Articles Tagged with variable annuity fraud attorney

shutterstock_128856874-300x200According to BrokerCheck records financial advisor Mitchell Black (Black), currently employed by Ameriprise Financial Services, Inc. (Ameriprise) has been subject to six customer disputes during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the majority of customer complaints against Black concerns allegations over variable annuity sales practices.

In March 2019 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black recommended inappropriate variable annuities in 2013 and 2014 and misrepresented the associated provisions causing $1,000,000 in damages.  The claim was denied by the firm.

In May 2014 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black sold unsuitable variable annuities, REITs, and was charged excessive commissions and fees of $40,000.  The claim was settled for $24,787.

In March 2011 a customer filed a complaint alleging that Black violated the securities laws by, among other things, that Black sold unsuitable variable annuities, insurance policies, and VULs causing $750,000 in damages.  The claim was settled for $126,424.

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shutterstock_70999552-300x200According to BrokerCheck records financial advisor Charla Kabana (Kabana), formerly employed by SagePoint Financial, Inc. (SagePoint) has been subject to one regulatory action, one one employment termination for cause, and multiple financial disclosures during her career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the regulatory action against Kabana concern allegations over variable annuity sales practices.

In August 2018 Kabana consented to sanctions and to the entry of findings that she failed to provide FINRA with the documents and information requested in connection with its investigation concerning the reasons for her termination including concerns regarding her practices in respect to variable annuity business and related responses to compliance. Because Kabana refused to appear for FINRA and provide on-the-record testimony FINRA automatically barred her from the industry.

In July 2016, LPL Financial LLC (LPL Financial) discharged Kabana claiming that the firm had concerns regarding the Representative’s practices in respect to variable annuity business and related responses to compliance.

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