Silver Law Group has filed FINRA arbitration claims on behalf of clients who have invested with Flynn Wealth Management of Greer, South Carolina.
Flynn Wealth Management was owned by now-barred broker James Flynn (CRD# 3082615) and operated under FINRA-registered firm Voya Financial Advisors. As the firm that approved the investments Flynn Wealth Management sold to its clients, Voya is responsible for Flynn’s conduct and are the respondent claims are made against.
Our claims request compensatory damages for our clients, and allege that Voya failed to adequately supervise Flynn while he was working for them.
James T. Flynn Permanently Barred By FINRA
Before Flynn Wealth Management ceased operating and FINRA permanently barred James Flynn, significant damage was done to a number of clients.
James Flynn’s publicly-available BrokerCheck report lists an incredible 44 disclosures, including multiple customer disputes for false and misleading representations and unsuitable investment recommendations.
Overconcentration In Variable Annuities And REITS
Scott Silver, Silver Law Group’s Managing Partner, was recently quoted in an InvestmentNews.com article about Voya and Flynn:
“Every client of Flynn’s got the same mixed bag of about 30% in variable annuities and then the rest a substantial percentage in REITs. A client came to see Flynn and was told REITs were the way to go. The claims are against Voya because that’s where positions [in variable annuities and REITs] were put on, and most of our clients were told the need to hold the position. Voya was allowing him to sell these products in such concentrated positions. It’s surprising they were even on the firm’s platform.”
Voya Financial Advisors fired James Flynn in 2017 after he allegedly provided misleading information to the firm during an investigation into a customer complaint about variable annuities.
Flynn next worked for IFS Securities, before being fired after another client complaint involving variable annuities.
Scott Silver Gives Presentation On Variable Annuity Fraud
So what is a variable annuity, and why is it not the best choice for many investors? Scott Silver delivered a presentation on variable annuity fraud in October, 2019 at the 28th PIABA (Public Investor Arbitration Bar Association) annual meeting in Austin, Texas. The presentation dealt with how arbitration cases can be won to recover losses from unsuitable annuity and life insurance recommendations
Variable deferred annuities are a hybrid investment that contains elements 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.”
Variable annuities have higher costs to investors than lower-cost investments, such as mutual funds, but some brokers push variable annuities on their clients because they are paid a higher commission for selling them. Recommending high-cost variable annuities without proper disclosures may constitute investment fraud.
Fortunately, the sale of variable annuities is regulated by FINRA and the SEC, and disputes regarding can be resolved through arbitration, which allows an investor the chance to recover losses from the broker-dealer that sold it to them.
Silver Law Group, a nationally recognized law firm representing investors, has helped clients recover losses from variable annuities through arbitration.
Contact Our Firm if You’ve Invested with Flynn Wealth Management
Silver Law Group represents investors in Greenville, South Carolina in securities arbitration claims. If you invested with Flynn Wealth Management, James Flynn, and/or Voya Financial Advisors, you may have a claim to recover your losses. We take most cases on a contingency fee basis, which means we are not paid unless we recover money for you.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at email@example.com or toll free at (800) 975-4345.