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Charles Tidey Allegedly Failed to Fully Explain Variable Annuity

Mar 30, 2023 Misrepresentation

Charles Tidey (CRD #: 5903111), a broker registered with Truist Investment Services, allegedly failed to explain the terms of a variable annuity, according to his BrokerCheck record, accessed on March 21, 2023. Investors may have also engaged his services through Truist Advisory Services. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On January 30, 2023, an investor alleged that Charles Tidey failed to fully explain the terms of a variable annuity purchased in June 2014. The client alleged that she did not understand that these terms included an automatic conversion of funds into a separate policy in order to provide an income stream at a later date.

The client allegedly also believed that her principal would earn a minimum guaranteed rate while benefiting from the performance of the market and that she could withdraw any growth in the annuity.

This dispute was denied by the firm. However, investors should be aware that firms can deny disputes without an outside review. Investors can still seek out FINRA arbitration following a denial and may be able to recover their losses.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence the purchase and sale of securities. This includes the misrepresentation or omission of information about an investment’s fees, limitations, or features.

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 Tidey has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Charles Tidey is a registered broker in 15 states and the District of Columbia. He is also a registered investment adviser in Virginia.

He has also worked for the following firms:

  • BB&T Securities (CRD#:142785)
  • BB&T Investment Services (CRD#:33856)
  • Eagle Strategies (CRD#:110826)
  • NYLIFE Securities (CRD#:5167)

Kurta Law Can Help

If you worked with Charles Tidey 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.