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Jun 11, 2019 by |

San Francisco and California Annuities and Financial Elder Abuse Attorney: Advisor Misrepresentations


FINRA Fines Advisor For Misrepresentations

Annuities and Retirement Plan Misrepresentations

The Financial Industry Regulatory Authority (FINRA) polices investment advisory firms and other member financial organizations in their dealings with consumers. FINRA regulates individual advisors and also the supervision they’re under by their employers to ensure honesty with clients in proposals and sales of investments.  Those investments include annuities and retirement investments like 401(k) plans.  The San Francisco annuity and financial elder abuse attorneys at Evans Law Firm, Inc. represent[1] individuals who have lost money in annuities, indexed universal and whole life insurance, and other retirement investments through surrenders, high fees, and benefits that do not pay out as advertised or misrepresentations about the investments made by sellers.  Most of the victims we represent are seniors.  If a financial advisor, insurance agent or broker has sold you an inappropriate product such as life insurance or an annuity or misrepresented investments to you and you’re over 60 and live in San Francisco or elsewhere in California, call us today at (415441-8669 and we can help.

In one recent enforcement proceeding,[2] FINRA fined an annuities firm for misrepresenting the nature of a portfolio containing several retirement bond funds to 401(k) sponsors and participants. According to FINRA’s announcement in the matter, AXA Advisors, LLC (“AXA”) misrepresented five funds that were offered for 401k plans by stating that the funds were “investment grade.” In fact, the portfolio contained a large portion of high-yield or junk bonds below investment grade securities. FINRA found that the firm had violated FINRA supervisory rules by failing to have supervisory systems and procedures in place to determine the accuracy of the credit descriptions in bond fund documents distributed to plan sponsors and participants.  Without admitting or denying the charges, AXA agreed to a $600,000 fine and to pay approximately $172,000 in restitution to those affected.

Your hard-earned savings are yours. Don’t buy into commission-driven products like life insurance and deferred annuities that line other people’s pockets and leave you holding the bag. Be cautious in reviewing prospectuses and other offering materials connected with annuities and other retirement investments like 401(k) plans. Always consult a professional with nothing to gain from a sale to you and also consult your tax advisor as annuities and other retirement investments like 401(k) plans have significant tax consequences with regard to surrenders, other withdrawals and payouts.

Contact Us

If you are over 60 and live in San Francisco or elsewhere in California and have been sold an inappropriate or unsuitable investment product, an advisor or agent has misrepresented products to you, or you’ve suffered loss on an annuity or life insurance surrender or replacement, contact Ingrid M. Evans and the other annuity and financial elder abuse attorneys at the Evans Law Firm for a free review of your policy at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Leading providers and distributors of life insurance, fixed, variable and fixed indexed deferred annuities and other retirement investments in California are listed below. We are not in any way suggesting that any of these carriers, advisors, or distributors has done anything wrong.  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 International Group, Inc. (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

Athene USA

Aviva Life Insurance Company

AXA Equitable Financial Services, LLC

AXA Equitable Life Insurance Company/AXA US

AXA Advisors, LLC

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

The United States Life Insurance Company in the City of New York

Unum Life Insurance Company of America

USAA Life Insurance Company

The Variable Annuity 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.

[1] While we do not provide tax or investment advice at Evans Law Firm, we do represent consumers who have suffered losses from fraud, misrepresentations, inappropriate sales of unsuitable investments, and other misconduct.

[2] Evans Law Firm was not involved in the case in any way.

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"Contacted Ingrid on an elder financial abuse case - she was responsive, knowledgeable, and easy to work with. You can tell she is passionate about this area of law and has the experience to back it up. She is an excellent choice if you are looking for a results driven attorney and highly effective advocate."
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