The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker George Shadie. According to his publicly available FINRA BrokerCheck report, George Shadie has been the subject of multiple customer disputes.

George Shadie was a Pennsylvania based securities broker. He worked in the securities industry for twenty-four years. He spent his entire career registered with just NYLIFE Securities.

The Allegations 

  • In February 2012, a customer alleged that George Shadie forged his signature on a tax form. The customer also alleged that they were given misleading information regarding the tax consequences that would accompany withdrawing funds from his variable annuity. This case was settled for $97,467 in damages.
  • In September 2018, a customer alleged that two Variable Annuities were initiated by George Shadie without her authorization.
  • In November 2018, a customer alleged that she did not consent to electronically sign various annuity and insurance application documents.
  • In February 2019, George Shadie was terminated from his position at NYLIFE Securities. This followed a review of his business practices that raised concerns about the quality of his work.
  • In July 2019, customers alleged that George Shadie recommended variable annuities that were highly unsuitable due to their illiquidity and associated fees. This case was settled for $45,000 in damages.

What Does This Mean?

Annuities are investment vehicles designed to provide investors with income during the retirement. The annuity holder either pays a lump sum premium, or spends years making premium installments. Once the individual retires, they then begin receiving distributions that act as their retirement income. The truth about annuities is that they are only suitable for certain types of investors. These would be investors with very low liquidity needs. This is because annuities charge the holders’ large fees when they try to withdraw funds too early. Because of this, these products should not be recommended to individuals that feel they may need to liquidate assets at any point during the annuity’s surrender period. The illiquidity and associated fees also need to be clearly communicated to the investor by the recommending broker.

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 in this fashion 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 George Shadie, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.