Christopher McCarthy Allegedly Failed to Inform Client About Variable Annuities

Christopher McCarthy (CRD #:1956074), a broker registered with NYLIFE Securities, allegedly failed to fully inform a client about her variable annuities, according to his BrokerCheck record, accessed on May 24, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On March 28, 2023, an investor alleged that Christopher McCarthy failed to inform her of the features and charges associated with variable annuities purchased in December 2022 and February 2023. The client further alleged that the policies were unsuitable for her needs.

The client sought $5,421.28 in damages and received a settlement of $69,885.68.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulative, deceptive, or otherwise fraudulent methods to influence the purchase and sale of securities. This includes the misrepresentation or omission of information, such as an investment’s potential fees, risks, or returns.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes characteristics such as their age, tax status, and risk tolerance.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

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

Christopher McCarthy 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 22 – Direct Participation Programs Representative Examination

Christopher McCarthy is a registered broker in Florida, New York, North Carolina, and Virginia.

Kurta Law Can Help

If you worked with Christopher McCarthy 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.