Our firm is investigating Bankers Life Securities, Inc. financial advisor Joshua William Sievers (CRD# 6927788) of Fort Wayne, Indiana for potential investment-related misconduct.
Financial Advisor’s Career History
Based on the BrokerCheck report, Sievers reported the following employment history:
- 09/2019 – Present: Bankers Life Advisory Services, Inc. — Financial Advisor (Fort Wayne, IN)
- 03/2018 – Present: Bankers Life Securities, Inc. — Registered Representative (Fort Wayne, IN)
- 05/2017 – Present: Bankers Life & Casualty — Insurance Agent (Fort Wayne, IN)
- 03/2017 – 05/2017: AMC Theatres — General Manager (Fort Wayne, IN)
- 10/2014 – 03/2017: Carmike Cinemas — General Manager (Fort Wayne, IN)
Joshua William Sievers Fraud Allegations and Investor Complaints Explained
BrokerCheck reflects one disclosed customer dispute for Sievers.
Disclosure summary (for context)
- Customer Dispute (Customer Complaint) — Settled (Final)
- Date complaint received: 12/05/2025
- Allegations: Client alleged misrepresentation of the terms of an annuity purchased through the firm’s insurance affiliate, including the surrender period and associated penalties, and requested the surrender penalty be waived.
- Product identified: Fixed annuity / “Fixed Equity Indexed Annuity”
- Alleged damages: $36,325.56
- Status date: 01/12/2026
- Settlement amount: $36,325.56
- Individual contribution amount: $0.00
December 2025 customer complaint alleging misrepresentation of surrender period and penalties
According to the disclosure narrative, Bankers Life Securities, Inc. received a written complaint on December 5, 2025. The customer alleged that the annuity’s terms were misrepresented, specifically as to the surrender period and associated penalties, and also expressed dissatisfaction with service and annuity performance.
Although the annuity referenced was issued by the firm’s insurance affiliate and described as not a security, the brokerage firm reported the matter because the annuity was allegedly funded by a recommendation to liquidate securities by a financial representative of the firm.
To obtain a copy of Joshua William Sievers’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2210 (Communications with the Public) generally requires that communications be fair and balanced and not misleading. In disputes alleging misrepresentation of surrender periods and penalties, Rule 2210 is relevant because explanations, marketing materials, and written descriptions of an annuity’s key terms (including liquidity constraints and surrender charges) should not omit material facts or create an inaccurate impression of costs or exit restrictions.
FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe a recommendation is suitable based on the customer’s investment profile. Where a complaint states the annuity was funded by a recommendation to liquidate securities, suitability concerns can include whether the liquidation and funding strategy was appropriate in light of the customer’s needs for liquidity, time horizon, and sensitivity to surrender penalties and other costs.
FINRA Rule 3110 (Supervision) requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable rules. When a customer dispute alleges misrepresentation of annuity terms—especially when securities are liquidated to fund an insurance product—Rule 3110 can be implicated if the firm’s supervisory processes did not reasonably detect, prevent, or correct misleading explanations of surrender schedules/penalties or problematic sales practices connected to the funding recommendation.
For over 45 years, Robert Wayne Pearce has helped investors recover your losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.