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Ajay Verma Involved in a Variable Annuity Dispute

Ajay Verma (CRD #: 2833932), a broker registered with Ameriprise Financial Services, is facing an investor dispute, according to his BrokerCheck record, accessed on August 14, 2023. 

On June 27, 2023, an investor alleged that Ajay Verma improperly recommended that she exchange her RVS Life RAVA 4 Advantage Variable Annuity for an RVS Life RAVA 5 Advantage Variable Annuity. The alleged activity took place in 2020. The investor is seeking $125,000. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with their investments makes them unsuitable for many investors. 

FINRA Rule 2330

FINRA Rule 2330 requires brokers to have a reasonable basis to believe that their recommendation for the purchase or exchange of a deferred variable annuity is suitable for the investor.

Background Information 

Ajay Verma has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination 

He is a registered broker in 31 states and is a registered investment adviser in Florida and Texas. 

Ajay Verma has registered with the following firms: 

  • Ameriprise Financial Services (CRD #: 6363) 
  • IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help

If you worked with Ajay Verma and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.

 

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