Silver Law Group is investigating former Nebraska-based Independent Financial Group, LLC (CRD# 7717) broker Matthew L. Geiser after FINRA permanently barred him.
According to Geiser’s FINRA BrokerCheck report, FINRA permanently barred Geiser from acting as a broker or otherwise associating with firms that sell securities to the public in November 2016. FINRA and Geiser entered in an Acceptance, Waiver & Consent (“AWC”) in which Geiser consented to the bar and findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation into allegations of misconduct against Geiser, including allegations of unsuitable recommendations and misleading statements about variable annuities.
Geiser, who initially was employed by Princor Financial Services Corporation (CRD# 7717), was discharged by Princor in September 2015 for issues involving suitability recommendations. Princor is also known as Principle Securities, Inc. Since Princor’s discharge of Geiser, 11 FINRA arbitration complaints against Geiser have settled.
All of the settlements were for varying amounts, one as low as $15,000 and another as high as over $500,000. What is consistent is that all the settlement alleged either unsuitable recommendations or misrepresentations regarding the sales of variable annuities or other life insurance products. Some of the customers alleged they were unaware that their money was going into an annuity. Others alleged Geiser sold the variable annuity on the premise that there was a guaranteed minimum return. One complaint, filed in October 2016, alleged that he was not made aware that there were surrender charges.
Geiser has been affiliated with selling and referring insurance products since 2013 according to his detailed CRD report. Under his outside business activities, Geiser formed a strategic alliance with Gary Thompson Agency to receive a split of commissions on property and casualty insurance products sold to Geiser’s referred clients. Additionally, Geiser lists other forms of outside insurance such as fixed life insurance, long-term care insurance, group benefits, health insurance, fixed annuities and disability insurance, all through various carriers.
Princor employed Geiser from February 2009 to October 2015. Independent Financial Group then employed Geiser from October 2015 to March 2016. At both stops, Geiser was based out of the Grand Island, Nebraska branches.
Our firm has extensive experience helping investors who were sold variable annuities based on misrepresentations, unsuitability or other securities misconduct. We have even published a guide on the risks and precautions to be taken when investing in variable annuities.
Silver Law Group has extensive experience trying claims in FINRA arbitration involving VAs. If your money is stuck in a VA, you have lost money in surrender charges and various other fees, or you believe your registered representative should not have sold you a VA, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll free at (800) 975-4345.