Marvin Strozier, a broker and investment advisor associated with Dempsey Lord Smith, LLC, has been accused of forging a client’s signature on a variable annuity application, according to a recent disclosure on his FINRA BrokerCheck report. The customer dispute, filed on January 7, 2024, alleges that Strozier submitted the application without the client’s consent or knowledge. Although the case was closed with no action taken, the allegations raise concerns about the advisor’s conduct and the potential impact on investors.
The alleged misconduct revolves around the sale of a variable annuity, a complex investment product that combines features of insurance and securities. Variable annuities are often marketed as a way to generate income in retirement, but they come with high fees, surrender charges, and potential tax implications. FINRA Rule 2330 governs the sale of variable annuities, requiring brokers to ensure that the product is suitable for the client’s needs and that the client fully understands the risks and costs associated with the investment.
Investors rely on the integrity and professionalism of their financial advisors to make informed decisions about their investments. The alleged forgery of a client’s signature on a variable annuity application undermines the trust that is essential in the advisor-client relationship. If true, such actions demonstrate a disregard for the client’s best interests and a violation of FINRA rules and ethical standards. Investors who have worked with Marvin Strozier or Dempsey Lord Smith, LLC should review their accounts and statements carefully to ensure that all transactions were authorized and suitable for their financial goals.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. According to a report by Bloomberg, investment fraud cost Americans $1.6 billion in 2020 alone. It is crucial for investors to be vigilant and proactive in protecting their investments from potential misconduct.
Why It Matters for Investors
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The allegations against Marvin Strozier serve as a reminder of the importance of working with trustworthy and transparent financial professionals. Investors should be vigilant in monitoring their accounts and questioning any transactions that seem unusual or unauthorized. The potential forgery of a client’s signature on a variable annuity application raises red flags about the advisor’s commitment to ethical practices and the firm’s supervision of its representatives.
Protecting Your Investments
To safeguard their investments, investors should:
- Regularly review account statements and confirm that all transactions were authorized
- Ask questions about any unfamiliar or complex investment products
- Verify the background and disciplinary history of their financial advisors using FINRA’s BrokerCheck
- Report any suspected misconduct to the appropriate regulatory authorities
Recovering Investment Losses
Investors who believe they have suffered losses due to financial advisor malpractice or misconduct may have options for recovery. FINRA arbitration provides a forum for resolving disputes between investors and brokers or brokerage firms. Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating the allegations against Marvin Strozier and Dempsey Lord Smith, LLC.
With over 50 years of combined experience and a 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover their losses. The firm operates on a contingency basis, meaning clients pay no fees unless a recovery is secured. Investors who have worked with Marvin Strozier or Dempsey Lord Smith, LLC and suspect misconduct are encouraged to contact Haselkorn & Thibaut for a free consultation by calling 1-888-628-5590.
Red Flags for Financial Advisor Malpractice
Investors should be aware of potential red flags that may indicate financial advisor malpractice, such as:
- Unauthorized transactions or signatures on documents
- Pressure to invest in complex or high-risk products
- Lack of transparency about fees and commissions
- Failure to disclose conflicts of interest
- Inconsistencies between verbal representations and written documents
Seeking Legal Guidance
If you suspect that you have been a victim of financial advisor malpractice or misconduct, it is crucial to seek legal guidance from experienced professionals. The investment fraud attorneys at Haselkorn & Thibaut have the knowledge and resources to investigate your case, assess your potential claims, and pursue the best course of action for your individual situation. With their extensive experience and commitment to client success, Haselkorn & Thibaut is well-positioned to help investors navigate the complex legal and financial landscape and work towards recovering their losses.
As the investigation into the allegations against Marvin Strozier and Dempsey Lord Smith, LLC unfolds, investors should remain proactive in monitoring their accounts and seeking professional advice when needed. By staying informed and taking swift action in the face of potential misconduct, investors can protect their financial futures and hold wrongdoers accountable for their actions.
