annuity fraud lawyer

Broker Charles Evan Subject to Regulatory and Customer Complaints Over Annuity Practices

April 7, 2020 | by Staff Attorney

According to BrokerCheck records financial advisor Charles Evan (Evan), formerly employed by MML Investors Services, LLC (MML Investors) has been subject to five customer complaints, one regulatory action, and one employment termination for cause during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Walker concern allegations over various annuities, insurance, and variable annuity sales practices.

In October 2019 MML Investors terminated Evan alleging inappropriate traditional insurance sales practices. Thereafter, FINRA investigated Evan, and in January 2020, FINRA found that Evan consented to the sanction and findings that he refused to provide documents and information requested by FINRA in connection with allegations concerning inappropriate traditional insurance sales practices.

In March 2020 a client complained that Evan violated the securities laws alleging that after meeting with Evan in 2017, he sold her several variable annuities that were found to be unsuitable for her needs. The customer alleged $157,370 in damages. The claim is currently pending.

In February 2020 a client complained that Evan violated the securities laws alleging that beginning in 2008, Evan made misrepresentations, and provided bad investment advice on the sales of various products, which resulted in a financial loss. The claim is currently pending.

Mitchell Black Has Several Variable Annuity Sales Practice Complaints

June 6, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Mitchell Black (Black), currently employed by Ameriprise Financial Services, Inc. (Ameriprise) has been subject to six customer disputes during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the majority of customer complaints against Black concerns allegations over variable annuity sales practices.

In March 2019 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black recommended inappropriate variable annuities in 2013 and 2014 and misrepresented the associated provisions causing $1,000,000 in damages. The claim was denied by the firm.

In May 2014 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black sold unsuitable variable annuities, REITs, and was charged excessive commissions and fees of $40,000. The claim was settled for $24,787.

In March 2011 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black sold unsuitable variable annuities, insurance policies, and VULs causing $750,000 in damages. The claim was settled for $126,424.

Peter Bakalis Accused of Forged Client Investment Paperwork

May 8, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Peter Bakalis (Bakalis), currently employed by D.H. Hill Securities, LLLP (DH Hill Securities) has been subject to at least two customer complaints, one employment termination for cause, and one regulatory investigation. According to records kept by The Financial Industry Regulatory Authority (FINRA), Bakalis’ customer complaints allege that Bakalis failed to disclose a non-traded REIT merger and forged client signatures on paperwork.

In October 2018 Bakalis was terminated by his then employer Sigma Financial Corporation when the firm claimed that it has reason to believe that the representative forged, or instructed/caused others to forge, client signatures on account opening and account transfer paperwork.

Thereafter, in December 2018 the State of Michigan Department of Insurance and Financial Services opened an investigation claiming to have received a complaint on the appropriateness of annuity surrender/transfer for 3 different clients.