Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Hickman (Hickman), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Hickman 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 $16,295.00 on April 28, 2020.
In a verbal complaint received by Bankers Life Securities, Inc. (BLS) on April 29, 2020, complainant alleged that her financial representative failed to properly honor her request to transfer funds within her Jackson National Variable Annuity sub account to a money market fund. Rather than transferring existing funds, the financial representative instead applied the change only to future allocations. Neither the financial representative nor the complainant realized the error until complainant received her quarterly statement where she noticed her account had decreased in the amount of $16,295.76. The financial representative corrected the allocation and BLS settled the matter with the complainant based on the specific instructions received from the client that were not implemented directly resulting in financial loss to the complainant.