Geoffrey Lester Received a Regulatory Sanction

Geoffrey Lester Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on November 10, 2016 indicate that former Virginia-based MML Investors Services broker Geoffrey Lester is currently not registered with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Lester (CRD# 4383115).

Geoffrey Lester has spent fifteen years in the securities industry and was most recently registered with MML Investors Services in Glen Allen, Virginia (2011-2016). He has no previous registrations and is currently not registered with any state or firm.

According to his BrokerCheck report, Geoffrey Lester has received one regulatory sanction, is the subject of one unsatisfied tax lien, and was discharged from MML Investors Services.

In August 2016 Geoffrey Lester was terminated from his position at MML Investors Services following allegations involving “fixed and variable annuity sales practice concerns.”

In June 2015 FINRA sanctioned Geoffrey Lester following allegations that “he caused his member firm’s books and records to be inaccurate by instructing another representative to sign his name as the broker of record on variable annuity applications for customers, even though the other representative did not substantially participate in the sales of annuities to the customers.” He was issued a ten-day suspension and a fine of $5,000.

Variable annuities are similar to mutual funds, though they have three primary 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. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, 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 product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you or someone you know has lost money investing with Geoffrey Lester, 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: we only get paid 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.