The seriousness of allegations made against financial advisors cannot be overstated. In a recent case, a customer dispute was lodged against William Van Gieson, a registered representative (RR) of Equitable Advisors, LLC. The customer alleges that Van Gieson misrepresented the terms of a Variable Annuity (VA) policy sold in 2021. The case, pending as of 9/5/2023, is currently under investigation by Haselkorn & Thibaut, a national investment fraud law firm.
Allegation’s Seriousness and Case Information
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William Van Gieson, a broker but not an investment advisor, has been with Equitable Advisors, LLC (CRD 6627) since 12/23/2008. The allegation against him pertains to a Variable Annuity (VA) policy. The customer alleges that Van Gieson misrepresented the terms of this policy, which was sold in 2021. The seriousness of such an allegation lies in the potential financial harm to the investor and the breach of trust it implies. Misrepresentation of financial products is a grave violation of the Financial Industry Regulatory Authority (FINRA) rules.
Haselkorn & Thibaut, with a successful track record of financial recoveries for investors, is currently investigating this matter. They offer free consultations to clients. The firm has an impressive 98% success rate and operates under a “No Recovery, No Fee” policy. The toll-free consultation number is 1-800-856-3352.
Explanation in Simple Terms and the FINRA Rule
A Variable Annuity (VA) is an insurance product that, upon annuitization, pays a periodic income to the investor. The amount of income depends on the performance of the investment options chosen by the investor. Misrepresentation of the terms of such a policy can lead to unexpected financial outcomes for the investor.
According to the FINRA Rule 2111 (Suitability), brokers must have a reasonable basis to believe that a transaction or investment strategy involving a security or securities is suitable for the customer. Misrepresentation of an investment product’s terms is a direct violation of this rule.
Why it Matters for Investors
Investors trust their financial advisors to provide accurate and honest information about investment products. A misrepresentation can lead to significant financial losses and a loss of trust in the financial system. It is crucial for investors to understand the terms and conditions of any investment product they purchase.
This case is a reminder that investors should always do their due diligence and ask questions about any investment product they are considering. If an investor feels they have been misled or misrepresented, they should seek legal help immediately.
Red Flags for Financial Advisor Malpractice and How Investors can Recover Losses
Some red flags for financial advisor malpractice include inconsistent information, high pressure sales tactics, and a lack of transparency about fees and risks. If an investor notices any of these red flags, they should seek legal advice immediately.
Investors who have suffered losses due to financial advisor malpractice can seek recourse through FINRA Arbitration. This process can help investors recover their losses. Haselkorn & Thibaut, with over 50 years of experience and offices in Florida, New York, North Carolina, Arizona, and Texas, specializes in helping investors recover their losses.
Investors can check the background of their financial advisor or firm on BrokerCheck using the FINRA CRD number.
Investors who believe they have been victims of financial advisor malpractice should contact Haselkorn & Thibaut for a free consultation at 1-800-856-3352.
