The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Gerald Coyne. According to his publicly available FINRA BrokerCheck report, Gerald Coyne has been the subject of a customer dispute and a FINRA sanction.
Gerald Coyne operated most recently as a Pennsylvania based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- NYLIFE Securities (2003)
- Citizens Investment Services Corp. (2003-2004)
- UVest Financial Services Group (2004-2005)
- CCO Investment Services Corp. (2005)
- Community Investment Services (2006-2011)
- CUSU Financial Services (2011-2018)
The Allegations
In February 2019, an attorney representing four of Gerald Coyne’s former customers alleged that he misrepresented material features and return potential for variable annuities. The customers allegedly incurred significant surrender costs as well as market losses that incurred from surrendering them early. This case was settled for a total of $164,000 in damages. During a FINRA investigation into this matter, Gerald Coyne allegedly failed to comply with the investigation. Due to this alleged failure, Gerald Coyne was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Variable annuities are investment vehicles designed for an investor to receive income during their retirement. Investors either make lump sum premium payments, or spend years making premium installments. When the individual finally retires, they then begin receiving distributions to act as their income. With variable annuities, the premiums are invested into the equities market, which means the amount and individual receives during their retirement is dependent upon how well the invested premiums performed.
Securities brokers love recommending these products because of the excessively high commissions they receive when investors purchase them. However, variable annuities are really only suitable for investors who don’t believe they will have the need, or desire, to liquidate their assets for years on end. This is because annuities are accompanied by surrender periods in which an investor must surrender a large chunk of their investment if they wish to withdraw funds from their annuity during that period. This fact often goes misrepresented or undisclosed to investors.
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 Gerald Coyne, 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.
