One or more investors apparently complained about securities broker Janete Magalli Rivera-Michel (also known as Janete Rivera, Janete Sosa, and Magaly Sosa) [CRD: 5754050, Dallas, Texas], based on disclosures on FINRA BrokerCheck. Evidently, Rivera-Michel has been registered with PFS Investments Inc. since February 15, 2011. Keep reading to find out more about the investor allegations against her, including a pending $1.9 million arbitration.
PFS Investments Accused Rivera-Michel Of Unsuitable Recommendations
Particularly, on July 2, 2024, a PFS Investments Inc. client filed FINRA Arbitration No. 24-01462 about Janete Rivera-Michel. The client alleged that Rivera-Michel made unsuitable recommendations in 2015. Specifically, the client claims Rivera-Michel advised them to invest in a variable annuity that underperformed the market. Because of this, the client allegedly sustained damages tied to variable annuities. Therefore, the client requested $1,900,000.00 in compensation from PFS Investments Inc. or Rivera-Michel. Evidently, this arbitration is pending a resolution.
What Is An Unsuitable Recommendation Concerning Annuities?
Allegations of unsuitable recommendations occur when a securities broker or financial advisor advises a client to purchase an investment that does not match the client's financial goals, risk tolerance, or investment profile. When it comes to variable annuities, brokers must carefully assess whether these complex, often high-fee products are appropriate for the investor’s specific needs. A variable annuity may be unsuitable if the investor could not tolerate the product’s risk or if the annuity performed significantly worse than other more appropriate options available. Unsuitable annuity advice can result in financial harm to investors.
Did you experience losses because of Janete Rivera-Michel? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of investment-related losses. Soreide Law Group has recovered losses for investors throughout the country, represents clients through a contingency fee basis, and advances all costs. Rivera-Michel and brokerage firms Rivera-Michel worked for deny any allegations of sales practice violations.