Investors might have sustained losses because of securities broker Evan Drew Saterfiel [CRD: 5193895, Lafayette, Louisiana], based on disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Saterfiel has worked as a broker and investment adviser in Louisiana, most recently registered with NewEdge Securities LLC since March 6, 2023. He has also been affiliated with NewEdge Advisors since December 3, 2018. Prior to that, Saterfiel was registered with Triad Advisors LLC from December 3, 2018, to March 8, 2023. Keep reading to find out more about the broker’s disclosure involving allegations of misrepresentation.
Specifically, a client of Triad Advisors LLC contested Evan Saterfiel’s sales practices, according to a complaint. Allegedly, Saterfiel made misrepresentations of material fact in connection with the exchange of a life insurance policy for a variable annuity in 2021. It appears that Saterfiel caused the client to sustain damages on insurance and variable annuities. Therefore, Triad Advisors LLC opted to settle the matter on September 16, 2024, by compensating the client in the amount of $25,000.00.
A misrepresentation in insurance or annuity exchanges typically occurs when a securities broker or financial advisor gives inaccurate, incomplete, or misleading information about the terms, risks, or benefits of replacing an existing policy with a new one. This might involve exaggerating the potential returns of a new variable annuity. It could also involve failing to explain the loss of valuable features from the original policy. Such conduct can mislead clients into believing they are making a financially beneficial decision, when in reality, the exchange may be disadvantageous, inappropriate, or even harmful to their financial interests.
Did you experience losses because of Evan Saterfiel? You can reach out to Soreide Law Group online or at (888) 760-6552. Talk to a securities lawyer regarding a potential recovery of your investment losses. Soreide Law Group has helped recovered losses for investors throughout the country. The firm works on a contingency fee basis and advances all costs. Saterfiel and any securities broker dealers / investment advisories Saterfiel worked for deny accusations of sales practice violations.
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