Bankers Life Securities

Broker Mark Feliciano in Bankers Life Securities, INC. Firm Has Customer Complaint

January 28, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Feliciano (Feliciano), currently associated with Bankers Life Securities, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Feliciano recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on August 10, 2021.

In a written complaint, dated March 11, 2021, addressed to Bankers Life and Casualty Company (BLC) an affiliated insurance company, clients expressed dissatisfaction with the performance of the Bonus Indexed Annuities (PBIAs) purchased from BLC in November of 2019. BLC denied the complaint based on the performance of the PBIAs as consistent with the client’s allocation decisions. On August 10, 2021, clients requested reconsideration of BLC’s determination. BLC determined to settle with the clients for $25,000, although the annuities were suitable at the time they were sold. The financial representative did not contribute nor was he asked to contribute to the settlement with this complainant. The complainants previously filed a separate complaint as to this financial representative involving different issues, but as the settlement was over $15,000 required a separate disclosable filing. While the annuities sold to the clients are not securities and were sold by BLC, the Firm is reporting this complaint because the source of funding for the BLC annuities recommended by a financial representative of the Firm.

Broker Primo Bushati in Bankers Life Securities, INC. Firm Has Customer Complaint

January 28, 2026 | by Staff Attorney

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.

Broker Tarek Mohamed in Bankers Life Securities, INC. Firm Has Customer Complaint

January 15, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Tarek Mohamed (Mohamed), previously associated with Bankers Life Securities, INC., has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Mohamed recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on December 29, 2021.

Mohamed was named a respondent in a FINRA complaint alleging that he failed to provide information and documents requested by FINRA during its investigation into the circumstances of his termination from his member firm. The complaint alleges that the firm filed a Form U5 disclosing that it terminated Mohamed for violating standard of conduct rules and firm policies related to his failure to disclose, and solicitation of investments in, an outside business activity. The Form U5 also disclosed a complaint filed on behalf of Mohamed\\u2019s client, alleging that he took $46,000 in client funds and deposited them into an account in the name of Mohamed\\u2019s company. The funds were delivered by the client in the form of two personal checks written to the company. Later the firm filed an amendment to the Form U5 disclosing that a second complaint was filed on behalf of Mohamed\\u2019s same client, alleging that he did not act in the client\\u2019s best interest when he sold financial products to the client. Later, the firm disclosed that it had settled the complaints by refunding $46,000 to the client and granting other relief. In response to FINRA\\u2019s request, Mohamed provided FINRA with a partial response from his email account. In a written statement, Mohamed admitted that he deposited $46,000 in client funds into his business account but asserted that he returned the funds in cash to the 78-year-old client (less a commission) to help the client. Mohamed provided a single company bank statement that showed the first deposit of $31,000 and a subsequent $29,000 cash withdrawal. However, Mohamed did not provide any other information or bank statements for any personal or business bank accounts, brokerage statements, or any business or personal tax returns that had been requested by FINRA. Mohamed later emailed another partial response. Specifically, Mohamed provided a narrative response to some questions posed by FINRA but that response was incomplete because Mohamed still did not provide any other information or bank statements for any personal or business bank accounts, brokerage statements, or any business or personal tax returns. Mohamed emailed a third partial response providing responsive company bank statements. One company statement showed deposit of the client\\u2019s $15,000 check without a corresponding large cash withdrawal. Subsequently, FINRA sent Mohamed a notice informing him that he was suspended from associating with any FINRA member and warning him that he would be automatically barred if he did not request termination of the suspension on grounds of full compliance. To date, Mohamed has not fully complied with FINRA\\u2019s requests and as a result he is currently suspended from associating in any capacity with any FINRA member. \, \,

There are Recent Customer Complaints with Broker Timothy Darnell in Firm Bankers Life Securities, INC.

December 19, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Timothy Darnell (Darnell) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Darnell was employed by Bankers Life Securities, INC. at the time of the activity. If you have been a victim of Darnell’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $350,000.00 on October 24, 2025.

The arbitration alleges the RR made unsuitable recommendations, alleges breach of fiduciary duty, negligence, misrepresentation, and selling away related to an alleged Ponzi scheme with First Liberty Building & Loan, LLC

There are Recent Customer Complaints with Broker August Ferretti in Firm Bankers Life Securities, INC.

December 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker August Ferretti (Ferretti), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Ferretti 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 $9,174.00 on February 11, 2022.

In a written complaint received by the Firm on February 11, 2022, a client alleged she was unaware her IRA funds were used to purchase a Guaranteed Lifetime Income Annuity (GLIA) from Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm in October of 2021. Client stated that she wanted the funds invested in a managed advisory account and requested that the annuity purchase be voided and a transfer of the funds to an outside financial institution. BLC found that the annuity was suitable. BLC acknowledged that client’s request was outside of the policy’s free-look period but as an accommodation allowed client to free-look her annuity without the assessment of surrender charges. 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.

There are Recent Customer Complaints with Broker Daniel Corey in Firm Bankers Life Securities, INC.

December 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Corey (Corey), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Corey 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 $22,253.00 on March 14, 2022.

In a written complaint received on March 14, 2022, addressed to Bankers Life and Casualty Company (BLC), an affiliated insurance company, clients alleged that their financial representative recommended they cancel their term life policies held with another financial institution and purchase whole life policies, funding premiums with withdrawals from their securities account with the Firm. Clients further allege their income was insufficient to fund the new premiums and requested their life insurance policies be cancelled and all money be refunded. Clients also alleged that their financial representative recommended the purchase of a Premium Bonus Indexed Annuity (PBIA) from BLC in February of 2020 comprising a high percentage of their liquid net worth and subject to high surrender charges. BLC found that the both the life insurance policies and the annuity were suitable recommendations and denied the complaint, but as an accommodation refunded the premiums paid into their life insurance policies minus the costs and expenses of the insurance over the period of time they were held via a settlement and release. The financial representative did not contribute nor was we asked to contribute to the settlement. While the life insurance policies and the annuity sold to the client were not securities and were issued by BLC, the Firm is reporting this complaint because the source of funding came from the sale of, or income generated by, securities and were recommended by a financial representative of the Firm.

Broker Timothy Darnell in Bankers Life Securities, INC. Firm Has Customer Complaint

October 27, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Timothy Darnell (Darnell) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Darnell was employed by Bankers Life Securities, INC. at the time of the activity. If you have been a victim of Darnell’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $400,000.00 on September 30, 2025.

The arbitration alleges the RR made unsuitable recommendations, alleges breach of fiduciary duty, negligence, misrepresentation, and selling away related to an alleged Ponzi scheme with First Liberty Building & Loan, LLC

Broker Archie Hansley in Bankers Life Securities, INC. Firm Has Customer Complaint

October 11, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Archie Hansley (Hansley), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Hansley recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $26,613.00 on August 18, 2025.

Bankers Life and Casualty Company (BLC), an affiliated insurance company of Bankers Life Securities, Inc. (BLS), received a written complaint from a client and provided a copy to BLS on August 18, 2025. In the complaint, the client alleged that they were misled by their financial representative regarding the terms of three annuity contracts purchased through BLC in 2024. The client stated that they had requested investment products similar to those held with another firm, specifically a 401(k), Roth IRA, and savings account, but were instead sold annuity contracts. The client further alleged that they were not informed of the surrender charges associated with accessing their funds and is requesting that the annuities be canceled without surrender penalties. While the BLC annuities are not securities and were issued by BLC, the Firm is reporting this complaint because the annuities were funded by the recommendation to liquidate securities by a financial representative of the Firm.

Broker Timothy Darnell in Bankers Life Securities, INC. Firm Has Customer Complaint

October 7, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Timothy Darnell (Darnell) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Darnell was employed by Bankers Life Securities, INC. at the time of the activity. If you have been a victim of Darnell’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on September 11, 2025.

The arbitration alleges the RR made unsuitable recommendations, alleges breach of fiduciary duty, negligence, misrepresentation, and selling away related to an alleged Ponzi scheme with First Liberty Building & Loan, LLC.

There are Recent Customer Complaints with Broker Anthony Alvarez in Firm Bankers Life Securities, INC.

September 20, 2025 | by Staff Attorney

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.