{"id":11600,"date":"2024-12-23T16:35:16","date_gmt":"2024-12-23T21:35:16","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=11600"},"modified":"2024-12-23T16:35:16","modified_gmt":"2024-12-23T21:35:16","slug":"finra-arbitration-award-against-citizens-securities","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-arbitration-award-against-citizens-securities\/","title":{"rendered":"FINRA Arbitration Award Against Citizens Securities"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10372 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/01\/FiverRecoverysmall.jpg\" alt=\"An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys\u2019 fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers\u2019 annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer.\n\nThe action resulted from the client\u2019s purchase of Colorado Bankers\u2019 Life annuities. In the arbitration, the retiree\u2019s legal counsel argued that Citizens Securities violations included breach of contract and warranties, promissory estoppel; violation of state securities statutes; state insurance statute violations; breach of fiduciary duty; claims under common law; and vicarious liability.\n\nCitizens Securities heavily promoted these annuities, offering high commissions and incentives to brokers for selling them. But when North Carolina regulators seized company assets, investors\u2019 money was frozen and unavailable. Most were elderly retirees and investors who bought Colorado Bankers\u2019 Life annuities for the income from the dividends and were then left without that income.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/01\/FiverRecoverysmall.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/01\/FiverRecoverysmall-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys\u2019 fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers\u2019 annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-arbitration-award-against-citizens-securities\/#more-11600\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys\u2019 fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers\u2019 annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[588,576],"tags":[],"class_list":["post-11600","post","type-post","status-publish","format-standard","hentry","category-finra-arbitration","category-unsuitable-investment-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Arbitration Award Against Citizens Securities &#8212; Securities Arbitration Lawyers Blog &#8212;<\/title>\n<meta name=\"description\" content=\"A retiree has been awarded $152,382 in compensatory damages and attorneys\u2019 fees of $48,762 in a FINRA arbitration against Citizens Securities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-arbitration-award-against-citizens-securities\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Arbitration Award Against Citizens Securities &#8212; 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