The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Jimmy Forbis. According to his publicly available FINRA BrokerCheck report, Jimmy Forbis has been the subject of multiple customer disputes over the course of his career.

Jimmy Forbis is a Tennesee based securities broker. He has worked in the securities industry for forty-five years. During his career, he has been registered with eight different securities firms.

His Registrations

  • SMA Equities, Inc. (1974-1983)
  • BLC Equity Services Corporation (1983-1985)
  • Integrated Resources Equity Corporation (1984-1985)
  • General American Life Insurance Company (1986-1987)
  • Walnut Street Securities (1985-1989)
  • MTL Equity Products (1989-1995)
  • Capital Analysts, Incorporated (1995-2012)
  • Lincoln Investment (2012-Present)

The Allegations

  • In July 2008, a customer alleged that Jimmy Forbis overcharged fees and commissions. This case was settled for $20,000 in damages.
  • In September 2016, a customer’s spouse alleged that Jimmy Forbis stole funds and conducted unauthorized activity in her husband’s account.
  • In October 2018, a customer alleged that the variable annuity they purchased on Jimmy Forbis’ recommendations was unsuitable due to their age and health. This case is currently pending. The customer is seeking $200,000 in damages.

What Does This Mean?

Variable annuities are investment vehicles specifically designed for an investor to receive income during their retirement. Essentially, the investor either makes a lump sum premium payment, or spends years making premium installments. This money is then invested into the actual equities market. The amount that investor receives during their retirement is dependent upon how well the invested premiums performed. While this may seem suitable at first glance, there is one important fact about variable annuities that most brokers don’t like to bring up–how illiquid these products are. Investors who purchase variable annuities are unable to access to their funds for significant periods of time without incurring harsh penalties. The investor is charged significant surrender fees for withdrawing from their annuity during its surrender period. Because of this, variable annuities should never be recommended to investors that feel they may need to liquidate assets during the life of their investment should the need to do so arise.

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 Jimmy Forbis, 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.