Variable Annuity Fraud
Variable annuities and equity-indexed annuities are products that are sold by brokers primarily because of the significant fees that are generated. Rarely are these products suitable, especially if recommended to an elderly investor or if a large amount is invested. The unseen commission, as high as 8%, is ultimately paid by the investor through annual fees or surrender charges if the investor withdraws funds from the variable annuity.
Because of the common abuse surrounding variable annuities has become so rampant, regulators, such as FINRA and the SEC, have issued warnings to brokers and customers regarding the numerous negative consequences associated with these securities.
For help with variable annuity fraud and other stock broker misconduct cases, contact Oakes & Fosher today!