Securities Attorneys Encourage Variable Annuity Investors to Carefully Scrutinize Recommendations Made by Investment Professionals

The Peiffer Wolf securities practice attorneys Joe Peiffer and Jason Kane caution investors to carefully scrutinize their financial advisors’ recommendations to switch from variable annuity investments in their retirement benefits programs to new variable annuities to be held outside of such retirement plans.

This warning is highlighted by recent accusations made against two investment professionals advising employees of the State University of New York (SUNY). Patrick W. Chapin and Christopher B. Birli encouraged SUNY employees to switch their current annuities to new annuities, causing the SUNY employees to lose death benefits associated with their original annuities, according to a complaint filed by the Financial Industry Regulatory Authority Department of Enforcement.

Chapin and Birli received fairly substantial commissions in conjunction with switching their customers’ annuities, according to the FINRA complaint.

“Investment advisors have a duty to carefully evaluate the consequences of financial advice they give to their customers, and put the customers’ interests above their own,” said attorney Jason Kane, a partner with the Peiffer Wolf law firm.  “Switching a customer’s existing variable annuity to new variable annuity products may result in substantial early termination fees and tax penalties.  When investment professionals churn their customers’ accounts to generate hefty sales commissions for themselves while causing their customers to suffer crushing penalties, they ought to be held accountable,” said attorney Kane.

The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting Patrick Chapin and Christopher Birli investors with the recovery of any money they may have lost. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors with Patrick Chapin or Christopher Birli who believe they lost money as a result of their advisors’ recommendations may contact the Peiffer Wolf securities practice attorneys Jason Kane, or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140 or via email at jkane@pwcklegal.com.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.