Public records published by the Financial Industry Regulatory Authority (FINRA) on December 14, 2016 indicate that Louisiana-based NYLife Securities broker/adviser Samuel Herbert has received several customer disputes. The experienced attorneys at Fitapelli Kurta are interested in speaking to investors who have complaints regarding Mr. Herbert (CRD# 2679181).
Samuel Herbert has spent 21 years in the securities industry and has been registered with NYLife Securities in Lake Charles, Louisiana since 1995. He has no previous registrations. He is a registered broker and investment adviser with fourteen US states and territories: Alabama, Arizona, Arkansas, Louisiana, Maryland, Mississippi, New Jersey, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Tennessee, and Texas.
According to his BrokerCheck report, Samuel Herbert has received five customer complaints.
In 2016 a customer alleged Samuel Herbert, while employed at NYLife Securities, made unsuitable investment recommendations and provided misleading advice regarding the fees and costs of a variable annuity. The complaint settled for more than $12,000.
In 2015 a customer alleged Samuel Herbert, while employed at NYLife Securities, did not disclose the surrender charges connected to variable annuity investments and provided misinformation about the tax consequences resulting from early withdrawals. The complaint settled in for $43,000.
In 2015 a customer alleged Samuel Herbert, while employed at NYLife Securities, failed to disclose conditions and terms related to an unsuitable variable annuity. The complaint settled for more than $118,500.
In 2014 a customer alleged he, while employed at NYLife Securities, misrepresented a variable annuity product. The complaint settled for more than $54,300.
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 brokers 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 a complaint regarding Samuel Herbert, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.