Former Princor Financial Services Corporation Financial Advisor Matthew Geiser Barred by FINRA
Posted on Thursday, July 20th, 2017 at 9:03 am
Erez Law is currently investigating former Princor Financial Services Corporation financial advisor Matthew Geiser (CRD# 4203782) regarding unsuitable recommendations and misleading statements about variable annuities to his customers. Geiser was with Independent Financial Group, LLC in Grand Island, Nebraska from October 2015 to March 2016. Previously, he was registered with Princor Financial Services Corporation in Grand Island, Nebraska from 2009 to 2015 when he was terminated regarding, “Issues involving suitability recommendations.”
In November 2016, FINRA barred Geiser after he consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation into allegations of misconduct against Geiser, including allegations that he made unsuitable recommendations and misleading statements about variable annuities to several customers.
Geiser has been the subject of 12 customer complaints between 2015 and 2016, according to his CRD report:
October 2016. “Client alleges that at time of sale of his variable annuity that the registered representative did not inform him that he was purchasing an annuity and that he was not aware that there were surrender charges.” The case was settled for $24,392.11.
August 2016. “Client alleging she didn’t understand she was invested in an annuity and now has concerns with the fees.” The case was settled for $20,679.60.
February 2016. “Client purchased 3 whole life paid up insurance policies between 12/2011 and July 2012, client is now alleging that she didn’t realize these were life insurance policies and that she thought she was purchasing Annuities. client further states she didn’t need the life insurance.” The case was settled for $15,000.
December 2015. “Client alleges that at time of sale the registered representative told them the variable annuity guaranteed a minimum return on their investment.” The case was settled for $55,617.41.
December 2015. “Client alleges that at the time of sale the registered representative told him the variable annuity guaranteed a minimum return on his investment.” The case was settled for $15,373.01.
December 2015. “Trustee alleges that he made RR aware that he would need a liquid investment; upset that there were surrender charges to withdraw the money from the product.” The case was settled for $19,037.98.
November 2015. “Client alleges that at time of sale the VA was represented as having a guaranteed rate of return.” The case was settled for $27,200.
November 2015. “The client alleged he was not aware his money was going into an annuity, although disclosure language the client signed indicated he was applying for an equity indexed annuity. The client alleged he wasn’t educated about surrender fees or how tax penalties would affect him and had he been properly educated he never would have purchased the annuity product.” The customer sought $89,002.61 in damages and the case was settled for $513,098.07.
November 2015. “Client felt he was misled by registered representative regarding the sale of a variable annuity.” The case was settled for $107,862.57.
November 2015. “Client alleges VA was falsely presented at time of sale regarding annual fees and annual returns.” The case was settled for $22,313.14.
November 2015. “Client alleged the RR didn’t properly explain the produts (sp) to him, including not making him aware of surrender charges. Client states the annuities were not suitable as the rr was aware he had liquidity needs to pay college tuition for children.” The case was settled for
October 2015. “Client alleged registered represetnativde (sp) misrepresentated a policy sold in 2013.” The case was settled for $40,294.38.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Princor Financial Services Corporation may be liable for investment or other losses suffered by Geiser’s customers.
Erez Law represents investors in the United States for claims against former Princor Financial Services Corporation financial advisor Matthew Geiser, who is alleged to make unsuitable recommendations and misleading statements about variable annuities to his customers. If you were a client of Princor Financial Services Corporation or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.