Articles Tagged with variable annuity attorney

shutterstock_108591-300x199According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Jack Owens (Owens) left his employer Gradient Securities, LLC (Gradient Securities) in June 2018 on the heels of numerous customer complaints and regulatory sanctions.  BrokerCheck shows that Owens operates his business through a d/b/a Premier Financial Resources and Premier Financial Solutions.  Owens has been subject to six customer complaints surrounding Owens’ sales of variable annuities.  Owens has also been subject to four regulatory actions.  The most recent regulatory action in January 2013 by the State of Florida accused Owens advised a senior investor to exchange a variable annuity for another product that was not suitable.

The most recent customer complaint in April 2018 states that there were discrepancies between what Owens told the customer about a variable annuity at the time of the sale and what the product actually was.  The complaint was denied by the firm.

Variable annuities are complex financial and insurance products.  In fact, recently the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing.  Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you.  The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen.  The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.

shutterstock_156764942-200x300Securities attorneys from Gana Weinstein LLP are investigating Kestra Investment Services, LLC (Kestra Investment Services) broker Mitchell Walk (Walk).

According to BrokerCheck records, Walk has been subject to 5 customer complaints, 2 of which are still pending. The majority of these complaints regard unsuitable investment recommendations.

In August 2017, a customer alleged that Walk made unsuitable investment recommendations to the customer and that Kestra Investment Services failed to properly supervise this activity. The client has requested $72,000 in damages. This dispute is currently still pending.