Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker George Jacobs (Jacobs), previously associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Jacobs 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 $34,313.00 on January 20, 2021.
The Firm received a written complaint on January 20, 2021, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm, signed jointly by the clients and an investment adviser representative of an unaffiliated firm. The complaint alleges that a financial representative of the Firm made unsuitable recommendations to the clients to liquidate securities in the clients’ accounts to purchase fixed-index annuities, issued by BLC. Clients requested to be released from the BLC annuities without surrender fees or penalties. BLC entered into a Settlement and Release and allowed the clients to cancel their annuities without the assessment of surrender charges. While the BLC annuities sold to the clients were not securities and were issued by BLC, the Firm is reporting this complaint because the source of funding for the annuities came from the sale of securities recommended by a financial representative of the Firm.