The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jack Owens. According to his publicly available FINRA BrokerCheck report, Jack Owens has been the subject of multiple customer disputes.
Jack Owens was a Florida based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Pruco Securities (1992-1996)
- Securities America (1996-2000)
- Legacy Financial Services (2000-2007)
- Traderight Securities (2007)
- Gradient Securities (2009-2018)
The Allegations
- In March 2010, a customer alleged that the facts of his annuities had been severely misrepresented to him by Jack Owens. The customer alleged that Jack Owens even admitted to making an error; however, told him there was nothing he could do about it. This case was settled for $14,999 in damages.
- In September 2013, a customer alleged that Jack Owens misrepresented the contract in the transfer of an existing variable annuity with a new fixed indexed annuity. This case was settled for $180,000 in damages.
- In April 2018, a claimant alleged that Jack Owens liquidated customers annuities that subjected them to penalties and losses. The alleged transgressions taking place between December 2017 and February 2018. This case was settled for $65,000 in damages.
What Are Annuities?
Annuities are investment vehicles designed for an individual to receive income during their retirement. Essentially, the annuity holder pays scheduled premiums up until their retirement date at which point they begin receiving scheduled distributions to act as their income.
The truth is that annuities are only suitable for a certain type of investor. This would be an investor who does not believe they would ever need to liquidate any of their assets. This is because annuities are incredibly illiquid. The annuity holder incurs excessively high penalties when withdrawing from, or surrendering entirely, their annuity during its surrender period.
It is never suitable when brokers recommend customers liquidate their annuities during the surrender period. This often only takes place when brokers want their customers to purchase new securities that would grant the broker larger commissions.
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 Jack Owens, 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.
