Steven Mayer, a broker and investment advisor associated with LPL Financial LLC, is currently facing allegations of misrepresentation related to an annuity product. The customer dispute, filed on January 29, 2024, is currently pending resolution. Haselkorn & Thibaut, a national investment fraud law firm, is investigating the advisor and the company, offering free consultations to affected clients.
According to FINRA BrokerCheck (CRD #4138239), Steven Mayer has been registered with LPL Financial LLC (CRD #6413) in the state of Georgia since December 1, 2010. He is currently registered as both a broker and an investment advisor.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. According to a Forbes article, investment fraud costs Americans billions of dollars each year, with many cases involving misrepresentation or unsuitable investment recommendations.
Understanding Misrepresentation in Annuity Sales
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Misrepresentation in the context of annuity sales occurs when a financial advisor provides false, misleading, or incomplete information about an annuity product to a client. This can include misrepresenting the features, benefits, risks, or costs associated with the annuity.
FINRA Rules Governing Annuity Sales
FINRA Rule 2330 establishes standards of conduct for recommending and selling annuities. The rule requires that financial advisors have a reasonable basis to believe that the annuity is suitable for the customer based on their financial situation, investment objectives, and needs. Additionally, advisors must disclose material facts about the annuity, including potential surrender charges and fees.
The Impact of Misrepresentation on Investors
Misrepresentation can lead investors to make decisions based on inaccurate or incomplete information, potentially resulting in financial losses. Annuities are complex financial products, and investors rely on the guidance of their financial advisors to make informed decisions.
Unsuitable Annuity Recommendations
When advisors misrepresent annuity products, investors may end up with unsuitable investments that do not align with their financial goals, risk tolerance, or liquidity needs. This can result in significant losses, especially if the investor incurs surrender charges or penalties for early withdrawal.
Recognizing Red Flags in Annuity Sales
Investors should be cautious of financial advisors who:
- Pressure clients to make quick decisions
- Fail to disclose material information about the annuity
- Downplay the risks or costs associated with the product
- Recommend annuities that seem unsuitable for the investor’s financial situation
Recovering Losses Through FINRA Arbitration
Investors who have suffered losses due to misrepresentation or unsuitable annuity recommendations may be able to recover their losses through FINRA arbitration. Haselkorn & Thibaut, with offices in Florida, New York, North Carolina, Arizona, and Texas, has over 50 years of experience representing investors in securities arbitration.
Seeking Legal Guidance
If you believe you have been a victim of misrepresentation or unsuitable investment advice related to annuities, it is crucial to seek legal guidance from experienced professionals. Haselkorn & Thibaut offers free consultations and operates on a “No Recovery, No Fee” basis. Contact them toll-free at 1-888-885-7162 to discuss your case and potential recovery options.
With a 98% success rate and a track record of successful financial recoveries for investors, Haselkorn & Thibaut is committed to helping clients navigate the complexities of investment fraud and misrepresentation cases. Their team of skilled attorneys will work diligently to protect your rights and pursue the compensation you deserve.
