Annuities - Law Offices of Robert Wayne Pearce

Dec 2, 2020

Georgia Securities Attorney For Variable Annuities Investment Disputes

Did Cecilia Sawyer, aka Cecilia Villanueva Cause You Investment Losses? Cecilia Sawyer, aka Cecilia Villanueva, a former broker at Duluth, Georgia based PFS Investments Inc., was sanctioned based on the Financial Industry Regulatory Authority’s (FINRA) findings that she claimed her customer’s variable annuity death benefits for her own personal use. FINRA’s findings stated that after one of Ms. Sawyer’s customers invested $130,000 in a variable annuity, the annuitant died and the beneficiary divorced the same year. No annuity claim was filed at the time. FINRA found that approximately three years later, Ms. Sawyer made a claim for the death benefit and directed it to be mailed to the beneficiary at a mailbox she opened. A $148,361 check was mailed to the beneficiary at that mailbox, where Ms. Sawyer deposited the check in a checking account she opened in the beneficiary’s name, without his knowledge or consent. Ms. Sawyer and her husband withdrew funds from the account for their own benefit. FINRA’s findings also stated that Ms. Sawyer failed to respond to FINRA requests for information and documents. Ms. Sawyer of Federal Way, Washington was prohibited from association with any FINRA member in any capacity. Georgia has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to make unsuitable recommendations and misrepresent and/or mislead investors about the risks of owning variable annuities, their features including surrender fees before investing in Variable Annuities and engage in all kinds of stockbroker misconduct which violates Federal and Georgia securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures. Experienced Lawyers With Claims by Investors Who Purchased Variable Annuities In FINRA Arbitrations Throughout Georgia and Nationwide. Are you a Georgia investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Georgia stockbroker or investment advisor misrepresent or mislead you about a Variable Annuity investment or make an unsuitable recommendation that you invest in a Variable Annuity or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration lawyer — an attorney who understands these highly complex and risky Variable Annuity investments. You will also need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated and highly successful attorney like Robert Wayne Pearce with over 40 years of experience with variable annuities by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your Variable Annuity investment losses and all types of stockbroker misconduct in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Variable Annuities and securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Index Annuities. Attorney Pearce and his staff represent investors throughout Georgia, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Experienced Variable Annuities Investment Attorney Serving Georgia Residents In FINRA Arbitration Proceedings The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Variable Annuities cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success representing investors who were sold Variable Annuities and all kinds of securities and investments serving Georgia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Feb 10, 2020

Former UBS Broker Suspended for Misconduct

David Adam Rookasin of Monroe, Connecticut submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private transactions in violation of FINRA Rules 2320(g)(1) and 2010. From October 2012 to August 2017, David Adam Rookasin was registered with UBS as a General Securities Representative. According to FINRA, Rookasin recommended that a customer exchange a $1.3 million fixed rate annuity that his firm rejected. The findings stated that upon the rejection, Rookasin helped another representative at a different firm in executing the transaction after the customer opened the account. The findings also stated that he stayed involved in the transactions by being the point of contact between the representative and customer. In addition, Rookasin never notified his firm of this arrangement and received half of the commission in the amount of $50,318.86.

Dec 26, 2018

BB&T Stockbroker Fined for Unsuitable Trading

Geoffrey Colin Turner, of Tybee Island, Georgia, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for recommending certain L-share variable annuities. In October 2006, Turner joined BB&T as a General Securities Principal. During the period of December 2014, through June 2015 Turner allegedly recommended certain L-share variable annuities to 15 customers without having a reasonable belief these recommendations were suitable. According to FINRA, Turner recommended his customers purchase higher-cost share class contracts without understanding the costs and benefits. The findings stated that Turner did not understand that the L-share class would be more expensive than the B-share class for customers who held their annuities for at least seven years. The findings also stated that Turner was unable to inform his customers of the various features of the products due to his lack of understanding the L-share class annuities.

Oct 4, 2017

LPL Broker Permanently Barred for Failing to Respond to FINRA Investigation into Alleged Fraud and Unsuitability Claims

Roger Zullo, a former registered representative with LPL Financial LLC, has been barred by the Financial Industry Regulatory Authority (FINRA) for refusing to produce information and documents requested by FINRA in connection with an investigation into allegations of fraud, falsifying client suitability profiles and unsuitable variable annuity sales. FINRA’s investigation arose from a complaint, and subsequent Consent Order, by the Massachusetts Securities Division against Mr. Zullo and LPL Financial. FINRA began an investigation in January 2017 following allegations made in the complaint filed by the Massachusetts Securities Division. That complaint alleged that Mr. Zullo, of Boston, Massachusetts, “fabricated the financial suitability profiles of numerous LPL clients, selling them scores of large, illiquid, unsuitable, high-commission variable annuities, at substantial upfront profits to himself and LPL.” Further, the complaint alleged that Mr. Zullo prematurely switched out his clients’ existing annuities (which were also sold by Mr. Zullo), caused unnecessary surrender charges, and disregarded his clients’ investment profiles at an enormous profit to himself and LPL. The complaint states, “Over the course of three years, Zullo and LPL received more than $1,825,000 in variable annuity commissions alone; of this amount, more than $1,791,000, or 98%, represented commissions from the sale of the same annuity product, the Polaris Platinum III (B Shares) variable annuity.”

Aug 2, 2017

Summit Equities Fined for Variable Annuity Supervisory Failures

Summit Equities, Inc., submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which it was fined $325,000 for failing to adequately supervise its registered representatives’ recommendations and sales of multi-share-class variable annuities. Registered with FINRA since 1982 and headquartered in Parsippany, New Jersey, Summit Equities has approximately 132 registered representatives. FINRA found that from October 2011 to December 2015 (the relevant time period), Summit Equities sold 1,037 individual variable annuity contracts to its customers. Approximately 45% of those contracts were L-share contracts. FINRA found that Summit Equities failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities, which provide a shorter surrender period than B-share contracts, but have a higher fee in exchange for the increased liquidity. Without admitting or denying the FINRA findings, Summit Equities was censured and assessed a $325,000 fine.

Jun 28, 2017

Legend Equities Broker Named in FINRA Complaint for Unsuitable Annuity Replacements

Walter Marino, a previously registered broker with Legend Equities Corporation, was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he recommended unsuitable variable annuity replacements (also known as exchanges) to two customers, allegedly causing one customer to incur a surrender charge of $85,523.23. According to the FINRA complaint, Walter Joseph Marino, of Dix Hills, New York, had no reasonable basis for his recommendation of replacements for his customers’ non-qualified variable annuities. The complaint alleges that both customers suffered substantial losses as a result of his recommendation. For instance, one customer incurred significant tax liabilities due to Mr. Marino’s failure to use the tax-free exchange available under the IRS Code. Further, as mentioned above, another customer is alleged to have suffered a surrender charge of more than $85,000. Mr. Marino, on the other hand, allegedly received commissions of approximately $60,000 for recommending the unsuitable transactions.

Feb 20, 2017

MML Investors Services Broker Named in FINRA Complaint for Misrepresentations to 90 Year Old Customers

Stanley Niekras, a previously registered broker with MML Investors Services, LLC (MML), was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he misrepresented to his customers, a 90 and 91 year old married couple, that he was entitled to over $70,000 for purported estate and financial planning services when he had no financial planning or advisory agreement with the elderly couple. According to the FINRA complaint, Stanley Clayton Niekras, of Watertown, New York, allegedly presented the elderly couple, who were declining both physically and mentally, with bills claiming he had spent more than 264 hours working on their estate and was entitled to retroactive compensation at a rate of $250 an hour. The bill, which Mr. Niekras allegedly presented to the couple on MML letterhead, was for $72,636.18 and was “due upon receipt.”

Nov 29, 2016

VALIC Financial Hit with $1.75 Million Fine for Compensation Conflicts

Houston, Texas-based VALIC Financial Advisors, Inc. (VALIC) was hit with a $1.75 million fine by the Financial Industry Regulatory Authority (FINRA) for failing to prevent compensation conflicts. VALIC is alleged to have incentivized its registered representatives to sell its own annuities and discouraged them from selling non-proprietary products. FINRA found that from October 2011 to October 2014, VALIC failed to maintain a reasonable supervisory system to address the potential conflicts of interest created by its compensation policy, which incentivized its representatives for recommending that customers move funds from VALIC variable annuities to the firm’s fee-based platform or a VALIC fixed index annuity. Further, FINRA found that VALIC made the compensation conflict worse by prohibiting its representatives from receiving compensation when moving customer funds from a VALIC variable annuity to a non-VALIC variable annuity, mutual fund or other non-VALIC product.

Nov 25, 2016

FTB Advisors Fined for Variable Annuity Supervisory Failures

FTB Advisors, Inc., headquartered in Memphis, TN, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1986, FTB Advisors currently has 355 associated persons and 82 branch offices. FINRA found that from January 2013 to December 2014, FTB Advisors failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Further, FINRA found that FTB Advisors failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that FTB Advisors allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 23, 2016

Kestra Investment Services Fined for Variable Annuity Supervisory Failures

Kestra Investment Services, Inc., headquartered in Austin, Texas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1997, Kestra Investment Services currently has 1,845 registered representatives and 639 branch offices. FINRA found that from October 1, 2013 to June 30, 2014, Kestra Investment Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Further, FINRA found that Kestra Investment Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Kestra Investment Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.