Wma Securities is the firm named in a customer dispute on Phillip Allen's BrokerCheck report, one that settled in 2001. Allen (CRD 1337542) is the broker on the disclosure, and the matter involved life insurance products.
Wma Securities is the firm named in a customer dispute on Phillip Allen's BrokerCheck report, one that settled in 2001. Allen (CRD 1337542) is the broker on the disclosure, and the matter involved life insurance products.
The client complained on December 15, 2000. According to the disclosure, the client alleged misrepresentation of four variable universal life policies. BrokerCheck lists the products as a variable annuity and variable universal life.
The dispute settled on April 6, 2001. Phillip Allen's report lists alleged damages of $39,542 and a settlement amount of $39,542. A settlement is not a finding of wrongdoing, and it is not an admission.
Variable universal life is permanent life insurance with an investment side. Part of each premium pays for coverage, and the rest goes into subaccounts that work much like mutual funds. The cash value rises and falls with those subaccounts.
Premiums are flexible, but a falling cash value can force the owner to pay more to keep the policy in force. Charges for insurance, administration and the subaccounts come out along the way. Surrender charges often apply in the early years, too.
Because the product is both insurance and a security, a broker who sells it needs a securities license, and FINRA's rules apply to the sale. The policies in the complaint against Phillip Allen fall in this category.
BrokerCheck keeps customer dispute disclosures on a broker's report for the long term, including settled ones from many years back. An entry like the one on Phillip Allen's report shows dates, products, amounts and a short summary of the allegation.
Investors who want a fuller picture can set a report next to their own policy documents and statements. With an old policy, the first thing we ask a client for is the original sales illustration, because it shows what the client expected.
Brokerage firms have a duty to supervise the brokers who work for them. If Phillip Allen handled your account and you have questions, Soreide Law Group can go over it with you. Call (888) 760-6552 or contact us online. Because these claims go to FINRA arbitration rather than a local court, we handle them for investors nationwide. We work on a contingency fee basis. Here is how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of November 11, 2026. Allegations in customer complaints and arbitrations are claims, not findings. A settlement is also not an admission of wrongdoing. FINRA may also update or correct these records after that date.
Wma Securities is the firm named in a customer dispute on Phillip Allen's BrokerCheck report, one that settled in 2001. Allen (CRD 1337542) is the broker on the disclosure, and the matter involved life insurance products.
Delaware Statutory Trusts sponsored by Versity Investments are at the heart of each pending claim on Edward Fernandez's BrokerCheck report. Fernandez (CRD 2956661) is the broker, and the disclosures name Capulent as the firm. The claims are pending, and their allegations are unproven. In statements on BrokerCheck, Fernandez denies them.
A pending customer claim tops April Waldman's BrokerCheck report, and an older dispute at the same firm settled in 2024. Waldman (CRD 4653460) is the broker on both, and each names Centaurus Financial as the firm. The pending claim is an unproven allegation, and no arbitrator has ruled on it.
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