Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Primo Bushati (Bushati), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Bushati recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $179,000.00 on August 11, 2021.
The Firm received a letter, dated August 5, 2021, from an attorney representing clients of the Firm, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm and the Florida Department of Financial Services. The letter was sent in response to BLC’s disposition of a previous complaint in which BLC found the clients’ allegations to be without merit and denied the clients’ request for reimbursement and cancellation of annuities purchased from BLC. The August 5th letter reiterates prior allegations and includes new allegations that a Financial Representative (FR) of the Firm used a withdrawal request, previously signed by the client, in order to process another withdrawal from the client’s BLC fixed annuity, requested later the same year. The letter does not allege that the FR used the previously signed form in order to cause any harm to the client. The FR acknowledged his use of a previously-signed form in order to process the withdrawal request, but claimed he did so in order to satisfy an urgent need of the client for funds at a time when the client was inaccessible due to the COVID-19 pandemic and the client residing in a nursing home. BLC settled the complaint by releasing the clients from their annuities with a return of principal and waiver of $96,960 in surrender fees. Allegation Activity Date From December 1, 2019. Allegation Activity Date To August 11, 2021.