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Charles Negrete Allegedly Misrepresented Variable Annuity’s Features

Charles Negrete (CRD #: 4369651), a broker registered with PFS Investments, allegedly misrepresented an annuity product to an investor, according to his BrokerCheck record, accessed on May 25, 2023. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 27, 2023, an investor alleged that Charles Negrete misrepresented the features of a Corebridge Financial variable annuity and claimed that the annuity “would not lose money.” This dispute was denied by the firm.

However, investors should be aware that firms don’t need to allow an external review before denying a dispute. Investors can still pursue FINRA arbitration after a denial and may be able to recover their lost funds.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence investors’ decisions.

FINRA Rule 2150

FINRA Rule 2150 prohibits brokers from guaranteeing investors against loss.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Charles Negrete has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

Charles Negrete is a registered broker in Arizona, California, and Nevada. 

Kurta Law Can Help

If you worked with Charles Negrete 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 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.