Ryan Leisle, a broker associated with NYLIFE Securities LLC, is currently under investigation by Haselkorn & Thibaut, a national investment fraud law firm, following allegations of variable annuity misconduct. The firm, with offices in Florida, New York, North Carolina, Arizona, and Texas, is offering free consultations to clients who may have suffered losses due to Leisle’s alleged actions.
According to recent disclosures on Leisle’s CRD (Central Registration Depository), customers have accused him of failing to explain the surrender charges associated with variable annuities purchased in January 2021 and September 2022. The customers are requesting that these surrender charges be waived. NYLIFE Securities LLC has denied the allegations after conducting an internal review, stating that they found no evidence to support the customers’ claims.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. A study by Forbes estimates that Americans lose billions of dollars each year due to investment fraud, highlighting the importance of working with trustworthy professionals and staying vigilant.
Understanding variable annuities and surrender charges
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Variable annuities are complex investment products that combine features of insurance and securities. They offer tax-deferred growth potential and the ability to generate income in retirement. However, these products often come with high fees and surrender charges, which are penalties for withdrawing money from the annuity before a specified period.
FINRA Rule 2330 governs the recommendation and sale of variable annuities. The rule requires brokers to have a reasonable basis for believing that the product is suitable for the customer based on their investment profile, including age, financial situation, investment experience, and investment objectives. Brokers must also disclose material features of the annuity, such as surrender charges and potential tax consequences.
The impact on investors
Misrepresentation or failure to disclose critical information about variable annuities can have severe consequences for investors. Surrender charges can significantly reduce the value of an investor’s portfolio, especially if they need to access their funds earlier than anticipated. Additionally, the complexity of these products can make it difficult for investors to fully understand the risks and costs involved.
Investors who have suffered losses due to misconduct or negligence related to variable annuities may be entitled to recover damages through FINRA arbitration. This process allows investors to seek compensation for their losses without going through the court system.
Recognizing red flags and seeking help
Investors should be aware of potential red flags when working with financial advisors, such as:
- Failure to fully explain product features, risks, and costs
- Recommending products that seem unsuitable for the investor’s age, risk tolerance, or financial goals
- Pressuring investors to make quick decisions or discouraging them from asking questions
If you suspect that you have been a victim of financial advisor malpractice, it is crucial to consult with an experienced investment fraud attorney. Haselkorn & Thibaut has over 50 years of combined experience and a 98% success rate in helping investors recover their losses. The firm operates on a contingency basis, meaning clients pay no fees unless a recovery is obtained.
For a free consultation, investors can call Haselkorn & Thibaut’s toll-free number at 1-888-628-5590.
As the investigation into Ryan Leisle and NYLIFE Securities LLC unfolds, it serves as a reminder of the importance of thorough due diligence and the need for transparency in the financial industry. By staying informed and working with trusted professionals, investors can better protect their interests and secure their financial futures.
