June 8, 2015-Boston, MA
An all public FINRA arbitration panel ordered Ausdal Financial Partners and broker Joan Norton to pay a customer over $1.2 million on claims of negligence, unsuitability, breach of fiduciary duty, breach of contract and other claims related to the investment in a variable annuity.
In addition Ausdal Financial and Norton were found jointly and severally liable for costs of over $10,000. FINRA Case No. 14-1552, Cindy-Marie Rogers v Ausdal Financial Partners, Inc. and Joan Norton.
Ausdal Financial Partners has been a FINRA broker dealer since 1980 and has its main office in Davenport, Iowa.
Variable Annuities– Investment firms offer a wide variety of variable annuities and investors should be aware that they are not all the same. Investors should make certain that they understand the risks associated with the particular variable annuity they are considering.
The Securities and Exchange Commission offers this advice about variable annuities:
“Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.”
Here is the link to the SEC site on variable annuities.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900