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Articles Posted in Variable Annuities

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Alberto Sanchez (CRD#: 4577983) is a now-bared broker formerly with SagePoint Financial (CRD#: 133763), MML Investors Services (CRD#: 10409), and Principal Securities (CRD#: 1137), all at Fort Lauderdale branch locations. From 2004-2013, Sanchez worked for Metlife Securities (CRD#: 14251) at their Plantation branch. Silver Law Group represents investors in arbitration claims against SagePoint Financial. Our investment fraud law firm is in the Fort Lauderdale area and we can meet with you in person to answer any questions.Alberto Sanchez (CRD#: 4577983) is a now-bared broker formerly with SagePoint Financial (CRD#: 133763), MML Investors Services (CRD#: 10409), and Principal Securities (CRD#: 1137), all at Fort Lauderdale branch locations. From 2004-2013, Sanchez worked for Metlife Securities (CRD#: 14251) at their Plantation branch.

Silver Law Group represents investors in arbitration claims against SagePoint Financial. Our investment fraud law firm is in the Fort Lauderdale area and we can meet with you in person to answer any questions. Continue reading

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Scott Silver, managing partner of Silver Law Group, delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas. Variable deferred annuities are a hybrid investment that contains features of a security and insurance. According to FINRA, “Due to the complexity and confusion surrounding them, which can lead to questionable sales practices, variable annuities are a leading source of investor complaints to FINRA.”Scott Silver, managing partner of Silver Law Group, delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas.

What Is A Variable Annuity?

Variable deferred annuities are a hybrid investment that contains features of a security and insurance. According to FINRA, “Due to the complexity and confusion surrounding them, which can lead to questionable sales practices, variable annuities are a leading source of investor complaints to FINRA.” Continue reading

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Silver Law Group represents investors in securities arbitration claims relating to variable annuities. The Securities and Exchange Commission (SEC) is investigating the Variable Annuity Life Insurance Company (Valic), an American International Group, Inc. (AIG) subsidiary that specializes in retirement plans for schools, colleges, and not-for-profit organizations.Silver Law Group represents investors in securities arbitration claims relating to variable annuities.

The Securities and Exchange Commission (SEC) is investigating the Variable Annuity Life Insurance Company (Valic), an American International Group, Inc. (AIG) subsidiary that specializes in retirement plans for schools, colleges, and not-for-profit organizations. Continue reading

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A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to variable annuities, REITs, and private placements.This new report finds that some firms rely heavily on these types of securities, over-concentrating clients in non-traded investments, including sector-specific investments and complex structured notes.A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to illiquid securities such as variable annuities, REITs, and private placements.

This new report finds that some firms rely heavily on these types of securities, over-concentrating clients in non-traded investments, including sector-specific investments and complex structured notes. Continue reading

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How to Report Elder Financial Fraud on elderfinancialfraudattorneys.comSilver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in The Villages, Florida and the surrounding area.

The Villages is located in Sumter County, Florida. According to FOX Business, The Villages is the fastest-growing city in America. The city, one of the fastest-growing retirement communities, also shares the same name as The Villages retirement community. It’s a Manhattan-sized city “with more golf carts than New York has taxis,” according to a Bloomberg report.

While the elder population and retirement communities have grown relatively crime-free, the senior population is not impervious to other financial threats. For aging seniors and retirees, elder financial fraud remains a potential problem.

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Phillip Andrew Johnson (CRD #501352) is a former registered broker and investment advisor whose last employer was D.H. Hill Securities, LLLP (CRD #41528) of Kingwood, TX. His previous employers include SunTrust Investment Services, Inc. (CRD #17499) of Nashville, TN, AXA Advisors, LLC (CRD #6627) and The Equitable Life Assurance Society Of The United States (CRD #4039), both of New York, New York. He has been in the industry since 1976.

Winston-Turner-Facing-Allegations-of-Variable-Annuity-Fraud-300x200Johnson is the subject of seven disclosures on his record, four of which are regulatory actions. Five of the disclosures were filed from 04/24/2015 through 06/20/2018. The first disclosure was employment separation.

Two of the disclosures in 2018 are regulatory actions from FINRA, related to the same action.

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The SEC recently published some guidance on variable annuities, an investment contract between an investor and an insurance company.

Winston-Turner-Facing-Allegations-of-Variable-Annuity-Fraud-300x200What It Is

A variable annuity is an investment account purchased from an insurance company that includes different types of insurance features. It can grow on a tax-deferred basis, and you can purchase one with a single payment or with regular “installment-plan” payments.

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Peter Orlando (CRD #1142715) is a former registered broker, last employed with SCF Securities, Inc. (CRD #47275) of Fall River, MA. Previous employers include MetLife Securities (CRD #14251), Morgan Stanley (CRD #149777 and #8209), and Investors Capital Group (CRD #30613) He has been in the industry since 1983. His current employer and employment status is unknown.

Orlando is the subject of a regulatory disciplinary action involving one of his clients. From August through September of 2014, Orlando allegedly obtained control of the financial affairs of an elderly widow (named “DW” in the complaint.) He became the primary beneficiary and executor of her will, with his wife as the contingent beneficiary. He obtained two powers of attorney (POA), one for health and one known as a “durable POA.”

It is against MetLife’s policies for a representative to become involved in a client’s financial affairs, except in the case of family members. There is no indication that the client was also a family member. In addition to a opening a joint account with Orlando, the client also changed her will, closed two bank accounts in favor of the joint one, and gave him two powers of attorney. Orlando never notified the firm that he was acting as her personal representative in her affairs.

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The SEC has shut down a $102 Million Ponzi Scheme that was defrauding investors in several states. The complaint that was filed in federal district court in Manhattan charges Perry Santillo from Rochester, New York, Christopher Parris from Rochester, New York, Paul LaRocco from Ocala, Florida, John Piccarreto from San Antonio, Texas, and Thomas Brenner from Orville, Ohio. These brokers are said to have defrauded over 600 investors through sales of securities in issuers that they controlled including the following: First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. If you or someone you know lost their investment by investing with one of these brokers and/or companies, then it is highly recommended to speak to an attorney in order to assess your potential legal options to recover your investment capital.

The SEC Allegations of Fraud

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Melvin Case (CRD# 2393464) has been with LPL Financial in Jacksonville, Florida since 2008. In 2017, he was discharged from the firm in relation to a 2016 felony criminal charge in Duval County Circuit Court. Case pled guilty to exploitation of an aged adult and was sentenced to two years of probation. According to LPL Financial, Case was converting this elderly individual’s funds for his own personal benefit. This guilty plea also led FINRA to bring a regulatory action against Case in January 2018. FINRA found that Case failed to timely disclose his felony charge and guilty plea to the agency; he was suspended for six months and ordered to pay a $5,000 fine.

Case has also been the subject of several customer disputes. In 2017, one of Case’s customers brought a claim alleging Case made misrepresentations and poor recommendations in connection with the customer’s purchase of variable annuities. In another dispute from 2004, a Claimant similarly alleged that Pruco Securities (Case’s former employer) and Case made unsuitable recommendations and misrepresentations in connection with insurance products purchased by the Claimant. That case settled for $100,000, with Case responsible for paying two-thirds of the settlement.

FINRA requires its members to “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer given their individual needs. FINRA also requires that its members refrain from engaging in fraudulent or deceptive practices with their customers.

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