NVESTOR ALERT: Customer Claim Concerning Hornor Townsend Broker AMY MCPIKE
Amy McPike (CRD#: 2122993, Cincinnati, Ohio) is a securities broker who currently works at Hornor, Townsend & Kent, LLC. Apparently, McPike joined the firm’s Cincinnati, Ohio offices on November 12, 2013. Notably, McPike reports on her Financial Industry Regulatory Authority (FINRA) BrokerCheck Report that a Hornor Townsend customer took issue with her annuity sales. Here is a summary of the customer’s claim:
May 1, 2018 Hornor Townsend Customer’s Dispute Involving Amy McPike’s Unsuitable SPIA Sales
Apparently, on May 1, 2018, a Hornor, Townsend & Kent LLC customer brought Arbitration #18-01430. Mainly, the customer alleged that Amy McPike sold the customer an unsuitable annuity. Particularly, Amy McPike allegedly advised the customer to buy a single premium immediate annuity (SPIA) that did not fit the customer’s financial situation or the customer’s objectives. In most cases, investors irrevocably transfer their principal to an insurance company in a single premium immediate annuity. In return, the annuity pays guaranteed income similar to a pension. Because of this, the customer demanded $320,000 in damages. While the customer’s claim may hold true, this matter is still ongoing.
Broker Selling Unsuitable Annuities
Annuities and other insurance products can be attractive to seniors because of the products providing seniors a guaranteed income much like a pension. Unfortunately; however, some insurance agents and financial advisors, possibly including Amy McPike, exploit elderly investors by selling them unnecessary and inappropriate annuities to generate large commissions. Because of this, securities regulators including FINRA occasionally take disciplinary action against brokers over their unsuitable or negligent annuity transactions. Additionally, annuities are one of the most common securities referenced within investor claims of unsuitability.
Lost Money Investing With Amy McPike?
Have you experienced losses by investing with Hornor, Townsend & Kent broker Amy McPike (also known by the names Amy M. Burrill and Amy Marion McPike)? If so, contact Soreide Law Group at (888) 760-6552, where you can speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.