Michael Richard of Bankers Life Securities
DID MICHAEL CHRISTIAN RICHARD CAUSE YOU INVESTMENT LOSSES? Michael Richard Of Bankers Life Securities, Bankers Life Advisory Services And Formerly With ProEquities Has A Customer Complaint For Alleged Broker Misconduct Who is Michael Richard of Bankers Life Securities? Michael Richard (CRD #5987114) who is currently registered with Bankers Life Securities, Bankers Life Advisory Services and located in Sarasota, Florida is a subject of one of our many securities industry sales practice abuse investigations. Prior to Bankers Life Securities and Bankers Life Advisory Services, Michael Richard was associated with ProEquities and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems. Michael Richard Customer Complaint Michael Richard has been the subject of at least one customer complaint that we know about, which was filed in the last year to recover investment losses. The allegations made in the FINRA reported customer complaint for investment losses were that in a written complaint, dated January 13, 2020, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm, [REDACTED] alleged that his registered representative misrepresented the rate of return associated with his Guaranteed Lifetime Income Annuity (GLIA) issued by and purchased from BLC in December of 2018. [REDACTED] alleged that his registered representative told him he would receive 50% of the total return of the S&P 500 during his policy calendar year, but received a much lower percentage. [REDACTED] requested the cancellation of his annuity without the assessment of surrender charges. BLC determined that the rate of return was disclosed to [REDACTED] both in the executed policy paperwork and verbally by his registered representative and denied [REDACTED] claim to cancel the annuity without surrender charges. While the GLIA sold to [REDACTED] was not a security and was issued by BLC, the Firm is reporting this complaint because the source of funding for the BLC annuity came from the sale of securities recommended by a registered representative of the Firm. Michael Richard’s customer complaint was denied and, to date, the customer has not taken any further action. Michael Richard Red Flags & Your Rights As An Investor Of course, Michael Richard did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Michael Richard at Bankers Life Securities, Bankers Life Advisory Services, and ProEquities on alert to review carefully the activity and performance of their accounts and question whether Michael Richard has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Bankers Life Securities, Bankers Life Advisory Services, and ProEquities also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor. File A Claim To Recover Your Investment Losses At Bankers Life Securities Due To Michael Richard If you have questions about Bankers Life Securities, Bankers Life Advisory Services, ProEquities, and/or Michael Richard and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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