Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Anthony Alvarez (Alvarez), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Alvarez 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 $9,100.00 on February 17, 2023.
In a written complaint received by the Firm on February 17, 2023, addressed to a financial representative of the Firm, client alleged that he was not aware that he purchased a Guaranteed Lifetime Income Annuity (GLIA) in October 2021 from Bankers Life and Casualty Company (BLC), an affiliated insurance company. Client alleged he believed the assets used to purchase the annuity were being held in cash. Client requested to cancel the policy and a return of his funds. While the annuity sold to the client was 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.