Securities Lawyers Blog
Our firm’s investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Joseph Zastrow (Zastrow) currently associated with Thrivent Investment Management Inc. (Thrivent) alleging unsuitable recommendations to invest in variable products such as variable annuities, equity indexed annuities, and variable life insurance. According to brokercheck records Zastrow has been subject to six customer complaints and one criminal matter.
In August 2016 a customer alleged that Zastrow failed to provide the customer with disclosures about the variable annuity contract or provide suitability information in July 2015. The customer also alleged that his signature was forged on documents dated May 2015. The customer claimed $2,956.67 in damages and was granted $2,861.98.
Variable annuities and equity indexed annuities are complex financial and insurance products. In fact, recently the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing. Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you. The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen. The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.