Chester Gordon Allegedly Recommended Unsuitable Variable Annuity

Chester Gordon (CRD #: 6664493), a broker registered with MML Investors Services, allegedly sold a client an unsuitable annuity, according to his BrokerCheck record, accessed on February 21, 2023. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On January 4, 2023, an investor alleged that Chester Gordon sold her a variable annuity in 2021 that was unsuitable given her income needs, liquidity, and risk tolerance. The client further alleged that he failed to clearly disclose the annuity’s fees. This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an external review. Investors can still seek out FINRA arbitration following a denial and may be able to recover their funds.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe an investor’s tax status, age, and other characteristics.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2020

The misrepresentation and omission of information related to investments violate FINRA Rule 2020, which bans the use of manipulative, deceptive, and otherwise unethical methods to influence investors’ decisions.

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

Chester Gordon has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Chester Gordon is a registered broker in 12 states and the District of Columbia. He is also a registered investment adviser in New Jersey.

He has also worked for MSI Financial Services (CRD#:14251).

Kurta Law Can Help

If you worked with Chester Gordon 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.