The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Signator Investors broker Armand J. Fisher to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Fisher has been registered in the securities industry since 1986. Over the years, he has been registered with 7 brokerage firms: Walnut Street Securities Inc., Broad Reach Capital Inc., Chubb Securities Corporation, Washington Square Securities Inc., Equity Services Inc., MetLife Securities Inc. and most recently Signator Investors Inc. During that period, the FINRA BrokerCheck Report indicates that Mr. Fisher has been the subject of one Regulatory Event and 8 Customer Disputes, 4 of which were pending as of August 22, 2016.
The Regulatory Event was an enforcement action filed by the State of Connecticut insurance department alleging that Mr. Fisher sold insurance annuities that were not in the best interest of 2 clients. Apparently, he entered into a settlement with the State and agreed to pay a $6,000 fine and restitution of approximately $24,000 to the customers.
There are 2 customer disputes with allegations that Mr. Fisher improperly recommended switches between variable annuities and variable life insurance policies that have supposedly settled for amounts of approximately $33,000 and $34,000. Two customer disputes were rejected by the brokerage firm and supposedly no further action was taken by the customers. There were 4 pending arbitrations reportedly filed involving Mr. Fisher for allegedly making misrepresentations in connection with the offer and sale of variable annuities or variable universal life insurance policies while he was employed at Washington Square Securities., Equity Services Inc., and/or MetLife Securities. We believe that Mr. Fisher's employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Fisher contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.