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Alvin Kingcade Allegedly Misrepresented a Variable Annuity

Alvin Kingcade (CRD #: 270184), a broker registered with MML Investors, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 23, 2023. Keep reading if you have questions about his alleged conduct. 

On August 29, 2023, an investor alleged that Alvin Kingcade misrepresented a variable annuity. He allegedly failed to inform his investor that the death benefit could be reduced once the policyholder turned 80. 

The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

FINRA Rule 2020 – Misrepresentation and Omission

FINRA Rule 2020 prohibits the misrepresentation of investments or omission of material facts. Material facts include information about a death benefit. 

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 this type of illiquid investment makes them unsuitable for many investors. 

Background Information 

Alvin Kingcade has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 7TO General Securities Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 1 Registered Representative Examination 
  • Series 26 Investment Company Products / Variable Contracts Principal Examination 

He is a registered broker in six states and is a registered investment adviser in Pennsylvania. 

Alvin Kingcade has registered with three firms in his 50 years of experience. 

  • MML Investors Services (CRD #: 10409) 
  • First Financial Advisers (CRD #: 118871) 
  • Penn Mutual Equity Services (CRD #: 4031) 

Kurta Law Can Help

If you worked with Alvin Kingcade and have concerns about your investments, please contact us today at 877-600-0098 or 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.