Terry Rider Allegedly Misrepresents A Variable Annuity

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

Terry Rider was a Texas-based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Merrill Lynch (1996-2005)


• RBC Capital Markets (2005-2017)


• Wells Fargo Clearing Services (2017)

The Allegations

• In July 2009, a customer alleged that Terry Rider made material misrepresentations and recommended unsuitable investments. This case was settled for $75,000 in damages.


• In September 2017, a customer alleged that outgoing wire transfers initiated by Terry Rider from his RBC Wealth Management account to a bank account belonging to a third party resulted in significant financial losses. This case was settled for $2.3 million in damages.


• In December 2017, customers alleged that Terry Rider produced unrealistic forecasts which led them to believe they had sufficient funds to last about twenty years. The customers also alleged that he misrepresented the nature of a variable annuity rider. This case was settled for $160,000 in damages.

What Does This Mean?

Misrepresentation is a very serious charge, as it can often result in very serious financial harm to an investor. Essentially, misrepresentation occurs when a securities broker provides an investor with information that has been falsified or obscured in some manner. This can be either on purpose, in an attempt to defraud the investor, or by accident through the broker’s negligence. Regardless of the broker’s intent, misrepresentation can cause significant losses in an investor’s account as it can lead to them making crucial financial decisions based on misinformation.

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 Terry Rider, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.