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Bob Whitbeck Allegedly Misrepresented a VUL 

Aug 14, 2023 Misrepresentation

Bob Whitbeck (CRD #: 1955905), a broker registered with Lincoln Financial Advisors Corporation, is embroiled in an investor dispute. This is according to a disclosure that appears in his BrokerCheck record, accessed on August 11, 2023. Keep reading if you have questions. 

On July 3, 2023, an investor alleged that Bob Whitebeck misrepresented a variable universal life insurance policy. The dispute was denied. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is a VUL?

A Variable Universal Life insurance policy (VUL) has two notable features: a tax-free death benefit for beneficiaries and an investment portfolio. Part of each premium payment is invested—but returns depend on the performance of these investments, so the policy is not guaranteed to increase in value. Additionally, VULs are often at risk for lapsing, which can negate their supposed benefits.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

Background Information 

Bob Whitbeck has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 22 Direct Participation Programs Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 22 states and is a registered investment adviser in New York and Texas. 

Bob Whitbeck has registered with the following firms: 

  • Lincoln Financial Advisors Corporation (CRD #: 3978) 
  • The Lincoln National Life Insurance Company (CRD #: 2580) 
  • Cigna Financial Advisors (CRD #: 145) 

Kurta Law Can Help

If you worked with Bob Whitbeck and you 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 and 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.