Annuity Schemes

Archive | Annuity Schemes

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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SII Investments Broker Fired For Annuity Misconduct

Rohin Lawrence Ullberg of Flossmoor Illinois a stockbroker formerly employed by SII Investments Inc. has been terminated from employment on September 9, 2016 during a time that Ullberg had been investigated internally by the firm for purportedly making unsuitable recommendations to customers of the firm regarding the liquidation of their annuity investments. Financial Industry Regulatory […]

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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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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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LPL Financial Accused Of Lying To Investors

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

Hassen Lopez of Corona New York a stockbroker formerly employed by LPL Financial LLC is referenced in a customer initiated investment related written complaint on September 27, 2015 in which the customer requested damages estimated to exceed $5,000.00 in damages based upon allegations that Lopez effected an annuity purchase in March of 2014 that was […]

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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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Berthel Fisher Sued By Customer For Misrepresentation

Kurt Edward Stahl of Sarasota Florida a stockbroker formerly registered with Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related civil action where the customers collectively requested $39,491.48 in damages supported by allegations that (1) the customers had been placed into equity indexed annuities that were not suitable for them […]

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