The Seriousness of an Allegation
An allegation is a serious matter that shouldn’t be taken lightly, especially when it involves financial matters. In the investment world, an allegation could mean a potential loss of hundreds of thousands of dollars for investors. It’s not just about the money; it’s about trust and the potential damage to one’s financial future.
Understanding the Allegation and the FINRA Rule
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The recent allegation involves a customer dispute dated 9/29/2023. The plaintiffs allege that their advisor, Daryl Devillier, who is associated with AMERIPRISE FINANCIAL SERVICES, LLC, failed to make the premium payments on their $601,676 Principal National Life Insurance Company life insurance policy. The advisor had agreed to process these payments on their behalf, but the policy lapsed around September 2021 due to non-payment.
This situation is a clear violation of the FINRA Rule. The Financial Industry Regulatory Authority (FINRA) is a non-governmental organization that regulates member brokerage firms and exchange markets. The FINRA Rule requires that all financial advisors must act in the best interest of their clients, ensuring that they are not financially harmed by their actions.
Why It Matters for Investors
Such allegations are significant for investors as they highlight the potential risks involved when entrusting financial advisors with their investments. It underscores the importance of vigilance and due diligence when selecting and dealing with financial advisors. A lapse in a life insurance policy could mean a significant financial loss for the policyholders, potentially affecting their financial security.
Red Flags for Financial Advisor Malpractice
Some red flags for financial advisor malpractice include:
- Failure to process payments as agreed
- Not acting in the client’s best interest
- Failure to communicate important information to the client
Haselkorn & Thibaut, a national investment fraud law firm, is currently investigating the advisor and company involved in this allegation. They offer free consultations to clients who may have been affected by this situation.
How FINRA Arbitration Can Help Investors
FINRA Arbitration is a platform that allows investors to seek financial recovery for losses caused by malpractice or misconduct by their financial advisors. Haselkorn & Thibaut, with offices in Florida, New York, North Carolina, Arizona, and Texas, is a law firm that specializes in investment fraud. They have over 50 years of experience in this field and have successfully recovered financial losses for investors. Their impressive 98% success rate speaks volumes about their expertise and commitment to their clients.
Investors can reach them on their toll-free consultation number 1-800-856-3352. Haselkorn & Thibaut operates on a “No Recovery, No Fee” policy, ensuring that clients are not burdened with legal fees unless they successfully recover their losses.
