The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Daniel Jossen. According to his publicly available FINRA BrokerCheck report, Daniel Jossen had been the subject of multiple customer disputes over the course of his career. He is no longer working as a securities broker in any fashion.
Daniel Jossen was a Maryland-based securities broker who had worked in the securities industry for thirteen years. During his career, he had been registered with two different securities firms.
- Park Avenue Securities (2007-2011)
- NYLife Securities (2011-2021)
- In October 2019, a customer alleged that she was poorly advised by Daniel Jossen to purchase a retirement Variable Universal Life policy and that following that advice has her projected to lose at least $28,000 over ten years. The customer has requested a full refund of her paid premiums. This case was settled for $33,553 in damages.
- In May 2020, customers allege that Jossen misled them regarding their purchase of two Variable Universal Life policies, and they further alleged excessive brokerage fees. This case was settled for $81,629 in damages.
- In September 2020, a customer alleged that Jossen misrepresented the terms of a Variable Annuity Policy purchased in 2015 by advising him there was a 15-year no-loss guarantee and he would save approximately $12,000 in fees each year. This case was settled for $300,000 in damages.
- In February 2021, a customer alleged that he was misled by Jossen into purchasing a Variable Universal Life insurance policy where his funds are inaccessible and the premiums are unaffordable. This case was settled for $16,555 in damages.
- In June 2021, FINRA officially sanctioned Jossen following allegations that he had solicited business in a jurisdiction in which he was not licensed, misrepresented the terms of variable products, and maintained client log-in credentials in an outside brokerage account to process financial transactions. As a result of these findings, Jossen was barred from acting as a securities broker in all capacities indefinitely.
Variable Universal Life
Variable Universal Life (VUL) is a type of permanent life insurance policy with a built-in savings component that allows for the investment of the cash value. Every permanent life insurance policy comes with fees, but the downside to variable life insurance is that it tends to have the highest. Less than scrupulous brokers might not be upfront with clients regarding certain unexpected fees that can come from VULs, including withdrawal fees, sales, and administrative fees, mortality and expense risk charges, investment management fees, and surrender charges.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Daniel Jossen, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.