Christopher Coffey Terminated Following Allegations

Christopher Coffey (CRD #: 6850994) has been fired by Allstate Financial Services. This is according to his BrokerCheck record, accessed on January 12, 2024. Keep reading if you have concerns regarding his alleged conduct as a broker. 

On December 15, 2023, AllState fired Christopher Coffey following allegations that he submitted variable annuity withdrawal forms containing non-genuine signatures. 

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. The issuer of the policy may also compensate the brokerage firm, which creates a conflict of interest. 

Previous Investor Disputes 

On November 9, 2023, an investor alleged that she did not provide the signature on certain withdrawal and distribution documents. The investor alleged that her signature was cut and pasted. 

On October 26, 2023, an investor alleged that Christopher Coffey misrepresented the lifetime income benefit rider associated with a variable annuity, namely that the income base would increase after one year even after the lifetime income was initiated. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Misrepresentation and forgery violate this rule. 

Background Information 

Christopher Coffey 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 

During his five years of experience, he has registered with two firms: AllState Financial Services (CRD #: 18272) and NYLife Securities (CRD #: 5167). 

Kurta Law Can Help 

If you have worked with Christopher Coffey and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.