concerning a Lincoln National Life Insurance […]

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Investors Sue Wells Fargo For Excessive Fees

Dylan Thomas Spadt of Hellertown Pennsylvania a stockbroker currently registered with Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint on August 26, 2017 where the customer sought $14,900.00 in damages based upon accusations that between January 1, 2013 and August 26, 2017, Spadt allocated the customer’s variable […]

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Customer Accuses Merrill Lynch Of Annuity Misrepresentation

Joel Lansat of Palm Beach Gardens Florida a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on December 4, 2017 where the customer sought unspecified damages supported by allegations that misrepresentations had been made to the customer on variable annuity documentation at the […]

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Customer Sues Merrill Lynch For Annuity Scheme

August 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Stephen Lee Wolferman of Montvale New Jersey a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages supported by allegations that between 2010 and 2016, the customer was placed in annuities that were not suitable for […]

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Geneos Wealth Management Sued For Mutual Fund Fraud

August 13, 2018  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Michael John Osland of Scottsdale Arizona a stockbroker currently employed by Geneos Wealth Management Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $350,000.00 in damages founded on allegations that between 2008 and 2017, Osland made investment recommendations that were not suitable concerning (1) real estate securities (2) […]

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Customer Accuses SII Investments Of Suitability

August 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Donald Eugene Baxter of Wichita Kansas a stockbroker formerly registered with SII Investments Inc. is referenced in a customer initiated investment related written complaint which was resolved for $23,726.63 on May 31, 2017 based upon allegations that Baxter was placed into a variable annuity that was not suitable for the customer. Financial Industry Regulatory Authority […]

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Investors Capital Customer Alleges Annuity Fraud

August 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Frank William Libardoni Jr. of Salem Massachusetts a stockbroker formerly registered with Investors Capital Corp. is referenced in a customer initiated investment related written complaint on December 1, 2017 where the customer sought damages estimated to exceed $5,000.00 founded on allegations that Libardoni was placed in a variable annuity in 2015 that was not suitable […]

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Customer Accuses Wells Fargo Of Annuity Misrepresentation

Patrick John Ratz of Oakhurst New Jersey a stockbroker formerly employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which settled for $15,500.00 in damages on March 2, 2018 based upon allegations that misrepresentations had been made to the customer concerning modifications to the customer’s portfolios within […]

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Allegis Broker Fired For Violating Company Policy

August 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Todd Eugene Seeholzer of North Logan Utah a former Allegis Investment Services LLC registered representative has been discharged by the firm on December 13, 2017 founded on accusations that Seeholzer failed to abide by the firm’s policies and procedures. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Seeholzer has been identified in three customer […]

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Investors Accuse Hilltop Securities Of Annuity Fraud

July 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kyle Robert Franklin of Roseville California a stockbroker currently registered with Hilltop Securities Inc. is referenced in a customer initiated investment related written complaint on April 10, 2018 in which the customer sought at least $5,000.00 in damages supported by allegations that the customer was inappropriately advised to reallocate variable annuity positions, resulting in the […]

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LPL Financial Accused Of Variable Annuity Fraud

July 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Steven Glenn Crawford of Glen Allen Virginia a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related written complaint on August 18, 2017 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that the customer was placed in a variable annuity between June 12, 2016 and […]

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Centaurus Sued By Customer For Annuity Fraud

July 31, 2018  |   Posted by :   |   Annuity Schemes, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Marc Frederick Korsch of Sarasota Florida a stockbroker currently employed by Centaurus Financial Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $55,000.00 in damages founded on accusations that (1) fixed annuity fees and surrender penalties were not reasonably explained to the customer and (2) recommendations to switch the […]

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Customer Accuses NYLife Of Annuity Misconduct

July 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Michael Webb of San Antonio Texas a stockbroker currently registered with NYLife Securities LLC is the subject of a customer initiated investment related written complaint which settled on June 8, 2018 to resolve allegations that the customer was advised to utilize the customer’s American Equities funds for the purchase of a variable annuity that […]

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Customer Accuses Raymond James Of Misrepresentation

July 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Daryl F. Devillier of Springfield Massachusetts a stockbroker formerly registered with Raymond James Associates Inc. is the subject of a customer initiated investment related written complaint on February 16, 2016 where the customer sought $78,192.96 in damages based upon accusations of misrepresentation in regard to the customer’s variable annuity investment. Financial Industry Regulatory Authority (FINRA) […]

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Wells Fargo Accused By Customer Of Annuity Fraud

July 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

John Barry Jenkins of Memphis Tennessee a stockbroker currently registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on April 30, 2018 where the customer sought damages estimated to exceed $5,000.00 supported by allegations that omissions had been made to the customer concerning the terms of the […]

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Royal Alliance Fined By FINRA For Failure To Supervise

Royal Alliance Associates Inc. a brokerage firm headquartered in New York New York has been censured and fined $350,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it (1) failed to supervise and train its registered representatives regarding their multi-share class variable annuity sales and (2) ineffectively supervised the […]

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Purshe Kaplan Sued By Customer For Fraud

Jason R. Watson of Philadelphia Pennsylvania a registered representative of Purshe Kaplan Sterling Investments is referenced in a customer initiated investment related arbitration claim that was resolved for $20,000.00 in damages supported by allegations that (1) fiduciary obligations to the customer had been breached and (2) the terms and conditions of a fixed indexed annuity […]

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Investors Sue Centaurus Financial For Annuity Fraud

July 16, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ralph Quintana II of Upland California a stockbroker currently registered with Centaurus Financial Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $143,775.00 in damages based upon allegations that the customer was (1) not provided adequate information regarding surrender penalties and fees relating to a variable annuity and […]

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Investors File Signator Annuity Fraud Complaints

July 16, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Marlowe Jr. of Williamsville New York a stockbroker currently registered with Signator Investors Inc. is the subject of a customer initiated investment related written complaint on April 2, 2018 in which $5,000.00 in damages was requested based upon allegations that the customer was placed in a single premium immediate annuity that was not suitable […]

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Customer Accuses Northwestern Mutual Of Annuity Fraud

July 16, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Amy Marie Jamrog of Holyoke Massachusetts a stockbroker currently registered with Northwestern Mutual Investment Services LLC is the subject of a customer initiated investment related written complaint on March 29, 2018 in which the customer requested $82,000.00 in damages supported by accusations that Jamrog inappropriately recommended for the customer to liquidate stock positions and subsequently […]

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FINRA Fines JP Morgan Broker For Annuity Misrepresentation

July 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Xavier Patino a stockbroker formerly employed by J.P. Morgan Securities LLC has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misleading and false statements to a customer concerning a variable annuity. Letter of Acceptance Waiver […]

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USA Financial Securities Accused Of Misrepresentation

July 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Bradley Scott Ford of Evansville Indiana a stockbroker currently registered with USA Financial Securities Corporation is referenced in a customer initiated investment related written complaint on April 4, 2018 in which the customer alleged that Ford failed to accurately represent the terms and conditions of fixed indexed annuities resulting in customers incorrectly concluding that their […]

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UBS Financial Accused Of Misleading Customer

July 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Martin Joseph Hare of Oakbrook Illinois a stockbroker formerly registered with UBS Financial Services Inc. is the subject of a customer initiated investment related written complaint on April 6, 2018 where the customer sought more than $5,000.00 in damages based upon allegations that between January 27, 2017 and March 16, 2018, Hare was poorly advised […]

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LPL Broker Sanctioned For Bad Annuity Sales

July 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Eric Sikes of Boca Raton Florida a stockbroker formerly registered with LPL Financial LLC has been fined $10,000.00 by the Florida Office of Financial Regulation and ordered to cease and desist committing violations of Florida Securities and Investor Protection Act based upon Sikes’ consent to findings that he (1) failed to conduct adequate due diligence […]

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Allstate Accused Of Annuity Omissions

June 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey Michael Stillwell of Freehold New Jersey a stockbroker formerly employed by Allstate Financial Services, LLC is referenced in a customer initiated investment related written complaint on January 17, 2018 where the customer requested $149,271.00 in damages supported by accusations that Stillwell supposedly failed to inform the customer that the customer’s variable annuity income riders […]

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Morgan Stanley Accused Of Annuity Misconduct

June 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Vincent Michael Magee of Marco Island Florida a stockbroker formerly employed by Morgan Stanley is referenced in a customer initiated investment related written complaint on January 18, 2018 where the customer alleged that on August 18, 2017, a variable annuity purchase had been effected without the customer’s consent. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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Invest Financial Named In Annuity Fraud Claim

Eric Todd Stuckey of Suwanee Georgia a stockbroker currently employed by Invest Financial Corporation is the subject of a customer initiated investment related arbitration claim where the customer requested $220,000.00 in damages founded on accusations that Stuckey (1) made misrepresentations to the customer concerning the terms and risks of variable annuity investments and (2) made […]

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Stockbroker Fired For Falsifying Customer Information

June 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Taj Zachary Rohr of Parkersburg West Virginia a stockbroker currently registered with BB&T Investment Services Inc. has been discharged from the firm on June 29, 2017 supported by accusations that Rohr furnished false details to the firm concerning a customer’s source of funds utilized to purchase annuities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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NYLife Sued Annuity Fraud

June 30, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Weisheng Wang (also known as Weisheng Wilson) of Warren New Jersey a stockbroker formerly registered with NYLife Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $1,132,800.00 in damages founded on allegations that the customer was induced to purchase a variable life insurance policy based on […]

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FINRA Fines PFS Stockbroker For Bad Annuity Practices

June 25, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Donald Lane Preston of Worthington Ohio a stockbroker formerly registered with PFS Investments Inc. has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Preston made unsuitable investment recommendations to customers and false statements to his employer. […]

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Transamerica Accused Of Annuity Fraud

June 25, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christopher John Jacob of Town and Country Missouri a stockbroker formerly registered with Transamerica Financial Advisors Inc. is referenced in a customer initiated investment related written complaint which was settled for $62,500.00 in damages on August 22, 2017 based upon accusations that Jacob was placed into variable annuities that were not appropriate for the customer. […]

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PNC Investments Sued For Annuity Fraud

June 25, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey Alan Nedley of Washington Pennsylvania a stockbroker formerly employed by PNC Investments is the subject of a customer initiated investment related arbitration claim where the customer sought $5,000,000.00 in damages based upon allegations that unsuitable investment recommendations had been made to the customer concerning variable and fixed annuities. FINRA Arbitration No. 16-02420 (Sept. 1, […]

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NYLife Accused By Customer Of Annuity Fraud

June 25, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Grover Vance Hinebaugh Jr. of Lady Lake Florida a stockbroker currently employed by NYLife Securities LLC is the subject of a customer initiated investment related complaint on January 12, 2018 in which the customer requested $19,369.85 in damages based upon allegations that the customer was inappropriately advised to liquidate bond investments and buy a variable […]

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Bad Breeding Inspires Insurance Misrepresentation Claim

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Bruce Edward Breeding of Malvern Pennsylvania a stockbroker formerly registered with Principal Securities Inc. is the subject of a customer initiated investment related written complaint on February 16, 2018 in which the customer requested $25,000.00 in damages based upon allegations that misrepresentations had been made concerning a variable universal life insurance policy purchased by the […]

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Lincoln Stockbroker Barred By FINRA For Non-Disclosure

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Wayne Earl Cooksey of Jacksonville Florida a stockbroker formerly employed by Lincoln Financial Advisors Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to honor FINRA’s request for his information. Case No. 2017054598201 (Nov. 13, 2017). FINRA Public Disclosure […]

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Regulator Investigates MML Broker For Annuity Suitability

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Milton Lyman Knowlton of Memphis Tennessee a stockbroker currently registered with MML Investors Servcies LLC is the subject of a Tennessee Department of Commerce and Insurance investigation launched on February 6, 2018 concerning allegations that Knowlton effected an unsuitable replacement of a customer’s annuity policy. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on […]

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Hindering Huntington Broker Barred In Investigation

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ellen Vratoric of Glassport Pennsylvania a stockbroker formerly employed by The Huntington Investment Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that Vratoric failed to testify in a FINRA investigation into accusations of her violative […]

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Customer Blames MSI Financial Services For Omissions

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey Paul Weiner of Elmsford New York a stockbroker formerly employed by MSI Financial Services Inc. is referenced in a customer initiated investment related written complaint on February 15, 2018 in which the customer alleged that premium payment requirements were not communicated to the customer concerning a variable life insurance policy. Financial Industry Regulatory Authority […]

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Sagepoint Broker Fired For Failure To Disclose Misconduct

June 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Tyler Gene Harrelson of Fort Meyers Florida a stockbroker employed by Sagepoint Financial Inc. has been discharged by the firm on February 26, 2018 founded on accusations that Harrelson failed to make required disclosures to the firm concerning his alleged misconduct. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Harrelson is referenced in three […]

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FINRA Arbitration Lawyers Sue Merrill Lynch For Annuity Scam

June 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Tahesin Hussein Somji of Fort Worth Texas a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on February 23, 2018 where the customer requested unspecified damages supported by allegations including unsuitable investment recommendations and misrepresentation between 2008 and 2018 in regard to […]

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Key Investment Services Accused Of Misrepresentation

June 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Scott Hayes of Burlington Vermont a stockbroker formerly employed by Key Investment Services LLC is referenced in a customer initiated investment related written complaint on March 10, 2016 where the customer sought $10,093.70 in damages founded on accusations that misrepresentations had been made to the customer concerning Forethought Life SecureForce Fixed Annuity and Commonwealth […]

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National Planning Corp Sued For Breach Of Fiduciary Duty

Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by National Planning Corporation is referenced in a customer initiated investment related arbitration claim where the customer sought $94,352.90 in damages founded on accusations including (1) breach of fiduciary (2) negligence (3) suitability (4) violation of Texas Securities Act and (5) violation of FINRA rules […]

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Key Investment Services Accused Of Misrepresentation

May 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew I. Levine of Middleburg Heights Ohio a stockbroker currently registered with Key Investment Services LLC is referenced in a customer initiated investment related written complaint on April 10, 2018 in which the customer requested $10,000.00 in damages founded on allegations that misrepresentations had been made to the customer concerning Pacific Life Discovery Xelerator IUL […]

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Ameritas Discharges Broker For Unauthorized Transaction

May 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Frank Vetere of Matawan New Jersey a stockbroker formerly registered with Ameritas Investment Corp. has been discharged by the firm on March 18, 2016 supported by accusations that Vetere (1) failed to appropriately disclose a customer’s source of funds used for purchasing a variable annuity (2) failed to be forthcoming to the firm in […]

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Wells Fargo Sued By Customer For Annuity Suitability

May 31, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Cara Michelle Paynter of Foothill Ranch California a stockbroker currently employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $150,000.00 in damages founded on accusations that Paynter poorly advised the customer regarding transactions executed in the customer’s variable annuity account. Financial Industry […]

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Lincoln Financial Stockbroker Terminated For Cause

May 31, 2018  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Kevin Ung of Virginia Beach Virginia a stockbroker formerly employed by Lincoln Financial Securities Corporation has been discharged by the firm on February 9, 2018 based upon accusations that Ung violated the firm’s policies by altering customer account documentation wherein Ung placed an unauthentic customer signature on a variable universal life insurance form. Financial Industry […]

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FINRA Bars Navy Federal Stockbroker For Fraud

May 29, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jonathan George Sweeney of San Diego California a stockbroker formerly employed by Navy Federal Brokerage Services, LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Sweeney (1) committed securities fraud (2) made investment recommendations that were not suitable for customers and […]

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SII Accused By Customer Of Annuity Misrepresentation

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Joel Howard Weber of Saint Cloud Minnesota a stockbroker formerly registered with SII Investments, Inc. is the subject of a customer initiated investment related written complaint on April 2, 2018 where the customer requested $69,220.00 in damages based upon accusations that misrepresentations had been made to the customer concerning a variable annuity income benefit. Financial […]

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Customer Accuses NYLife Securities Of Fraud

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Karley Carto of Johnston Rhode Island a former registered representative of NYLife Securities LLC is referenced in a customer initiated investment related written complaint on March 19, 2018 where the customer requested $62,370.00 in damages supported by allegations that the customer was misled in regard to two variable annuities that the customer was placed in. […]

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FINRA Fines Fifth Third Securities For Failure To Supervise

Fifth Third Securities Inc. a brokerage firm headquartered in Cincinnati Ohio has been censured and fined $4,000,000.00 by Financial Industry Regulatory Authority (FINRA) founded on the firm’s consent to findings that it (1) made misstatements and omissions in the course of effecting variable annuity business (2) effected variable annuity exchanges that were not suitable for […]

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MML Accused By Customer Of Misrepresentation

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Craig Sundberg of Lincoln Nebraska a MML Investors Services LLC registered representative is the subject of a customer initiated investment related written complaint on March 15, 2018 in which the customer sought damages estimated to exceed $5,000.00 founded on accusations that Sundberg misrepresented the tax liability that the customer would be exposed to in […]

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Ameriprise Accused By Customer Of Fraud

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gregory Alan Fulcher of Gonzales Louisiana a stockbroker currently employed by Ameriprise Financial Services Inc. is the subject of a customer initiated investment related written complaint on November 2, 2016 where the customer sought $15,745.13 in damages supported by allegations that (1) the customer was inappropriately guided to the purchase of a variable annuity (2) […]

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FSC Securities Accused Of Variable Annuity Fraud

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Eric Lloyd Vogen of Davidson North Carolina a stockbroker currently registered with FSC Securities Corporation is the subject of a customer initiated investment related written complaint which was resolved on March 20, 2017 for $15,000.00 in damages supported by allegations that the customer was not provided information about income benefit provisions on a variable annuity. […]

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MML Stockbroker Investigated By Florida Regulator

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Oscar Francis of Fort Lauderdale Florida a stockbroker formerly registered with MML Investors Services, LLC is referenced in a Florida Department of Financial Services investigation that was launched on October 23, 2017 concerning the circumstances surrounding Francis’ termination from MML Investor Services. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Francis was terminated from […]

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Customer Accuses Edward Jones Annuity Fraud

May 17, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Juan Marcano of Marysville Ohio a stockbroker formerly employed by Edward Jones is the subject of a customer initiated investment related written complaint on September 14, 2016 in which the customer sought more than $5,000.00 in estimated damages based upon allegations that Marcano made unsuitable investment recommendations to the customer concerning a Protective Dimensions variable […]

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Customer Accuses Merrill Lynch Of Unsuitable Recommendations

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Glenn Smith Feldman of Hartford Connecticut a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on October 28, 2016 where the customer alleged that unsuitable investment recommendations had been made concerning variable annuity products. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally […]

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FINRA Censures JH Darbie For Failure To Supervise

J.H. Darbie Co. Inc. a brokerage firm headquartered in New York New York has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations of variable annuities made by one of the firm’s registered representatives. Letter of Acceptance Waiver and Consent No. […]

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ProEquities Accused Of Annuity Fraud

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mandie Josephine Peters of Calverton Maryland a stockbroker formerly registered with ProEquities Inc. is the subject of a customer initiated investment related written complaint on October 21, 2016 in which the customer requested $75,000.00 in damages supported by allegations that Peters (1) made unsuitable investment recommendations to the customer concerning the liquidation of the customer’s […]

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Merrill Lynch Accused Of Annuity Fraud

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jennifer S. Yoon of Glendale California a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related complaint which was resolved for $75,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning a variable annuity guaranteed income rider. FINRA Public Disclosure […]

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MSI Financial Accused of Unsuitable Recommendations

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Robert Phillip DiBella of Melbourne Florida a stockbroker formerly registered with MSI Financial Services Inc. is the subject of a customer initiated investment related written complaint on October 28, 2016 where the customer alleged that DiBella inappropriately advised the customer to buy an equity indexed annuity. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that […]

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Parkland Securities Sued For Breach Of Fiduciary Duty

April 27, 2018  |   Posted by :   |   Annuity Schemes, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Steven Eugene Love of Terre Haute Indiana a stockbroker currently registered with Parkland Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages based upon accusations that fiduciary duties owed to the customer had been breached and omissions and misrepresentations had been made to […]

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Invest Financial Accused Of Annuity Fraud

April 18, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Robert Paul Furrevig of Lanoka Harbor New Jersey is a stockbroker formerly registered with Invest Financial Corporation who is the subject of a customer initiated investment related complaint in which the customer requested $55,577.27 in damages based upon allegations that Furrevig had misrepresented the terms and conditions of a variable annuity. Financial Industry Regulatory Authority […]

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JH Darbie Broker Fined For Misleading Advertisements

April 18, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Wolf Alexander Popper of New York New York is a registered representative of J.H. Darbie and Co. Inc. and president of Wolf A. Popper Inc. who has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misleading statements […]

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Key Investment Services Accused Of Misrepresentation

April 18, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Chyrl Larbes of Bethel Ohio is a registered representative with Key Investment Services LLC who is the subject of a customer initiated investment related written complaint which settled for $13,135.52 in damages on January 18, 2017 based upon accusations that misrepresentations had been made to the customer by Larbes concerning a fixed annuity issued by […]

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SunTrust Accused By Customer Of Annuity Suitability

Gary Craig Crenshaw of Raleigh North Carolina is a stockbroker currently registered with SunTrust Investment Services Inc. who is the subject of a customer initiated investment related complaint where the customer sought $15,067.00 in damages based upon accusations that a variable annuity was inappropriately sold to the customer during the time that the customer had […]

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Customer Sues Wells Fargo Of Annuity Fraud

April 18, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Scott Richard Edgemont of Rye New York a stockbroker currently registered with Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related civil action brought in the Supreme Court of the State of New York which has been settled to resolve accusations that Edgemont placed transactions in the customer’s account that […]

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Park Avenue Securities Censured For Failure To Supervise

Park Avenue Securities is a brokerage firm headquartered in New York New York which has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its annuities operations to ensure that registered representatives made recommendations of annuities in compliance with securities laws […]

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Customer Accuses Ameriprise Of Misrepresentation

Mark Allen Barrand of Lone Tree Colorado is a stockbroker currently registered with Ameriprise Financial Services, Inc. who is the subject of a customer initiated investment related written complaint on January 11, 2018 in which the customer requested $138,500.00 in damages supported by allegations that Barrand made misrepresentations to the customer concerning the terms of […]

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AXA Accused By Customer Of Annuity Fraud

April 08, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jason Chi-Wei Fu of Flushing New York is a stockbroker currently registered with AXA Advisors, LLC who is the subject of a customer initiated investment related written complaint on February 19, 2018 where the customer alleged that Fu (1) failed to inform the customer about the terms and conditions of investing in variable annuities and […]

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Customer Sues Wells Fargo For Annuity Misrepresentation

April 08, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mary Janice Stockinger of Lenoir North Carolina is a stockbroker currently registered with Wells Fargo Advisors LLC who is the subject of a customer initiated investment related arbitration claim which settled for $20,000.00 in damages founded on accusations that Stockinger made misrepresentations to the customer concerning a fixed annuity by claiming that it would provide […]

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Holloway President Charged With Annuity Fraud

April 08, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Frederick David Holloway of Easton Maryland is the president and chief compliance officer of Holloway & Associates Inc. who has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he made unsuitable investment recommendations to customers concerning variable annuities. Department of Enforcement v. Frederick David Holloway No. 2016050025401 (Apr. 2, 2018). […]

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Customer Sues Transamerica For Misrepresentation

April 06, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Stephanie Devan Abee of Raleigh North Carolina is a stockbroker formerly registered with Transamerica Financial Advisors Inc. who is the subject of a customer initiated investment related arbitration claim that settled for $250,000.00 in damages based upon allegations that Abee (1) made misrepresentations to the customer concerning the features and risks of mutual fund and […]

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Customer Accuses UBS Of Variable Annuity Suitability

April 05, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Isidro Z. Miramontes of Brea California is a stockbroker formerly registered with UBS Financial Services Inc. who is the subject of a customer initiated investment related written complaint on June 9, 2016 where the customer requested more than $5,000.00 in damages based upon accusations that the customer was placed into variable annuities that were not […]

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Customer Sues Waddell Reed For Annuity Suitability

March 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Chun Mei Zhu of Bellingham Washington is a stockbroker currently registered with Waddell & Reed who is the subject of a customer initiated investment related arbitration claim where the customer sought $50,000.00 in damages supported by accusations that Zhu made unsuitable investment recommendations to the customer concerning the use of the customer’s 401(k) funds to […]

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FINRA Bars Pruco Securities Stockbroker

Patrick Hugh Dowd of Jacksonville Florida is a stockbroker formerly registered with Pruco Securities LLC who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to provide FINRA with information about Dowd’s business activities. FINRA Case No. 2016050861701 (Mar. 27, 2017). FINRA […]

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Edward Jones Accused Of Annuity Misrepresentation

March 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Lisa Kristine Rodriguez of Oroville California is a stockbroker currently registered with Edward Jones who is the subject of a customer initiated investment related written complaint on January 31, 2017 in which the customer sought more than $5,000.00 in damages supported by accusations that Rodriguez made misrepresentations to the customer concerning an AIG Polaris Platinum […]

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Customer Accuses Invest Financial Of Misrepresentation

March 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kyle Gene Edsall of Phoenix Arizona is a stockbroker formerly registered with Invest Financial Corporation who is the subject of a customer initiated investment related written complaint on December 27, 2016 in which the customer requested $20,000.00 in damages based upon allegations that Edsall made misrepresentations to the customer concerning fixed and variable annuity products. […]

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FINRA Revokes Registration Of Cambridge Stockbroker

March 22, 2018  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Steven Michael Wisniewski of Phoenixville Pennsylvania is a stockbroker formerly registered with Cambridge Investment Research, Inc. whose securities registration has been revoked by Financial Industry Regulatory Authority (FINRA) supported by allegations that Wisniewski failed to pay a fine to FINRA in connection with a disciplinary action in which he was found to have committed conduct […]

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Customer Sues Deutsche Bank For Misrepresentation

March 22, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kevin Michael McCluskey of Palm Beach Florida is a stockbroker formerly registered with Deutsche Bank Securities Inc. who is the subject of a customer initiated investment related arbitration claim which settled for $25,000.00 in damages founded on allegations that misrepresentations had been made to the customer concerning a certificate of deposit sale and fixed annuity […]

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GF Investment Services Sued For Fraud

March 22, 2018  |   Posted by :   |   Annuity Schemes, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Christopher Mark Justino of Parsippany New Jersey is a stockbroker formerly registered with G.F. Investment Services LLC who is the subject of a customer initiated investment related arbitration claim in which the customer requested $350,000.00 in damages based upon allegations that (1) the customer’s investment application had been fraudulently prepared and (2) the customer’s asset […]

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Customer Accuses Cetera Of Breach Of Fiduciary Duty

March 22, 2018  |   Posted by :   |   Annuity Schemes, Elder Abuse, Stockbroker Fraud News   |   0 Comments

Arlo Jean Stoll of Salem Oregon is a stockbroker currently registered with Cetera Advisors LLC who is the subject of a customer initiated investment related written complaint on December 28, 2016 in which the customer requested $76,778.00 in damages founded on allegations of breach of fiduciary duty, negligence, and suitability relating to the customer’s direct […]

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Edward Jones May or May Not Be Accused of Misrepresentation

March 16, 2018  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Andrew Michael May of State College Pennsylvania is a stockbroker currently employed by Edward Jones who is the subject of a customer initiated investment related written complaint, which settled on May 22, 2017 for $7,257.38 in damages founded on accusations that May made misrepresentations to the customer concerning the tax liability pertaining to the customer’s […]

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MetLife Representative Accused Of Misrepresentation

March 16, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Todd Glucksman of Ocala Florida is a former registered representative of MetLife Securities Inc. who is the subject of a customer initiated investment related written complaint on July 11, 2016 in which the customer alleged that Glucksman induced the customer’s variable annuity purchase by making misrepresentations. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Customer Accuses NYLife Of Unsuitable Recommendations

March 16, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kristopher Chesley Whitney of San Antonio Texas is a stockbroker formerly registered with NYLife Securities LLC who is the subject of a customer initiated investment related written complaint, which settled on April 1, 2016 for $18,699.81 in damages founded on allegations that Whitney made unsuitable investment recommendations to the customer concerning a variable annuity. Financial […]

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Customer Accuses LPL Financial Of Misrepresentation

March 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David J Harrison of Allison Park Pennsylvania is a stockbroker formerly registered with LPL Financial LLC who is the subject of a customer initiated investment related written complaint on October 5 2017 where the customer requested an estimated five thousand dollars in damages supported by accusations of misrepresentation relating to a variable annuity that the […]

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Insurance Commissioner Fines Investment Planners Broker

March 11, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Anthony Jump of Somonauk Illinois is a stockbroker formerly registered with Investment Planners Inc. who has been fined by the State of Wisconsin Office of the Commissioner of Insurance based upon consenting to findings that he failed to make required disclosures to the Commissioner relating to an administrative action that Jump was the subject […]

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Customer Accuses Summit Brokerage Of Omissions

March 11, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey Donald Poosch of Fort Gratiot Michigan is a stockbroker currently registered with Summit Brokerage Services who is the subject of a customer initiated investment related written complaint on December 12 2016 where the customer alleged that the penalties for cancelling a variable annuity had never been disclosed to the customer. Financial Industry Regulatory Authority […]

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Customer Accuses LPL Financial Of Annuity Suitability

March 07, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Joshua Lee Bradley of Scranton Pennsylvania is a former stockbroker of LPL Financial LLC who is the subject of a customer initiated investment related complaint which settled on September 21 2016 for twenty-three thousand one hundred fourteen dollars in damages founded on allegations that Bradley effected the purchase of a variable annuity that was not […]

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Citigroup Terminates Stockbroker During Investigation

March 07, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Scott David Shapiro of New York New York is a stockbroker formerly employed with Citigroup Global Markets who has been terminated on April 8 2016 supported by allegations that he was under internal investigation for his potential mishandling of customer account documentation. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Shapiro has been referenced […]

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FINRA Fines GWN For Failure To Supervise UIT Discounts

GWN Securities Inc. is a brokerage firm headquartered in Palm Beach Gardens Florida that has been censured and fined one hundred thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its unit investment trust business to ensure that customers were provided with discounts when eligible […]

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Ameriprise Terminates Broker For Outside Activities

March 07, 2018  |   Posted by :   |   Annuity Schemes, Customer Loans, Stockbroker Fraud News   |   0 Comments

Corey Lee Mireau of Eden Prairie Minnesota is a stockbroker formerly registered with Ameriprise Financial Services Inc. who has been terminated from employment on September 15 2017 based upon allegations that he potentially violated the firm’s policies concerning outside business activities and customer loan arrangements. Mireau reportedly resigned while under the firm’s suspension. Financial Industry […]

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Customer Accuses GF Investment Services Of Suitability

March 07, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christopher Grant Conness of Fort Lauderdale Florida is a stockbroker formerly registered with GF Investment Services LLC who is the subject of a customer initiated investment related written complaint on December 7 2016 in which the customer sought an estimated five thousand dollars in damages based upon accusations that Conness effected annuity and real estate […]

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NYLife Securities Accused Of Misleading Customer

March 07, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kenneth Wayne Bailey of Abingdon Virginia is a former NYLife Securities LLC registered representative who is the subject of a customer initiated investment related written complaint on December 1 2016 in which the customer sought damages estimated to exceed five thousand dollars supported by allegations that the customer was misled concerning his replacement of variable […]

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OneAmerica Securities Accused Of Misrepresentation

March 07, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Joe Ondo Jr. of San Pedro California is a stockbroker currently registered with OneAmerica Securities Inc. who is the subject of a customer initiated investment related written complaint on June 13 2016 in which the customer sought seven thousand one hundred eighty-nine dollars in damages supported by accusations that Ondo made misrepresentations to the […]

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LPL Stockbroker Charged With Falsifying Documents

February 20, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Brent Van Lott of Orem Utah is a stockbroker formerly registered with LPL Financial LLC who has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Lott falsified documents relating to customers’ securities transactions. Department of Enforcement v. Brent Lott Disciplinary Proceeding No. 2013038124102 (Jan. 25 2018). According to the Complaint, […]

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FINRA Charges SCF Securities Stockbroker With Suitability

February 20, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Peter Orlando is a stockbroker formerly associated with SCF Securities Inc. who is the subject of a Complaint brought by Financial Industry Regulatory Authority (FINRA) containing accusations that Orlando made unsuitable investment recommendations to a customer and procured signed but otherwise blank documents to effect transactions. Department of Enforcement v. Peter Orlando Disciplinary Proceeding No. […]

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Ameriprise Stockbroker Sued By Customer For Suitability

February 20, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Stanley Robert Cohen of Calabasas California is a stockbroker formerly registered with Ameriprise Financial Services who is the subject of a customer initiated investment related arbitration claim where the customer requested over three hundred sixty-one thousand dollars in damages founded on allegations that Cohen made unsuitable fixed and variable annuity recommendations to the customer and […]

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Customer Sues LPL Financial For Misrepresentation

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kevin Douglas Houser, of Allentown, Pennsylvania, a stockbroker formerly employed with LPL Financial LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $250,000.00 in damages based upon allegations that Houser made misrepresentations to the customer concerning annuities, and executed variable annuity transactions that were not suitable for […]

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Customer Accuses BB&T Of Unsuitable Annuity Purchase

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew Aaron Turner, of Ponte Vedra Beach, Florida, a stockbroker currently employed with BB&T Securities, LLC, is the subject of a customer initiated investment related written complaint, which settled on December 27, 2017 for $14,999.00 in damages supported by allegations that Turner made unsuitable investment recommendations to the customer concerning a variable annuity, causing the […]

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AXA Advisors Sued By Customer For Suitability

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Allan Cohen, of Rockville, Maryland, a stockbroker formerly registered with AXA Advisors, LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer sought $80,000.00 in damages supported by accusations that Cohen made unsuitable investment recommendations to the customer concerning the customer’s purchase of an annuity and life insurance […]

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VOYA Financial Sued By Customer For Misrepresentation

January 10, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Todd Hogan of Plymouth, Minnesota, a stockbroker formerly registered with Voya Financial Advisors, Inc., is the subject of a customer initiated investment related written complaint on July 7, 2017, where the customer sought $350,000.00 in damages based upon accusations that Hogan made misrepresentations about variable annuity products, and made unsuitable investment recommendations to the customer. […]

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BB&T Stockbroker Suspended For Customer Complaint

Ashley Elmo Arnsdorff of Charleston, South Carolina, a stockbroker formerly registered with BB&T Investment Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he attempted to settle a customer’s complaint away from the firm. Letter of Acceptance, Waiver […]

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Customer Accuses MSI Financial Of Misrepresentation

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Rod I. Skaf of Dublin, Ohio, a stockbroker registered with MSI Financial Services, Inc., is the subject of a customer initiated investment related written complaint on September 12, 2017, where the customer requested $38,000.00 in damages based upon accusations that Skaf made misrepresentations to the customer relating to the terms and conditions of the customer’s […]

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AXA Sued By Customer For Misrepresentation

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Eric Christopher Erb of Babylon, New York, a stockbroker registered AXA Advisors, LLC, is the subject of two customer initiated investment related arbitration claims since he was fined $20,000.00 and suspended by Financial Industry Regulatory Authority (FINRA) for making unsuitable investment recommendations and misrepresentations about costs, fees and surrender penalties of annuities. Letter of Acceptance, […]

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Customer Accuses UBS Of Omitting Surrender Penalties

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Bruce Edward Orenstein of Weehawken, New Jersey, a stockbroker currently associated with UBS Financial Services, Inc., is the subject of a customer initiated investment related written complaint on October 18, 2017, where the customer requested more than $5,000.00 in damages supported by accusations that the customer was sold variable annuity products without having been informed […]

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Merrill Lynch Accused By Customer Of Misrepresentation

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Timothy Revell Roberson of Brentwood, Tennessee, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint, which settled for $30,543.31 in damages supported by accusations that Roberson made misrepresentations and omissions to the customer between September of 2015 and May of 2017 in […]

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Huntington Broker Charged With Impeding Investigation

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ellen Vratoric of Glassport, Pennsylvania, a stockbroker associated with The Huntington Investment Company, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that she failed to make an appearance for recorded testimony in regard to her sales of annuities. Department of Enforcement v. Ellen Vratoric, No. 2016049420501 (Dec. 22, 2017). According to […]

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FINRA Bars Next Financial Stockbroker For Obstruction

December 23, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

JoeAnn M. Walker, of Brockton, Massachusetts, a stockbroker formerly registered with Next Financial Group, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that she obstructed a FINRA investigation into allegations that she effected unsuitable annuity sales. Letter of Acceptance, Waiver and Consent, […]

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MML Insurance Rep Liable For Suitability

December 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Robert Evan Ahrendt, of Bellevue, Washington, a stockbroker currently registered with MML Investors Services, LLC, is the subject of an Office of the Insurance Commissioner Order containing findings that he made unsuitable insurance product recommendations to a customer, made misrepresentations regarding terms of an annuity, omitted information from a customer about an annuity’s features, and […]

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PFS Stockbroker Fined For Unauthorized Annuity Purchase

December 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Paula Louise Harold, of Ontario, California, a stockbroker formerly registered with PFS Investments, Inc., has been fined $5,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that she completed forms to effect an annuity purchase that a customer never authorized. Letter […]

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Thrivent Broker Fined For Outside Business Activities

November 28, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Terry Xing-Zhao Wu, of San Francisco, California, a stockbroker formerly registered with Thrivent Investment Management, Inc. has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities and solicited unauthorized life insurance investments. Letter of […]

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NEXT Financial Group Sued For Misrepresentation

November 21, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Dion Rey Padilla of San Antonio, Texas, a stockbroker formerly registered with Next Financial Group, Inc., is the subject of a customer initiated investment related arbitration claim on July 18, 2017, in which the customer sought $900,000.00 in damages based upon allegations that a variable annuity was sold to the customer, in which the terms […]

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SEC Bars LPL Financial Stockbroker For Fraud

November 21, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Danny S. Hood of Alpharetta, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been barred from acting as an investment adviser or broker or associating with any investment advisories or brokerage firms in any capacity according to a Securities and Exchange Commission (SEC) Order containing findings that Hood effected unauthorized transactions in customer […]

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Ameriprise Stockbroker Terminated Following Suspension

November 21, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Peter Frederick Butler of Cambridge, Ohio, a stockbroker registered with Ameriprise Financial Services, Inc., has been terminated from employment on January 12, 2017, based upon allegations that he sold away from the firm and engaged in unapproved outside business activities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Butler has been identified in five […]

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Hornor Townsend Fined For Supervisory Failures

November 20, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Hornor, Townsend & Kent, Inc., a brokerage firm headquartered in Horsham, Pennsylvania, has been censured and fined $275,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise private securities transactions and variable annuity share class recommendations. Letter of Acceptance, Waiver and Consent, No. 2015043387001 (Nov. 14, […]

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Santander Securities Barred By FINRA For Obstruction

November 20, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Demitrios Hallas, of New York, New York, a stockbroker formerly registered with Santander Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that he failed to cooperate with a FINRA investigation into allegations of his misconduct […]

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Ameritas Censured And Fined For Failure To Supervise

November 20, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Ameritas Investment Corp., a brokerage firm headquartered in Lincoln, Nebraska, has been censured and fined $180,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm failed to supervise variable annuity transactions containing multiple share classes, and failed to supervise the firm’s charging of commissions to customers. Letter of Acceptance, Waiver and Consent, […]

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NYLife Securities Sued For Sales Practice Violations

November 07, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Stephen Theodore Mellinger III, of Niles, Michigan, a stockbroker formerly registered with NYLife Securities LLC, is the subject of a customer initiated investment related complaint that settled on April 13, 2017, for $241,900.00 in damages, based on allegations of sales practice violations regarding three variable universal life insurance policies, resulting in the customer’s financial distress. […]

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Customer Sues Morgan Stanley For Misrepresentation

November 07, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Helen Holmes Timpe, of Newport Beach, California, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim, in which the customer requested $55,333.00 in damages supported by allegations that between 2013 and 2016, Timpe made misrepresentations to the customer concerning variable annuities. Financial Industry Regulatory Authority (FINRA) […]

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Lincoln Financial Stockbroker Barred By Regulator

November 01, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Jason Michael Belajack, of Irvine, California, a stockbroker formerly registered with Lincoln Financial Advisors Corporation, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he sent bogus letters to a customer to conceal the fact that he misrepresented the features of the customer’s […]

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Legend Equities Broker Suspended For Suitability

October 16, 2017  |   Posted by :   |   Annuity Schemes, Suitability   |   0 Comments

Walter Joseph Marino, of Dix Hills, New York, a stockbroker formerly registered with Legend Equities, has been suspended for one year from associating with a Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement containing findings that Marino made unsuitable variable annuity recommendations and misrepresentations to customers. […]

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US Bancorp Broker Fined For Outside Business Activities

October 16, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Charles Anderson Cumber Jr., of Albuquerque, New Mexico, a stockbroker formerly registered with U.S. Bancorp Investments, Inc., was fined $7,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he engaged in unapproved outside business activities involving insurance and equity-indexed annuities. […]

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UBS Financial Services Sued For Broker Bad Conduct

October 05, 2017  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud   |   0 Comments

David James Boor, of Farmington Hills, Michigan, a stockbroker currently registered with UBS Financial Services Inc., is the subject of a customer initiated investment related arbitration claim on May 30, 2017, in which the customer sought $139,000.00 in damages supported by allegations that between December 1, 2015, and May 30, 2017, Boor effected mutual funds […]

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AOS Sued By Customer For Variable Annuity Suitability

October 05, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

John William Hendley, of Hendersonville, Tennessee, a stockbroker formerly registered with AOS, Inc., is the subject of a customer initiated investment related written complaint on May 8, 2017, in which the customer sought at least $5,000.00 in damages supported by allegations that Hendley effected unsuitable variable annuity transactions from February of 2017 to March of […]

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SII Investments Sued For Annuity Twisting

October 05, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Michael Edward Halla, of Manitowoc, Wisconsin, a stockbroker formerly registered with SII Investments, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on July 31, 2017, for $21,688.00 in damages founded upon accusations that Halla botched a distribution from the customer’s variable annuity, which caused the customer to suffer tax […]

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AXA Advisors Sued For Suitability

September 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Joseph R. Dimauro, of New York, New York, a registered representative associated with AXA Advisors, LLC, was the subject of a customer initiated investment related written complaint on May 3, 2016, alleging that in 2014, Dimauro effected the purchase of variable annuities for the customer even though the annuities were not suitable. Financial Industry Regulatory Authority […]

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Customer Sues Ameriprise Financial For Suitability

September 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Mark Clay Sutherland, of Farmington Hills, Michigan, a stockbroker formerly registered with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related written complaint on November 21, 2016, in which the customer requested $21,280.68 in damages based upon accusations that Sutherland effected an unauthorized and unsuitable variable annuity purchase. Financial Industry Regulatory […]

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JP Morgan Fires Broker For Unsuitable Recommendations

September 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Jonathan Robert Spielvogel, of Menlo Park, California, a stockbroker registered with JPMorgan Chase, was fired on October 18, 2016, based upon allegations that he improperly guided a customer in the facilitation of an annuity distribution and failed to provide consistent statements to the firm in the course of its internal investigation into his business activities. […]

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Customer Sues Sterne Agee For Misrepresentation

September 15, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Robert Charles Stevens, of Norfolk, Virginia, a stockbroker formerly registered with Sterne, Agee & Leach, Inc., is the subject of a customer initiated investment related written complaint on August 19, 2016, based upon allegations that he misled the customer by making promises about the customer’s closed-end funds and variable annuity having been guaranteed against loss. […]

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Customer Sues Ameriprise For Unauthorized Transaction

September 14, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Augustine Dominique Choi, of Los Angeles, California, a stockbroker registered with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related written complaint on July 16, 2017, in which the customer requested $17,509.66 in damages based upon allegations that the customer’s variable annuity was surrendered in December of 2016 without the customer’s […]

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NYLife Securities Sued For Misrepresentation

September 14, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

David Mynatt Rubin, of Waltham, Massachusetts, a stockbroker formerly registered with NYLife Securities LLC, is the subject of a customer initiated investment related written complaint on June 5, 2017, in which the customer sought the cancellation of a variable annuity policy without bearing surrender penalties founded on accusations that Rubin made misleading statements to the […]

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PFS Investments Stockbroker Barred For Misrepresentation

August 31, 2017  |   Posted by :   |   Annuity Schemes, Outside Business Activities   |   0 Comments

Rennie M. Roach, of Avondale, Arizona, a stockbroker formerly registered with PFS Investments Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he declined to provide FINRA staff with information that was requested of him in reference to his business activities. Case No. […]

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Principal Securities Sued By Customer For Suitability

August 26, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Fred Shlesinger, of Addison, Texas, a stockbroker registered with Principal Securities, Inc., is the subject of a customer initiated investment related written complaint on February 24, 2017, wherein the customer’s claim was based upon allegations that Shlesinger effected a rollover of the customer’s 401(k) into an annuity despite the transaction having been unsuitable for the […]

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Regulator Suspends MetLife Stockbroker For Misconduct

August 26, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

James Michael Picha, of St. Louis, Missouri, a registered representative for MetLife Securities, Inc., has been fined and suspended for ten months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he modified a customer’s insurance policy without authorization. Letter of Acceptance, Waiver and Consent, […]

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Customer Sues Pruco Securities For Misrepresentation

August 26, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Mark Steven Kruman, of Washington Crossing, Pennsylvania, is the subject of a customer initiated investment related arbitration claim on May 15, 2017, where the customer sought compensatory damages based upon allegations that Kruman made misrepresentations to the customer and effected unsuitable transactions pertaining to a variable annuity that the customer purchased. Financial Industry Regulatory Authority […]

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Santander Securities Sued For Misrepresentation

August 26, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Manor, of Brookline, Massachusetts, a stockbroker formerly registered with Santander Securities LLC, is the subject of a customer initiated investment related arbitration claim on January 22, 2016, in which the customer requested $30,000.00 in damages based upon allegations that Manor made misrepresentations to the customer concerning a variable annuity surrender penalty period, and effected […]

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Unfortunate Fortune Financial Stockbroker Barred

August 17, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Jonathan Freeze, of Canonsburg, Pennsylvania, a stockbroker formerly registered with Fortune Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that Freeze made faulty investment recommendations to customers. Letter of Acceptance, Waiver […]

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LPL Financial Roger Zullo Over and Out

August 15, 2017  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Roger Salvatore Zullo, of Boston, Massachusetts, a stockbroker formerly registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that Zullo, inter alia, defrauded customers and made unsuitable investment recommendations. Letter […]

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LPL Financial Fires Stockbroker For Suitability

August 02, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Marilyn Ashley Genery, of Portsmouth, New Hampshire, a formerly registered with LPL Financial LLC, was terminated from employment on November 15, 2016, based upon allegations that he violated the firm’s procedures regarding customer account documentation. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on May 12, 2017, a customer filed an investment related written […]

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Customer Files ON Equity Sales Suitability Arbitration

July 29, 2017  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Richard Michael Wesselt, of Collegeville, Pennsylvania, a stockbroker currently registered with The O.N. Equity Sales Company, is the subject of a customer initiated investment related written claim, which settled on October 24, 2016, for $24,257.14 in damages based upon allegations that he effected unsuitable transactions in the customer’s account. The customer additionally alleged that Wesselt […]

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Customer Brings Arbitration Against LPL Financial

July 29, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Barry Jay Dekreek, of Alpharetta, Georgia, a stockbroker currently registered with LPL Financial LLC, is the subject of a customer initiated investment related written complaint on June 17, 2016, wherein the customer requested $5,000.00 in damages based upon allegations that Dekreek did not adequately advise the customer about investing in a fixed annuity. Financial Industry […]

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BBVA Compass Sued For Misrepresentation

July 29, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Brian R. Bates, of Gilbert, Arizona, a stockbroker currently registered with BBVA Securities Inc., is the subject of a customer initiated investment related written complaint on May 2, 2017, where the customer requested $11,000.00 in damages founded upon allegations that Bates made misrepresentations to the customer and effected a variable annuity purchase that was not […]

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Customer Sues Merrill Lynch For Misrepresentation

July 28, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gregory Richard Sherf, of Leawood, Kansas, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Inc., is the subject of a customer initiated investment related written complaint on April 28, 2017, in which the customer requested $15,504.80 in damages based upon allegations that Sherf, between February of 2014 and April of 2017, made […]

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NYLife Securities Terminates Registered Representative

July 28, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Chander Ketu Goel, of New York, New York, a stockbroker registered with NYLife Securities LLC, has been terminated from employment on June 29, 2016, based upon allegations that he engaged in unauthorized activities by instructing an assistant of his to cover insurance policy premium payments to keep policies intact. Financial Industry Regulatory Authority (FINRA) Public […]

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Woodbury Financial Services Sued For Misrepresentation

July 28, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jose Anselmo Feliciano Jr., a stockbroker formerly registered with Woodbury Financial Services, Inc., is the subject of a customer initiated investment related written complaint on May 5, 2017, in which the customer requested $60,000.00 in damages based upon allegations that Feliciano made misrepresentations to the customer concerning two variable annuity purchases. Financial Industry Regulatory Authority […]

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New JP Turner Variable Annuity Complaints

July 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James John Raia, or Ridgewood, New York, a stockbroker formerly registered with J.P. Turner & Company, has been named in a customer initiated investment related written complaint on May 25, 2017, wherein the customer sought $110,000.00 in damages based upon allegations that Raia, from 2013 to 2017, effected real estate security and variable annuity transactions […]

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Invest Financial Stockbroker Fired For Annuity Fraud

July 05, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Christopher Carl Jansen, of Burlington, New Jersey, a stockbroker registered with Invest Financial Corporation, was terminated from employment on December 28, 2016, based upon allegations that he made misrepresentations to a customer pertaining to the guarantees and features of annuity products. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Jansen has been identified in […]

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Community America Financial Solutions Customer Alleges Unsuitability

July 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kristi Erin Straw, of Overland Park, Kansas, a registered representative formerly associated with CommunityAmerica Financial Solutions, has been named in a customer initiated investment related written complaint on February 17, 2016, in which the customer requested $410,000.00 in damages based upon allegations that Straw effected fixed indexed annuity transactions in the customer’s account that were […]

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Commonwealth Financial Network Stockbroker Fired

July 05, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

John Charles Bland, of Durham, North Carolina, a stockbroker registered with Commonwealth Financial Network, was terminated from employment on April 25, 2017, based upon allegations that he violated the firm’s policies by failing to disclose information to a customer relating to the customer’s variable annuity purchase. The firm alleged that Bland concealed the source of […]

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Customer Sues Wells Fargo Advisors For Suitability

July 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Shawn Allen Stults, of Midland, Texas, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint, which settled on May 24, 2017, for $6,249.91 in damages to resolve allegations that Stults effected transactions in the customer’s account that were not suitable for the customer. Apparently, between […]

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Raymond James Named In Annuity Complaint

July 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Allyn Lindley Donaubauer, of Fort Smith, Arizona, a stockbroker currently registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint on April 24, 2017, in which the customer sought damages estimated at $5,000.00 based upon allegations that from July of 2016 to April of 2017, Donaubauer made […]

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Ameriprise Financial Services Complaint Alleges Unsuitability

July 03, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Randy Joe Ryan, of Worthington, Ohio, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on April 24, 2017, where the customer requested $5,867.31 in damages based upon allegations that Ryan sold the customer a variable annuity that was not suitable considering the customer’s […]

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Massachusetts Bars Broker, Fines LPL Financial For Variable Annuity Sales

July 01, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

In December 2016 the Massachusetts Securities Division filed a complaint against LPL Financial LLC (“LPL”) and one of its advisors, Roger S. Zullo, relating to the unsuitable sales of variable annuities to multiple customers of Zullo and LPL from January 2013 to December 2016. LPL is headquartered in Massachusetts. Zullo worked in Boston, MA. These […]

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JP Morgan Securities Customer Complains About Poor Advice

June 19, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

William John McBride Jr., of Los Angeles, California, a stockbroker currently registered with JP Morgan Securities LLC, has been named in a customer initiated investment related written complaint on April 20, 2017, in which the customer requested $7,915.95 in damages based upon allegations that McBride made misrepresentations concerning a variable annuity that the customer purchased. […]

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Investment Professionals Customer Complaint Alleges Unsuitability

June 19, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Robert Charles Moriarty, of Harvard, Illinois, a stockbroker formerly registered with Investment Professionals, Inc., has been named in a customer initiated investment related written complaint on April 30, 2017, in which the customer requested $100,000.00 in damages based upon allegations that Moriarty failed to apprise the customer about tax obligations resulting from effecting variable annuity […]

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Edward Jones Named In Customer Complaint Alleging Poor Advice

June 19, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Richard Paul Donohoe, of Eagle River, Wisconsin, a stockbroker currently registered with Edward Jones, has been named in a customer initiated investment related written complaint on April 20, 2017, wherein the customer requested $5,000.00 in damages based upon allegations that Donohoe provided the customer with poor advice in reference to the liquidation variable annuity products […]

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Citizens Securities Sued By Customer In Arbitration

June 19, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mark Emerson Despelder, of Grosse Pointe, Michigan, a stockbroker formerly registered with Citizens Securities, Inc., has been named in a customer initiated investment related arbitration claim on January 6, 2017, in which the customer requested $19,052.90 in damages based upon allegations that Despelder misinformed customers regarding the terms and conditions of variable annuity products, and […]

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MetLife Securities Named In FINRA Arbitration

June 13, 2017  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Connie Jo Binz, of Bryant, Arkansas, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on June 17, 2016, in which the customer requested approximately $5,000.00 in damages based upon allegations that Binz misstated information to the customer in the course of effecting variable […]

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Voya Financial Stockbroker Fired For Cause

James Travis Flynn, of Greenville, South Carolina, a stockbroker registered with Voya Financial Advisors, Inc., has been terminated from employment on February 10, 2017, based upon allegations that he misled the firm in the course of the firm’s investigation of a complaint that involved Flynn’s activities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that […]

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The ON Equity Sales Complaint Alleges Fraud

June 08, 2017  |   Posted by :   |   Annuity Schemes, Breach of Fiduciary Duty   |   0 Comments

Ronald Clagget Knowles, of Lake Charles, Louisiana, a stockbroker formerly registered with The O.N. Equity Sales Company, has been named in a customer initiated investment related written complaint on April 13, 2017, in which the customer requested $17,000.00 in damages based upon allegations that Knowles made misrepresentations to the customer concerning annuity products, effected transactions […]

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PFS Investments Named In Customer Complaint

June 08, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Karonne Tace Carlsen, of San Jose, California, a registered representative currently associated with PFS Investments Inc., has been named in a customer initiated investment related written complaint on April 13, 2017, wherein the customer requested more than $5,000.00 in damages based upon allegations that Carlsen made a faulty investment recommendation for the customer to liquidate […]

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Independent Financial Group Broker Barred By Regulator

June 08, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew Lee Geiser, of Grand Island, Nebraska, a stockbroker formerly registered with Independent Financial Group, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Geiser failed to cooperate in an investigation into allegations that he misstated information to customers about variable […]

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Customer Brings Claim Against Questar Capital For Misrepresentation

Terry Craig Sandvold, of Saint Louis Park, Minnesota, a stockbroker currently registered with Questar Capital Corporation, has been named in a customer initiated investment related written complaint on February 12, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Sandvold made misrepresentations to the customer concerning the step-up figures […]

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Investor Wins $1 Million FINRA Arbitration Award

Colorado investor, Grace Huitt, has won an arbitration award in excess of $1 million due to misrepresentations made to her by the broker who sold her a variable annuity. Ms. Huitt purchased an ING Landmark variable annuity in 2008. At or before the time of sale, her broker at Wilbanks Securities, Inc., a brokerage firm […]

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ON Equity Sales Named In Complaint

May 25, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Glenn Thomas Colangelo, of Salem, Oregon, a stockbroker formerly registered with The O.N. Equity Sales Company, has been named in a customer initiated investment related written complaint, which settled on March 15, 2017, for $300,921.00 in damages based upon allegations that Colangelo failed to act in the customer’s best interest pertaining to the customer’s investment […]

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JP Morgan Securities Sued For Misrepresentation

May 25, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ricardo E. Urrutia, of Bronx, New York, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on January 15, 2016, in which the customer requested $9,496.04 in damages based upon allegations that Urrutia made misrepresentations to the customer concerning a variable annuity product. Financial […]

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Edward Jones Complaint Alleges Poor Investment Advice

May 18, 2017  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Brent D. Johns, of Dubuque, Iowa, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint on April 10, 2017, in which the customer requested $35,000.00 in damages based upon allegations that he poorly advised the customer concerning liquidity within a fixed annuity policy issued to the […]

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Customer Brings Securities Arbitration Against JP Morgan Securities

Pamela Lynn Kourtakis, of Dana Point, California, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on September 8, 2016, in which the customer requested $5,835.18 in damages based upon allegations that Kourtakis effected the purchase of a variable annuity contract that was not […]

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Customer Sues MetLife For Annuity Fraud

May 18, 2017  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Anthony Randall Bartlett, of Worcester, Massachusetts, a stockbroker formerly registered with MetLife Securities, has been named in a customer initiated investment related written complaint on May 13, 2016, in which the customer requested $41,686.62 in damages based upon allegations that Bartlett made misrepresentations to the customer concerning a variable annuity. Bartlett has been registered with […]

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LPL Financial Sued by Customer For Unsuitability

Garrett Andrew Ahrens, of Lafayette, Louisiana, a stockbroker formerly registered with LPL Financial, LLC, has been named in a customer initiated investment related written complaint on October 22, 2015, in which the customer requested damages estimated to be greater than $5,000.00 based upon allegations that Ahrens effected the unsuitable switch of policies issued by Navy […]

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Wells Fargo Advisors Sued By Customer For Unsuitability

Lynn Grossman, of Westport, Connecticut, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related arbitration claim on March 30, 2017, in which the customer requested $168,000.00 in damages based upon allegations that Grossman made misrepresentations and unsuitable recommendations to the customer concerning a variable annuity that the […]

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Customer Complaint Against MSI Financial Services For Fraud

Thomas John Trea, of Newtown Square, Pennsylvania, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on August 5, 2015, based upon allegations that Trea induced the customer’s variable annuity purchase based upon Trea’s misrepresentations. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals […]

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Capital One Investing In Customer Arbitration Over Suitability

May 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Scott Andrew Valentine, a stockbroker formerly registered with Capital One Investing, LLC, has been named in a customer initiated investment related written complaint on March 27, 2017, in which the customer requested damages estimated to exceed $5,000.00 based upon allegations that Valentine effected the unsuitable purchase of the customer’s variable annuity. Valentine’s registration with Capital […]

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FINRA Complaint Against Allegheny Investments For Unsuitability

May 05, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Robert Allan Stroud, of Erie, Pennsylvania, a stockbroker formerly registered with Allegheny Investments, Ltd., has been named in a customer initiated investment related written complaint on March 2, 2017, based upon allegations that Stroud made unsuitable recommendations regarding the customer’s purchase of a variable annuity issued through Jackson National Life. Stroud’s registration with Allegheny Investments, […]

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Why There Is No Such Thing As A Free Lunch

May 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Caffe Aldo Lamberti is one of my favorite restaurants in all of South Jersey. So my wife and I were rather excited when we received a “Special Invitation” in the mail for a “Complimentary Evening of Fine Dining” at our favorite restaurant, while at the same time we would learn about the “latest strategies to lower […]

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Wells Fargo Named In Customer Complaint

James Joseph Beaupre, of Boulder, Colorado, a stockbroker currently registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint on March 21, 2017, in which the customer requested $10,000.00 in damages based upon allegations that Beaupre failed to provide the customer with accurate information concerning the fees and administration […]

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Ameriprise Financial Services Named In Customer Complaint

Todd Karl Osgood, of Tampa, Florida, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on March 22, 2017, in which customers requested $11,488.00 in damages based upon allegations that Osgood effected an unauthorized withdrawal from the customers’ variable annuity issued by the firm’s […]

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MetLife Securities Customer Complaint Costs Fortune

Richard Ashleigh Fortune, of Iselin, New Jersey, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on June 15, 2015, based upon allegations that Fortune made misrepresentations to the customer regarding the customer’s 2014 variable annuity purchase. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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LPL Financial Sued By Customer For Suitability

James Anthony Nelson, of Evans City, Pennsylvania, a stockbroker formerly registered with LPL Financial, LLC, has been named in a customer initiated investment related written complaint on June 6, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Nelson, from 2014 to 2016, made misrepresentations to the customer concerning […]

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MetLife Securities Sued By Customer For Misrepresentation

Mark A. Sutherland, of Moosic, Pennsylvania, a broker formerly registered with MSI Financial Services Inc, has been named in a customer initiated investment related written complaint on September 28, 2015, based upon allegations that Sutherland made misrepresentations to the customer concerning a variable annuity transaction which had been purchased by the customer in February of […]

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MSI Financial Services Annuity Complaints

April 20, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Anthony David Scott Sr., of Downers Grove, Illinois, a stockbroker formerly registered with MSI Financial Services, Inc. has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested more than $5,000.00 in damages based upon allegations that Scott failed to abide by the customer’s instructions concerning […]

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MetLife Customer Alleges Annuity Fraud

Brian J. Mocogni, of East Providence, Rhode Island, a stockbroker formerly registered with MetLife Securities, Inc., has been named in a customer initiated investment related written complaint on March 10, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Mocogni made misrepresentations to the customer concerning a variable annuity […]

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Valic Financial Advisors Sued By Customer For Misrepresentation

Mamta Rai, a stockbroker formerly registered with Valic Financial Advisors, Inc., has been named in a customer initiated investment related written complaint on April 27, 2016, in which the customer requested $45,000.00 in damages based upon allegations that Rai misrepresented the returns that the customer would be guaranteed pursuant to her variable annuity investment. Financial […]

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SunTrust Investment Services Stockbroker Fired

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Edward Lonnie Dover III, of Winter Park, Florida, a stockbroker formerly registered with SunTrust Investment Services, Inc., was terminated from employment on September 20, 2016, based upon allegations that he violated his firm’s procedures and policies concerning the handling of a customer’s fixed annuity transaction. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dover […]

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Cetera Advisor Networks Annuity Complaints

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew Park Best, of Shippenville, Pennsylvania, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 16, 2017, in which the customer requested $32,546.00 in damages based upon allegations that Best made faulty assurances to the customer concerning payments that the customer would […]

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AXA Advisors Sued For Annuity Fraud

Dallas Dan George, of Franklin, Tennessee, a stockbroker currently registered with AXA Advisors, LLC, has been named in a customer initiated investment related written complaint on February 27, 2017, based upon allegations that George failed to apprise the customer of the fees pertaining to the customer’s variable annuity purchase. Financial Industry Regulatory Authority (FINRA) Public […]

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Customer Sues Signator Investors For Unsuitability

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Keith Matthew Smith, of Mountain Top, Pennsylvania, a stockbroker currently registered with Signator Investors, Inc., has been named in a customer initiated investment related written complaint on February 27, 2017, based upon allegations that Smith made unsuitable recommendations to the customer concerning an investment in a fixed annuity. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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Customer Sues JP Morgan Securities For Misrepresentation

Ryan Hilary Riley, of Okemos, Michigan, a stockbroker currently registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on February 22, 2017, in which the customer alleged more than $5,000.00 in damages based upon allegations that Riley made misrepresentations to the customer regarding an investment in a […]

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FINRA Securities Arbitration Filed Against NYLife Securities

Joshua Forry, of Wilmington, North Carolina, a registered representative with NYLife Securities LLC, has been named in a customer initiated investment related complaint, which settled on March 6, 2017, for $5,854.89 in damages based upon allegations that Forry made poor recommendations to the customer concerning the replacement of the customer’s variable life insurance policy. Guiliano […]

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Bankers Life Representative Suspended

April 10, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gregory Harold Zastrow, of Plymouth, Wisconsin, a registered representative formerly associated with Bankers Life and Casualty Company, was fined $10,000.00 and suspended for nine months by the State of Wisconsin Office of the Commissioner of Insurance based upon consenting to findings that he engaged in unfair marketing practices concerning fixed annuities and life insurance products, […]

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Customer Files Arbitration Against LPL Financial for Misrepresentation

March 31, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christopher Lee Vazquez, of Middle Village, New York, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on January 24, 2017, in which the customer requested $25,000.00 in damages based upon allegations that Vazquez made investment related misrepresentations to the customer and effected a John […]

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Wells Fargo Advisors Financial Sued In Annuity Case

March 31, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey David Day, of Sarasota, Florida, a stockbroker currently registered with Wells Fargo Advisors Financial Network, LLC, has been named in a customer initiated investment related written complaint on January 23, 2017, based upon allegations that Day made guarantees to the customer regarding the performance of a variable annuity investment, and failed to disclose fees […]

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NYLife Securities Customer Alleges Unsuitability

March 30, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Anna Chin, of Austin, Texas, a registered representative formerly associated with NYLife Securities LLC, has been named in a customer initiated investment related written complaint on March 1, 2017, based upon allegations that Chin recommended that the customer purchase a variable universal life insurance policy in addition to fixed annuities, despite the products having failed […]

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NYLife Securities Sued by Public Customer

March 21, 2017  |   Posted by :   |   Annuity Schemes   |   0 Comments

Kyle Evan Murphy, of Glen Allen, Virginia, a stockbroker formerly registered with NYLife Securities LLC, has been named in a customer initiated investment related written complaint on January 23, 2017, based upon allegations that Murphy failed to apprise the customer regarding penalty free withdrawals from the customer’s variable annuity contract. Financial Industry Regulatory Authority (FINRA) […]

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MetLife Securities Representative Sanctioned For Annuity Twisting

March 21, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Armand Joseph Fisher, of Glastonbury, Connecticut, a registered representative formerly associated with MetLife Securities Inc., has been censured and fined $5,000.00 by The State of Connecticut Insurance Department based upon allegations that he effected the sales of annuity products for two customers that were not in the customers’ best interests. Case No. FC 15-54 (Sept. […]

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Allstate Financial Services Stockbroker Suspended

March 16, 2017  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Frederick Martin Quinn Jr., of Toledo, Ohio, a stockbroker formerly registered with Allstate Financial Services, LLC, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Quinn, inter alia, signed the names of customers on annuity exchange documentation without the customers’ […]

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Edward Jones Sued In Arbitration for Misrepresentation

March 16, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James D. Zahakos, Staten Island, New York, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint on January 19, 2017, in which the customer requested $5,000.00 in damages based upon allegations that Zahakos made misrepresentations to the customer concerning the purchase of a single premium immediate […]

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NYLife Securities Sued By Customer For Misrepresentation

March 16, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Dustin Tylor Aiguier, of South Yarmouth, Massachusetts, a stockbroker formerly registered with NYLife Securities LLC, has been named in a customer initiated investment related arbitration claim, which settled on December 29, 2015, for $40,229.37 in damages based upon allegations that Aiguier made omissions of facts concerning a variable annuity investment. The customer alleged that her […]

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Transamerica Financial Advisors Sued For Misrepresentation

Paul Theodore Dicicco, of Millbury, Massachusetts, a stockbroker formerly registered with Transamerica Financial Advisors, Inc., has been named in a customer initiated investment related written complaint on March 28, 2016, in which the customer requested $6,000.00 in damages based upon allegations that Dicicco made misrepresentations to the customer concerning the features of a variable annuity […]

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NYLife Securities Broker Charged With Fraud

March 08, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Cecil E. Nivens, of Gastonia, North Carolina, a registered representative formerly associated with NYLife Securities, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Nivens failed to execute upon customers’ investment instructions, and furnished documentation to customers containing false and misrepresented information. Department of Enforcement v. Cecil […]

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IMS Securities Sued For Unsuitable Recommendations

Charles Robert Fischer, of Eugene, Oregon, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on July 26, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Fischer made misrepresentations concerning investments and effected unsuitable real estate security sales. Financial Industry […]

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NEXT Financial Group Stockbroker Suspended For Misrepresentation

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Dion R. Padilla, of San Antonio, Texas, a stockbroker with Next Financial Group, Inc., was fined $10,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Padilla made an unauthorized variable […]

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Ameriprise Financial Services Sued By Customer

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jeffrey Scott Davis, of Virginia Beach, Virginia, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 4, 2017, in which the customer requested $20,415.28 in damages based upon allegations that Davis omitted information concerning the fees and surrender penalties on two variable […]

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LPL Financial LLC Named In Fraud Complaint

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Roger Salvatore Zullo, of Boston, Massachusetts, a stockbroker formerly registered with LPL Financial, LLC, was charged along with LPL Financial, LLC, in a Compliant by the Enforcement Section of Massachusetts Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts, which contained allegations that, inter alia, Zullo defrauded LPL Financial LLC’s customers […]

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MSI Financial Services Sued In Customer Arbitration Alleging Unsuitability

February 14, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James Paul Kolf, of Madison, Wisconsin, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 30, 2017, in which the customer requested $8,113.06.00 in damages based upon allegations that Kolf omitted information concerning the surrender penalties on a variable annuity contract. Financial […]

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Ameriprise Financial Services Sued by Customer For Misrepresentation

February 14, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ziv Ohel, of Deerfield, Illinois, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on December 6, 2016, in which the customer requested $6,521.98 in damages based upon allegations that from February of 2015 to February of 2016, Ohel made misrepresentations and unsuitable recommendations […]

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H Beck Named For Unsuitable Annuity Sales

February 13, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Lee Child, of Draper, Utah, a stockbroker currently registered with H. Beck, Inc., has been named in a customer initiated investment related written complaint, which settled on July 6, 2016, for $35,000.00 in damages based upon allegations that Child effected transactions in the customer’s account which were not suitable, and was liable for the […]

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Merrill Lynch Broker Sued For Misrepresentation

Robert Michael Giusti, of New York, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., has been named in a customer initiated investment related arbitration claim on April 24, 2015, in which a customer was ultimately awarded $300,000.00 in damages based upon allegations that from 2010 to 2015, Giusti made […]

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Centaurus Financial Named In FINRA Securities Arbitration

Marcious Dickerson, of Livonia, Michigan, a stockbroker currently registered with Centaurus Financial, Inc., has been named in a customer initiated investment related arbitration claim, which settled on September 1, 2015, for $97,983.70 in damages based upon allegations that Dickerson breached his fiduciary and contractual duties to the customer, effected unsuitable transactions in the customer’s account, […]

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Cetera Advisors Named In FINRA Securities Arbitration Alleging Unsuitability

Daniel George McPherson, of Idaho Falls, Idaho, a stockbroker currently registered with Cetera Advisors LLC, has been named in a customer initiated investment related written complaint on March 7, 2016, in which the customer requested $40,151.00 in damages based upon allegations that McPherson effected unsuitable fixed annuity transactions in the customer’s account. Financial Industry Regulatory […]

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LPL Financial LLC Named In Customer Churning Claim

February 01, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Thomas Edward Andrews, of Salt Lake City, Utah, a barred stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related written complaint on October 20, 2016, in which forty-four customers have collectively requested $10,504,799.00 in damages based upon allegations that Andrews churned the customers’ accounts, negligently managed the customers’ […]

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Santander Securities Stockbroker Suspended For Annuity Fraud

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Joseph C. Noyes IV, a stockbroker formerly registered with Santander Securities LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Noyes falsified customer documents, and effected an annuity exchange which was not suitable for a customer. Letter of […]

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Cadaret Grant & Company Fined For Sale of Unsuitable Securities

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Cadaret, Grant & Co., Inc., a brokerage firm headquartered in Syracuse, New York, and its former registered representative, Charles Lee Deremo, of Eagan, Minnesota, have been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Deremo made unsuitable investment recommendations to a firm customer, and the firm failed to […]

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Ameritas Investment Corp Fails To Supervise Equity Indexed Annuities

January 26, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise   |   0 Comments

Ameritas Investment Corp., a brokerage firm headquartered in Lincoln, Nebraska, has been censured and fined $145,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations made by its registered representatives pertaining to equity indexed annuities. Letter of Acceptance, Waiver and Consent, No. 2015046904101 (Jan. 11, 2017). According […]

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Summit Brokerage Services Named In FINRA Arbitration

James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract. FINRA Public Disclosure reveals […]

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Broker Dealer Financial Services Corp Named In Securities Fraud Complaint

Mitchel Allan Foote, of Manhattan, Kansas, a stockbroker formerly registered with Broker Dealer Financial Services Corp., was named in a customer initiated investment related written complaint on May 12, 2014, in which the customer requested $30,000.00 in damages based upon allegations that Foote misrepresented an illiquid real estate security investment to a customer. FINRA Public […]

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Ameriprise Financial Services Stockbroker Terminated For Unauthorized Trading

Mark Nicholas Wesley, of Independence, Ohio, a stockbroker with Ameriprise Financial Services, Inc., was permitted to resign by the firm on June 17, 2016, based upon allegations that Wesley, inter alia, effected authorized trades in in customer accounts, and utilized discretion in accounts without firm approval. FINRA Public Disclosure reveals that Wesley has been named […]

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Transamerica Financial Advisors Stockbroker Fined For Unsuitable Recommendations

January 13, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gary Saitowitz, of Atlanta, Georgia, a stockbroker formerly registered with Transamerica Financial Advisors, Inc., has been fined $10,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member based upon consenting to findings that Saitowitz, inter alia, made unsuitable investment recommendations, participated in a private securities transaction, and misstated customer […]

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World Equity Group Stockbroker Suspended For Annuity Fraud

January 03, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Suzanne Hagmeyer, of Naperville, Illinois, a former stockbroker with World Equity Group, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she made misstatements to customers concerning variable annuity transactions. Letter of Acceptance, Waiver and Consent, No. 2013036907001 (Dec. […]

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First Independent Financial Services Principal Suspended For Failure to Supervise

January 03, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Phillip Howard Palmer, of Tulsa, Oklahoma, a stockbroker and principal formerly registered with First Independent Financial Services, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Palmer, inter alia, failed to supervise variable annuity withdrawal transactions. Letter of Acceptance, […]

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BBVA Securities Named In Customer Securities Arbitration

December 24, 2016  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Daniel A. Cabrera, of Helotes, Texas, a stockbroker currently registered with BBVA Securities Inc., was subject to a customer initiated investment related arbitration claim which settled for $44,676.57 in damages. The customers’ claim was based upon allegations that Cabrera made misrepresentations, or misled the customers concerning investments in four variable annuity contracts that the customers […]

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SII Investments Named in Barred Broker Annuity Scam

Thomas Paul Schober, of Westborough, Massachusetts, a former stockbroker who had been registered with SII Investments, Inc., has been subject to a customer initiated investment related arbitration claim on September 21, 2016, in which the customer requested $5,000.00 in damages based upon allegations that Schober effected unsuitable investment transactions in the customer’s account. FINRA Public […]

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LPL Financial Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Ronald F. Paull III, of Olyphant, Pennsylvania, a stockbroker formerly associated with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2015046621101 […]

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Former MML Investors Services Stockbroker Charged With Misrepresentation

Stanley C. Niekras, of Liverpoll, New York, a stockbroker formerly associated with MML Investors Services, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Niekras made misrepresentations to elderly customers pertaining to investments. Department of Enforcement v. Niekras, No. 2013037401001 (Nov. 7, 2016). According to the Complaint, […]

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Cetera Firms Fined For Failure To Supervise Variable Annuity Sales

The Cetera Firms, which include Cetera Advisor Networks LLC, (headquartered in El Segundo, California), Cetera Financial Specialists LLC (headquartered in Schaumburg, Illinois), First Allied Securities, Inc. (headquartered in San Diego, California), Summit Brokerage Services, Inc. (headquartered in Boca Raton, Florida), and VSR Financial Services, Inc. (headquartered in Overland Park, Kansas), were censured and fined by […]

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FTB Advisors Fined For Failure To Supervise Annuity Sales

FTB Advisors, Inc., a broker-dealer headquartered in Memphis, Tennessee, was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise its variable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2015043292101 (Nov. 2, 2016). According to the AWC, the firm failed to supervise recommendations […]

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Money Concepts Capital Corp Named In Arbitration Alleging Misrepresentation

November 18, 2016  |   Posted by :   |   Annuity Schemes   |   0 Comments

Ray Reese, of Farmington, Missouri, a stockbroker currently associated with Money Concepts Capital Corporation, has become subject to a customer initiated investment related arbitration claim on February 26, 2016, in which the customer has requested $125,000.00 in damages based upon allegations that Reese misstated the customer’s financial profile, and made investment recommendations which led the […]

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Kestra Financial Advisors Fined For Failure To Supervise Annuity Sales

November 18, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kestra Financial Advisors, a broker-dealer headquartered in Austin, Texas, was censured and fined $475,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise its variable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2014039418401 (Nov. 2, 2016). According to the AWC, the firm failed to supervise recommendations […]

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Voya Financial Advisors Fined For Failure To Supervise Annuity Sales

November 18, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Voya Financial Advisors, a broker-dealer headquartered in Des Moines, Iowa, was censured and fined $2,750,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise its variable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2014039172901 (Nov. 2, 2016). According to the AWC, the firm’s supervisory failures pertained to […]

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Woodbury Financial Subject To Customer Arbitration Alleging Unsuitability

November 02, 2016  |   Posted by :   |   Annuity Schemes, FINRA Securities Arbitration   |   0 Comments

Delbert W. Carnes, of Colorado Springs, Colorado, a stockbroker registered with Woodbury Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on April 20, 2015, in which the customer alleged that Carnes made misrepresentations to the customer regarding the purchase of a variable annuity investment. FINRA Public Disclosure reveals that […]

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SWS Financial Services Stockbroker Suspended For Unsuitable Trading

David Randall Lockey, of Dallas, Texas, a stockbroker formerly registered with SWS Financial Services, Inc., was fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member, ordered to provide restitution of $5,329.75, and disgorged of $46,447.38 per a FINRA Order Accepting Offer of Settlement containing findings that Lockey […]

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IMS Securities Fined For Failure To Supervise Variable Annuities

IMS Securities, Inc., of Houston, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise aspects of its variable annuity business. Letter of Acceptance, Waiver and Consent, No. 2014039417401 (Sept. 30, 2016). According to the AWC, between July 15, 2013 and May 8, 2014, […]

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Larson Financial Securities Stockbroker Suspended For Misrepresentations

October 15, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert R. Frith II, of Minnetonka, Minnesota, a registered representative with Larson Financial Securities LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that made misleading statements to customers concerning variable life insurance contracts. Letter of Acceptance, Waiver and Consent, No. […]

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SII Investments Named in Customer Securities Arbitration Claim

Thomas Fross, of The Villages, Florida, disclosed that a customer received a judgment or award against him for $24,000.00 in damages based upon the allegations that Fross breached his fiduciary duty and contractual obligations to the customer, made omissions and misrepresentations to the customer with regard to investments, and made unsuitable investment recommendations. FINRA BrokerCheck […]

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NYLife Securities Registered Representative Barred In Investigation

October 15, 2016  |   Posted by :   |   Annuity Schemes, Stock manipulation, Stockbroker Fraud   |   0 Comments

Amr Mostafa Aboulmagd, of Horsham, Pennsylvania, a registered representative for NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that he made unsuitable recommendations and misrepresentations to customers. Letter of Acceptance, Waiver […]

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Customer Bring Suitability Claima Against UBS Financial Services

October 11, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert M. Kuhn, of Plano, Texas, a stockbroker with UBS Financial Services Inc., is subject to a arbitration claim by a customer requesting $100,000.00 in damages because allegedly Kuhn misrepresented an annuity that the customer purchased, and made an unsuitable investment recommendations. FINRA Public Disclosure records show that on October 20, 2015, UBS Financial Services […]

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Fraud Claim Made Against IMS Securities

October 10, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Terry W. Chilton, of Beaumont, Texas, a stockbroker with IMS Securities, Inc., is subject to a customer dispute from March 7, 2016, in which a customer alleged that Chilton made misrepresentations concerning investments, and engaged in the unsuitable recommendations. FINRA Public Disclosure records also reveal that on September 16, 2013, a customer was awarded $1,172,250.00 […]

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Wilbanks Securities Stockbroker Named In Customer Disputes Alleging Fraud

September 16, 2016  |   Posted by :   |   Annuity Schemes, Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

John R. Stevens, of Grand Junction, Colorado, is subject to several customer disputes. On February 18, 2016, Stevens became subject to a pending customer dispute, in which the customer requested $300,000.00 after alleging that Stevens had misrepresented aspects of a variable annuity, causing the customer to bear investment losses. On February 5, 2016, another customer […]

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Centaurus Financial Stockbroker Stoltz Named In Unsuitability Arbitration

September 16, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Christian J. Stoltz, of Forty Fort, Pennsylvania, a stockbroker with Centaurus Financial, Inc., was named in a pending customer dispute on August 8, 2016, in which a customer has requested $32,000.00 in damages after alleging Stoltz made unsuitable recommendations concerning annuities and the customer’s managed investment account. Public Disclosure records reveal that Stoltz has also […]

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Adirondack Trading Group Stockbroker Barred In Investigation

September 09, 2016  |   Posted by :   |   Annuity Schemes, Elder Abuse   |   0 Comments

Michael B. Inderlied, of New Woodstock, New York, a stockbroker with Adirondack Trading Group LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed an investigation into allegations of his unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and […]

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Allstate Financial Services Stockbroker Fined For Forgery

September 09, 2016  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

William Fredrick Kerschbaumer, Jr., of Carrollton, Ohio, was fined $12,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he forged his firm customer’s signatures and made misrepresentations to customers and his firm concerning annuity terms. Letter of Acceptance, Waiver and Consent, No. […]

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Adirondack Trading Group Stockbroker Barred In Investigation

September 08, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Timothy N. Payne, of New Woodstock, New York, a stockbroker with Adirondack Trading Group LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed an investigation into allegations of Payne’s unsuitable investment recommendations. Letter of Acceptance, Waiver and Consent, No. 2014040289802 (Sept. […]

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ProEquities Fined For Failure To Supervise Annuities

August 25, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

ProEquities, Inc., headquartered in Birmingham, Alabama, was censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise non-traditional exchange-traded funds and variable annuities. Letter of Acceptance, Waiver and Consent, No. 2014039418801 (Aug 8, 2016). According to the AWC, from January of 2008 through April of […]

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Prudential Annuities Fined Failure to Stop Thief

August 17, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Prudential Annuities Distributors, Inc., headquartered in Shelton, Connecticut, was censured and fined $950,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had not identified and prevented misappropriation from a firm customer, and failed to properly implement its supervisory procedures to detect theft by former LPLFinancial broke, Travis A. Wetzel. Letter […]

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HD Vest Investment Securities Fined For Failure To Supervise

August 17, 2016  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

H.D. Vest Investment Securities, Inc., headquartered in Irving, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to adequately supervise variable annuity transactions, and failed to effectively utilize surveillance procedures to detect rates of annuity exchanges. According to the AWC, from May of 2010 […]

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Brokers International Financial Services For Annuity Fraud

August 08, 2016  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Brokers International Financial Services, LLC, headquartered in Panora, Iowa, was censured and fined $45,000.00 after consenting to findings that the firm failed to fully inform investors regarding variable annuities prior to investment, and authorized solicitation of purchases of annuities prior to ensuring suitability. Letter of Acceptance, Waiver and Consent, No. 2013038934401 (July 26, 2016). According […]

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Pruco Securities Stockbroker Barred For Fraud

August 08, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Winston Wade Turner of Sarasota, Florida, a registered representative with Pruco Securities, LLC, and MetLife Securities, Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a FINRA Office of Hearing Officers Default Decision containing findings that Turner committed fraud pertaining to customers’ variable annuity purchases, partook in unauthorized […]

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NEXT Financial Group Stockbroker Charged With Securities Fraud

June 30, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Dion R. Padilla, of San Antonio, Texas, a stockbroker with Next Financial Group, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that that Padilla engaged in willful securities fraud and effected an unauthorized annuity purchase. Department of Enforcement v. Padilla, No. 2014040362001 (June 9, 2016). According to […]

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Ameriprise Financial Broker Tysk Taken to Task For Obstructing Investigation

David B. Tysk, of Eden Prairie, Minnesota, a stockbroker with Ameriprise Financial Services, received sanctions of $50,000.00 and a one-year suspension from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a National Adjudicatory Council Decision containing findings that Tysk had materially altered customer information pursuant to a customer complaint, and […]

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MetLife Fined $20 Million For Lying about Annuities

MetLife Securities, Inc., headquartered in New York, New York, was censured and fined $20,000,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm made negligent omissions and misrepresentations concerning annuity products, and failed to supervise annuity transactions. Letter of Acceptance, Waiver and Consent, No. 20140408700001 (May 3, 2016). According to the […]

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SII Investments Stockbroker Barred For Annuity Twisting

Thomas P. Schober, of Westborough, Massachusetts, a stockbroker with SII Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he made unsuitable recommendations to customers and attempted to conceal his misconduct to his firm. Letter of Acceptance, Waiver and Consent, No. 2015044007001 (Mar. 3, […]

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Pruco Securities Stockbroker Charged With Fraud

March 17, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Winston Wade Turner, of Sarasota, Florida, a registered representative with Pruco Securities, LLC, and MetLife Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Tuner committed fraud in connection with customers’ variable annuity purchases, participated in unauthorized private securities transactions, and failed to cooperate with a […]

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MidAmerica Financial Services Fined for Failure to Supervise

MidAmerica Financial Services, located in Joplin, Missouri, was censured and fined $150,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish and maintain supervisory systems associated with placements and deferred variable annuities. Letter of Acceptance, Waiver and Consent, No. 2014039194101 (Jan. 30, 2016). FINRA canceled the firm’s […]

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MetLife Stockbroker Suspended for Outside Business Activities

Michael Joseph Cortes of Hauppauge, New York, was fined $15,000 and suspended for six-months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that he engaged in unauthorized outside business activities; willfully failed to disclose tax warrants and a lien; and borrowed from funds in violation […]

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Signator Investors Registered Representative Barred for Obstruction

February 12, 2016  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Morissa F. Rivo of Boca Raton, Florida, a registered representative with Signator Investors, Inc., was barred by Financial Industry Regulatory Authority (FINRA) from associating with any member in any capacity in connection with Rivo’s failure to cooperate with a FINRA investigation into allegations of Rivo’s misconduct. Letter of Acceptance, Waiver and Consent, No. 2014041961001 (Jan. […]

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National Planning Corp Broker Charged

Richard A. McCollam of Layfayette, California, a stockbroker with National Planning Corporation, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging McCollam willfully failed to disclose two customer arbitrations and seven customer complaints on his Uniform Application for Securities Industry Regulation filed on January 22, 2014, referred to as […]

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Comprehensive Asset Management Fined for Supervisory Failures

December 24, 2015  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Selling Away   |   0 Comments

Comprehensive Asset Management and Servicing, Inc. (CAMS), headquartered in Parsippany, New Jersey, was censured and fined $475,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to meet supervisory obligations including 1) the review and retention of consolidated reports; 2) private securities transactions; and 3) variable annuities. Letter of […]

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U.S. Bancorp Broker Suspended for Misrepresentations

November 25, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

David Levorchick of Sidney, Ohio, a registered representative with U.S. Bancorp, Inc., was fined $7,500 and suspended for thirty days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he negligently misrepresented to a customer that the liquidation of a variable annuity would not result in […]

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Investment Planners Broker Suspended for Unsuitable Recommendations

November 25, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Jump of Somonauk, Illinois, a registered representative with Investment Planners, Inc., was fined $10,000 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he negligently misrepresented information pertaining to fees associated with variable annuities, while also failing to […]

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Dalton Strategic Investment Services Stockbroker Barred

Andrew M. Abern, a Stockbroker with Dalton Strategic Investment Services Inc., was permanently barred from association with any member of Financial Industry Regulatory Authority (FINRA) in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into Abern’s recommendations to customers regarding variable annuities. Letter of Acceptance, Waiver, and Consent, […]

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Ameritas Investment Corporation Stockbroker Barred in Investigation

Heon Kim, a Stockbroker with Ameritas Investment Corporation, was barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to FINRA findings that he failed to cooperate in an FINRA investigation into allegations that Kim had engaged a non-licensed individual to solicit and sell variable products […]

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Woodbury Financial Services Stockbroker Barred for Stealing

Joseph R. Butler, a Stockbroker with Woodbury Financial Services, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm after the National Adjudicatory Council confirmed a Hearing Panel Decision barring Butler for converting customer’s funds and submitting a false annuity beneficiary change request. In the Matter of Department of Enforcement […]

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Allstate Financial Services Broker Barred for Defrauding Customers

Phillip Leonard Grasso, formerly a representative of Allstate Financial Services, was permanently barred in any and all capacities with a FINRA regulated entity after FINRA’s Office of Hearing Officers rendered a Default Decision finding that Grasso had misused and converted client funds in violation of FINRA Rules 2010 and 2150(a), engaged in securities fraud in […]

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LPL Fined $10M For Supervisory Failures

LPL Financial LLC, a FINRA member since 1973 headquartered in Boston, MA, conducts general securities business via 18,343 registered reps operating out of roughly 10,702 registered branch offices and 18,396 non-registered office locations. The firm was censured and fined $10M after consenting to FINRA’s findings concerning the firm’s failure(s) to adequately supervise ETF, variable annuity, […]

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Cadaret, Grant & Co fined for Supervisory Failures

September 01, 2015  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Cadaret, Grant & Co., Inc., a FINRA member headquartered in Syracuse, NY, offers brokerage services to customers via roughly 935 registered reps throughout over 500 branch offices, and provides a majority of its reps the opportunity to offer insurance to investors not provided via the brokerage firm. The firm was censured and fined $75,000 by […]

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SWS Fined Failures to Supervise Variable Annuity Transactions

August 26, 2015  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

SWS is a FINRA member firm who at one point had in excess of 300 registered representatives operating out of various offices throughout the United States selling variable annuities among other investments to customers. On August 13, 2015, the firm concerning tax deferred variable annuities – violating FINRA Rules 2010, FINRA Rule 2030, and NASD […]

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MML Investors Services Broker Nailed for Annuity Switching

August 17, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

There is an old saying, “investors do not buy variable annuities, investors are sold variable annuities.” Along with this, ought to come the saying that a broker never met an annuity sold by another firm that he or she did not like.” Variable annuities are securities and are a notorious vehicle for abusive sales practices. […]

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Radio Host Loses License For Equity Indexed Annuity Fraud

August 17, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Levin, “Investment Talk” radio host and former FINRA registered representative with Titan Securities, was just fined $25,000, suspended for 6 months, and lost his qualifications as a general securities representative by FINRA in connection with consenting to FINRA findings that Levin, via his broadcast, made statements deemed to be promissory, misleading, unbalanced, or lacking […]

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FINRA Brings Enforcement Action Against MetLife Securities Brokers for Fraudulent Sale of Annuities to SUNY Employees

April 02, 2014  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

FINRA enforcement actions are rare because generally the offending broker or brokerage firms settles allegations of misconduct before a formal enforcement action is brought by entering into a Letter of Acceptance, Waiver and Consent or AWC, where offending broker or brokerage firm consents or admits to a narrow finding of facts, pays fines or penalties, […]

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Beverly Hills Stockbroker Schemes $80 Million In Soon-To-Be-Dead People Scam

March 13, 2014  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

The US Securities and Exchange Commission issued cease-and-desist proceedings against Michael A. Horowitz and Moshe Marc Cohen from as the result of a fraudulent scheme to profit from the imminent deaths of terminally ill hospice and nursing home patients through the purchase and sale of more than $80 million in deferred variable annuities. The Scheme Michael […]

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Insurance Agent Gets Jail Time for Selling Annuity to Woman with Dementia

A California judge sentenced independent insurance agent Glenn Neasham to 90 days in jail late last month after he was convicted of felony theft for selling a complex annuity to elderly woman suffering from dementia, according to a report in the Wall Street Journal. Glenn Neasham Convicted A jury convicted Neasham in October and Judge […]

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FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures

August 21, 2009  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures in Variable Annuity, Mutual Fund and UIT Transactions. Five Firms Sanctioned, One Charged with Unsuitable VA Sales to the Elderly Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it fined five bank broker-dealers a total of $1.65 million for deficient supervision and […]

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Attorney General Lori Swanson Settles Suit Against Allianz

Allianz will provide restitution to seniors and implement more stringent suitability processes. Minnesota Attorney General Lori Swanson announced today the settlement of a lawsuit she brought in January against Allianz Life Insurance Company of North America for selling deferred annuities to Minnesota senior citizens without first determining whether the annuities were suitable investments for the […]

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FINRA Eyes Mutual Service Corp. for VA Oversight

Mutual Service Corp. of West Palm Beach Fla., and five of its principals are the subjects of a complaint by Financial Industry Regulatory Authority concerning allegedly shoddy and inaccurate books and records over sales of variable annuities, including tax-free exchanges, known as 1035 exchanges. MSC, with about 1,200 affiliated registered representatives and 800 branches, was […]

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Prudential and Pruco Securities Fined for Fraud

Pruco Securities, LLC (CRD #5685, Newark, New Jersey) and Prudential Investment Management Services LLC (CRD #18353, Newark, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which they were censured, fined $525,000, jointly and severally, and required to conduct an audit and prepare written findings regarding their compliance with NASD rules relating to […]

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