The money invested in a variable annuity is supposed to provide a reassuring source of income during a person’s retirement years. The insurance company is supposed to invest the money in investments that are supposedly low-risk, safe financial ventures. So what happens when they don’t?
Not told of the risk of variable annuities? Contact our Manhattan, New York City, or our Northport, Long Island, law offices by calling 866-437-9475. Free initial consultation.
Broker-Dealers, Investment Advisers And Broken Trust — Recoup Losses
Did you purchase a variable annuity through an investment adviser or a broker-dealer who then lost a significant amount of money?
You may have reason to file a lawsuit to recoup your losses, depending on the circumstances of your loss and how the annuity was sold. New York City variable annuities attorney Timothy J. Dennin can help you seek answers and justice. An experienced securities litigator on the side of the private investor, he has received the AV Preeminent peer review rating* from Martindale-Hubbell.
You may have a case if:
- The seller did not explain to you the risk inherent in your investment
- The seller promised you a return and guaranteed steady stream of income
- The old variable annuity was unnecessarily replaced with a new one resulting in unnecessary and excessive commission payments
- The language and fee structure of the variable annuity agreement were not explained to you
- The investment may not have been suitable for you if you are of retirement age and on a fixed income
- You were not informed that if the market goes down and you do not add additional funds to cover the cost, your annuity could expire as worthless
As early as 2003, the National Association of Securities Dealers (NASD) warned investors about variable annuity sales, and unscrupulous brokers and investment advisers. On May 27, 2003, “Investor Alert” for sales of variable annuities said in part: “The marketing efforts used by some variable annuity sellers deserve scrutiny — especially when seniors are the targeted investors …” — Lawyer Timothy J. Dennin
Free Initial Consultations About Your Variable Annuity Loss
Whether you have suffered significant losses due to an unsuitable investment, stock fraud, investment adviser fraud, broker or adviser misconduct, you have a right to an answer and to see justice done.
Please call our securities arbitration and litigation law firm at 866-437-9475 in Manhattan or in Northport for a free initial consultation to discuss your legal concern and learn whether we may be able to help you. You may also contact us online. We have offices in Northport, in Suffolk County and in Manhattan, New York City, on Madison Avenue.
*AV®, AV Preeminent®, Martindale-Hubbell Distinguished and Martindale-Hubbell Notable are certification marks used under license in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell® is the facilitator of a peer review rating process. Ratings reflect the anonymous opinions of members of the bar and the judiciary. Martindale-Hubbell® Peer Review Ratings™ fall into two categories – legal ability and general ethical standards.