The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Pavel Kreychman. According to his publicly available FINRA BrokerCheck report, Pavel Kreychman has been the subject of multiple customer disputes over the course of his career.
Pavel Kreychman is a New York based securities broker. He has worked in the securities industry for ten years. During his career, he has been registered with three securities firms.
His Registrations
- Chase Investment Services (2008-2012)
- J.P. Morgan Securities (2012-Present)
The Allegations
- In 2015, a customer alleged that Pavel Kreychman made material misrepresentations regarding variable annuity investments. This case was settled for $82,252.
- In March of 2018, a customer alleged that he received poor investment recommendations from Pavel Kreychman regarding variable annuity investments.
Variable Annuities
Annuities are investment vehicles designed to provide someone with income during their retirement. It involves the investors paying scheduled premiums up until their retirement date at which point they begin receiving scheduled distributions to act as their income. There are two kinds of annuities. Fixed annuities are very straight forward. The amount that an investor receives during their retirement is dependent on how much they paid in premiums–plus interest. Variable annuities, on the other hand, work differently. Essentially, the premiums that an investor pays during the annuity’s surrender period are invested into the equities market. The amount that an investor receives during their retirement is dependent on how well their invested premiums performed.
The truth about variable annuities is that they are only suitable for a certain type of investor. This is because of how incredibly illiquid they are. Annuity holders are charged excessively high penalties when they are forced to withdraw from, or surrender entirely, their annuity during its surrender period. These fees can be as high as 25 percent of the entire investment. Individuals looking to put money aside for retirement would be much better off taking advantage of investments or savings methods that allow them to liquidate assets should the need 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 Pavel Kreychman, please contact Oakes & Fosher for a free and private consultation.
