Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Foti Kanos (Kanos), currently associated with Northwestern Mutual Investment Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Kanos 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 $400,000.00 on April 04, 2023.
Claimant alleges that a recommendation to surrender a variable annuity to purchase a fixed annuity was not suitable based on the disputed claims that there were withdrawal penalties and that the future payments from the variable annuity would have been greater than the fixed annuity. Claimant further alleges that two other fixed annuities that Claimant purchased were not suitable for the Claimant’s investment needs due to a deferred income payment start date that resulted in a lack of current income. Claimant also alleges the recommendations resulted in excessive commissions.