FINRA Bars Broker for Unsuitable Advice, Unethical Conduct and Financial Exploitation of Senior
The Financial Industry Regulatory Authority (FINRA) polices financial advisor fraud and financial elder abuse including financial exploitation of seniors, unethical conduct towards them, and recommendations of unsuitable investments. The Marin financial elder abuse and annuity attorneys at Evans Law Firm, Inc. represent seniors financially exploited by insurance agents, financial advisors, and brokers selling unsuitable annuities, recommending inappropriate exchanges, making unauthorized trades, and other fraud. If you or someone you know is over 60 and lives in California and is a victim of financial elder abuse or annuity or securities fraud, call us today at 415-441-8669.
One recent case shows just how deep broker or agent misconduct against senior customers can go. In the case, a FINRA-registered advisor exploited an 81-year-old customer by getting her to appoint him as her Power of Attorney, name him as executor and beneficiary under her Will, designate him as a beneficiary of her bank accounts, and surrender a variable annuity incurring thousands of dollars in surrender penalties. Investigators also discovered a number of signed, blank forms in the broker’s possession for effecting withdrawals and transfers of the elderly customer’s accounts. The broker accompanied the senior to her bank and assisted her so that she could designate him and his spouse as her beneficiaries. FINRA found the level of influence the broker exerted over the elderly customer to be “inordinate and unacceptable.” FINRA has barred the broker from associating with any FINRA member in any capacity, although the allegations are subject to adjudication and appeal.
The case illustrates just how pervasive financial exploitation of a senior can be by an unscrupulous broker, insurance agent, financial advisor or planner or other investment professional. If an agent, broker or other financial advisor has financially exploited you or a loved one in such a way, our attorneys can pursue all available remedies this kind of financial elder abuse. California law provides restitution (getting your money back), extra damages (to punish the fraudulent conduct) and awards of attorneys’ fees and costs to the senior forced to bring an action against the wrongdoers.
If you or a loved one been the victim of financial elder abuse or exploitation, undue influence, or other investment fraud in Marin County, or in any California county, contact Ingrid M. Evans and the other Evans Law Firm annuity fraud attorneys at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Annuities and life insurance produce large sales commissions for insurance agents and brokers but are often inappropriate or unsuitable products for consumers, especially seniors and may be sold to senior citizens by exerting undue influence or other exploitative behavior. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below. We are not in any way suggesting that any of these carriers or distributors has done anything wrong or acted in an exploitative manner. Rather, the list is provided solely as a reference for our readers.
AIG/American General Life Insurance Company
Allianz Life Insurance Company of North America
American Equity Investment Life Insurance Company
American General Life Insurance Company/AIG
American National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Ameriprise Financial/Securities America, Inc.
Athene Annuity & Life Assurance Company
Athene Annuity and Life Company
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Berkshire Hathaway Group
Berkshire Hathaway Life Insurance Company of Nebraska
Brighthouse Financial, Inc./MetLife
Citigroup Global Markets, Inc.
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
Delaware Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
Guggenheim Partners/Security Benefit Life Insurance Company
ING USA Annuity and Life Insurance Company
Jackson National Life Insurance Company
John Hancock Life Insurance Company
Lincoln Benefit Life Company
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Merrill Lynch Life Agency Inc.
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company
National Life Group
National Life Insurance Company/Equity Services, Inc.
National Western Life Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
North American Company for Life and Health Insurance
Northwestern Mutual Investment Services, LLC
Northwestern Mutual Life Insurance Company
Northwestern Mutual Wealth Management Company
Oxford Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
Reliance Standard Life Insurance Company/Tokio Marine Group
RiverSource Life Insurance Company/Ameriprise Financial
Securities America, Inc./Ameriprise Financial
Security Benefit Group, Inc.
Security Benefit Life Insurance Company/Guggenheim Partners
Security Investors, LLC
The Standard Life Insurance Company
Symetra Financial Corporation
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
USAA Life Insurance Company
Voya/Reliastar Life Insurance Company
Wells Fargo Advisors
Western & Southern Financial Group
The Western & Southern Life Insurance Company
World Financial Group Insurance Agency, Inc.
 Evans Law Firm, Inc. was not involved in the case in any way.