Broker Suspended by FINRA over Misrepresenting Guaranteed Return Rate on Variable Annuity

FINRA recently fined and suspended Lloyd Thomas Mincy, Jr. (who was registered with Centaurus Financial) for allegedly misreprensting the guaranteed return on a variable annuity.  According to FINRA records, on or about October 2004, Mincy solicited a several prospective customers to purchase a variable annuity with a 5% gauranteed death benefit option, which provided the beneficiaries of the investment no less than a 5% rate of return. However, when soliciting the purchase of the variable annuity, Mincy allegedly falsely represented that the annuity had a 5% guaranteed rate of return.  Based on these misrepresntations, the investors purchased the variable annuities.  

Eccleston Law represents individual and institutional investors nationwide to recover their investment losses caused by unsuitable investment recommendations, breach of fiduciary duty, negligence or other misconduct. We have extensive experience representing investors in arbitration and litigation disputes with securities broker-dealers and investment advisory firms, and have recovered tens of millions of dollars for investors.

If you are an investor that has suffered substantial losses investing in a variable annuity, your losses may be recoverable through securities arbitration. Please contact Eccleston Law Offices at 312-332-0000 to discuss your recovery options.