FINRA Barred Rep Over Annuity Recommendations

The following summation is from information available on FINRA's Website under “Disciplinary and Other FINRA Actions, April, 2014.”

Mark Raymond Talley (CRD #4969783, Registered Representative, Ft. Mitchell, Kentucky)

was barred by FINRA for allegedly recommending to his customer that he should replace an existing variable annuity with a new variable annuity.

FINRA's findings stated that Mark Talley misrepresented verbally and in writing that his customer's existing variable annuity was out of the surrender period, and his customer could sell it without incurring a surrender fee. In fact, the customer's annuity was still in the surrender period, and the customer would incur a $15,000 surrender fee if he sold the annuity.

FINRA's report added that because of Talley’s representation, his customer sold the annuity and purchased a new one. Talley falsely stated on the switch form that he verified the customer’s existing annuity was out of the surrender period and Talley claimed he had obtained this information by speaking to an employee of the insurance company that underwrote and issued the customer's annuity. Talley did not speak to the insurance company, and that information was false.

Talley was permitted to resign from his firm after the firm determined that he had provided inaccurate information on the document.

Also, FINRA found that Talley provided false answers to FINRA.
(FINRA Case #2012032650301)

On FINRA's BrokerCheck, Mark Raymond Talley was listed as previously registered with the following FINRA firm(s):

FIFTH THIRD SECURITIES, INC. (CRD# 628) - MILFORD, OH
09/2009 - 05/2012

CHASE INVESTMENT SERVICES CORP. (CRD# 25574) - CRESCENT SPRINGS, KY
01/2008 - 03/2009

CITIGROUP GLOBAL MARKETS INC. (CRD# 7059) - CINCINNATI, OH
07/2005 - 06/2007

This ends the summation of FINRA's information.

If you have experienced investment losses due to your stock broker/financial advisor’s recommendations of annuities, call the Soreide Law Group for a free consultation with an attorney on how to potentially recover your annuity losses: 888-760-6552.