Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ioan Grigor (Grigor), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Grigor 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 $3,602.00 on June 22, 2020.
In a written complaint, dated June 18, 2020, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm and received by the Firm on June 22, 2020, complainants alleged that a Long Term Health Care (LTC) policy purchased from BLC in 2013 was changed without their knowledge or consent and the initials on the policy change were forged. In the same complaint, it was also alleged that a Jackson National Variable Annuity purchased through Bankers Life Securities, Inc. in August of 2019 was unsuitable and contrary to their investment objectives and risk tolerance. On June 24, 2020, the complainants sent a rescission letter stating that the financial representative did not mislead them as to their investments and they had no complaints related to their investments made with the financial representative. Although the Firm’s affiliated company, BLC found no affirmative finding of forgery and closed as they did not find the complaint was actionable, the decision was made to settle the LTC Policy claim with the client. The financial representative was not involved, nor had any say in the decision to settle the dispute. BLC acted on what it believed, to be in its best interest, to settle the dispute.