Securities Lawyers Blog
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.