Complaint Filed Against Park Avenue Securities For Poor Annuity Advice

Complaint Filed Against Park Avenue Securities For Poor Annuity Advice

Myles Davis Thurston II (CRD#: 1810907, Maitland, Florida) has been a registered representative of Park Avenue Securities LLC since June 8, 2001. He disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that he is subject of a customer-initiated investment-related complaint dated November 20, 2017.

Customer Alleged Park Avenue Securities Gave Poor Advice

Apparently, Thurston was the registered representative assigned to the customers’ accounts at Park Avenue Securities LLC. The customers alleged that Thurston made inappropriate recommendations to them regarding variable annuities. Thurston allegedly advised the customer to surrender three annuities so that the customer could pay off a mortgage.

According to the customer, Thurston failed to take into account the customer’s cost basis or tax consequences when he made those recommendations to the customers. The customers requested $74,088.00 in damages because of Thurston’s improper recommendations. Park Avenue Securities LLC denied the customer’s complaint on December 18, 2017.

Thurston disclosed that at least two customers of Thurston have filed complaints alleging that Thurston breached a fiduciary duty and engaged in unauthorized transactions:

1) A Westshore Financial Group, Inc. customer filed a complaint dated February 18, 2009. The customer alleged that when a variable annuity was purchased, she informed Thurston that her goal was to keep her principal protected. The customer noticed that her account value had declined after purchasing the annuity. She then questioned why her account value had suffered, and discovered that the wrong rider was selected for her variable annuity. The customer requested damages of at least $5,000.00 to resolve the issue. Westshore Financial Group, Inc. denied the customer’s complaint on April 3, 2009.

2) A Park Avenue Securities LLC customer sued Thurston on September 13, 2010 in the Ninth Judicial Court in and for Orange County, Florida. (Docket #: 2010-CA-008425-0). The customer alleged that Thurston breached a fiduciary duty to the customer based on selling the customer a bad variable annuity investment. Apparently, Thurston caused the customer to be deprived of $140,000.00. On February 22, 2011, Transamerica agreed to surrender the policy and reimburse the customer’s surrender charges.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses from Myles Davis Thurston or other registered representatives based on unsuitable variable annuity sales? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses.

2018-09-07T21:08:13+00:00September 7th, 2018|

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