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Clifton Smith Subject of Variable Annuity Disputes

Clifton Smith (CRD #: 2658251), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute, according to his BrokerCheck record, accessed on September 13, 2023. Keep reading if you have questions about his conduct. 

On July 27, 2023, an investor alleged that Clifton Smith purchased multiple unsuitable variable annuity contracts. The investor sought $73,350.80 but the dispute was denied. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

There is a similar denied dispute from May 16, 2019. Clifton Smith allegedly misrepresented variable annuities purchased from May 2016 to November 2018. 

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. Furthermore, the risk associated with their investments makes them unsuitable for many investors. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

Background Information 

Clifton Smith has passed the following exams:

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

He is a registered broker in 19 states and a registered investment adviser in Florida, Georgia, Kentucky, and Texas. 

Clifton Smith has registered with the following firms:

  • Ameriprise Financial Services (CRD #: 6363)
  • Morgan Stanley (CRD #: 149777)
  • Stegner Investment Associates (CRD #: 107480) 
  • UVest Financial Services Groul (CRD #: 13787) 
  • State Farm VP Management (CRD #: 43036) 
  • Morgan Stanley DW (CRD #: 7556) 
  • A.G. Edwards & Sons (CRD #: 4) 
  • EQ Financial Consultants (CRD #: 6627) 
  • The Equitable Life Assurance Society of the United States (CRD #: 4039) 
  • J.C. Bradford & Co. (CRD #: 1287) 

Kurta Law Can Help

If you worked with Clifton Smith and 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 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.