Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Cyr (Cyr), previously associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Cyr 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 $12,615.00 on December 12, 2023.

Bankers Life and Casualty Company (BLC), an affiliated insurance company, received a written complaint from the State of Wisconsin Department of Market Regulation and Enforcement, and provided a copy to Bankers Life Securities, Inc. (BLS) on December 12, 2023. In the complaint, regarding a purchase of a Premium Bonus Index Annuity (PBIA) in February of 2022, and a purchase of mutual funds in a BLS brokerage in April of 2022, the client alleged the guidance she received from the registered representative was not in her best interest, inappropriate for her age and needs, and driven by the representatives desire for commission. Client further alleged the representative never used the term ‘annuity’ and always referred to purchasing a policy. The client has requested to surrender the annuity without penalty, and be reimbursed for damages. BLS reviewed the recommendations to liquidate securities to fund the annuity, as well as to purchase mutual funds, and determined this was based on the client’s needs and in the client’s best interest. However, based on the allegations raised and to resolve any possible misunderstanding that might have occurred, BLC will allow the client to surrender the PBIA without incurring the applicable early surrender penalty. While the BLC annuity is not a security, and was issued by BLC, the Firm is reporting this complaint because the source of funding for the annuity came from the sale of securities recommended by a financial representative of the Firm, and because the allegations related to mutual funds were purchased in the client’s BLS account.