Annuity Schemes

Archive | Annuity Schemes

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 Sue MSI Financial For Variable Annuity Fraud

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

Richard Ashleigh Fortune of Iselin New Jersey a stockbroker formerly registered with MSI Financial Services Inc. is referenced in a customer initiated investment related civil action brought in the New Jersey Superior Court of Middlesex New Jersey where the customer requested unspecified compensatory damages based upon accusations that (1) omissions had been made to the […]

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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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Voya Financial Blamed By Investors For Stockbroker Misrepresentation

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

Frankie Ricardo Brin of Fruitland Park Florida a broker formerly registered with Voya Financial Advisors (formerly ING Financial Partners Inc.) is the subject of a customer initiated investment related written complaint which settled on February 20, 2017 to resolve accusations of misrepresentation regarding income riders that customers purchased with variable annuities. Financial Industry Regulatory Authority […]

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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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