Public records published by the Financial Industry Regulatory Authority (FINRA) on September 28, 2016 indicate that Georgia-based Merrill Lynch broker/adviser Leonard Colvin has received a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Colvin (CRD# 2345533).
Leonard Colvin has spent 23 years in the securities industry and has been registered with Merrill Lynch in Gainesville, Georgia since 2000. He was previously registered with Edward Jones in St. Louis, Missouri (1993-2000). He is a registered broker and investment adviser with eleven US states and territories: Alabama, California, Florida, Georgia, Kentucky, Louisiana, Maryland, North Carolina, South Carolina, Tennessee, and Virginia.
According to his BrokerCheck report, Leonard Colvin has received one customer complaint.
In 2013 a customer alleged Leonard Colvin, while employed at Merrill Lynch, misrepresented material facts related to a variable annuity purchased in March 2007. The complaint settled in 2014 for more than $73,800.
Variable annuity investments are similar to mutual funds, but have three additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. A common complaint pertaining to variable annuity investments is that a broker or investment adviser did not inform the investor about sales charges and fees associated with the product. Many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a variable annuity may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Leonard Colvin, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: you will only pay Fitapelli Kurta if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.