Articles Tagged with variable universal life insurance

shutterstock_175835072-300x199The securities attorneys at Gana Weinstein LLP are investigating claims against Voya Financial Advisors Inc. (Voya Financial) broker Michael Hagan (Hagan).  According to BrokerCheck records, Michael has been subject to seven customer complaints. The majority of these complaints concern the misrepresentation and unsuitable recommendation of variable annuities, equity indexed annuities, and Variable Universal Life (VUL) insurances.

Most recently, in April 2017, a customer alleged that Hagan recommended unsuitable investment products for the customer and misrepresented the nature of the investments.  The dispute was settled at $164,455.

In January 2010, a customer alleged that in February 2000, Hagan’s recommendation of John Hancock Variable Universal Life (VUL) insurance was unsuitable and should be reexamined. Continue Reading

The Financial Industry Regulatory Authority (FINRA) sanctioned broker Allen B. Olander (Olander) of Centaurus Financial, Inc. (Centaurus) concerning allegations that Olander failed to disclose an IRS lien on his Form U4, borrowed money from a customer, and made unsuitable recommendations in the sale and exchange of variable annuities.  This is the second Centaurus broker that we have recently reported has been sanctioned.

Olander first became registered as an registered broker in 1993.  Olander holds a Series 6 license that allows him to sell only open end mutual funds and variable annuities.  From October 2007, to July 2011, Olander was associated with Centaurus.  Olander’s BrokerCheck discloses that customers have filed at least 12 complaints against Olander concerning his conduct in handling their accounts.  Many of the complaints involve the suitability or failure to disclose certain risks and features of variable annuities.

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