Craig Burtis Allegedly Misrepresented Variable Annuity

Craig Burtis (CRD #: 2757496), a broker registered with LPL Financial, allegedly misrepresented a variable annuity’s features, according to his BrokerCheck record, accessed on March 14, 2023. Investors may have also engaged his services through Global Retirement Partners. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On February 13, 2023, an investor alleged that Craig Burtis made an unsuitable recommendation to purchase a variable annuity by refinancing the client’s mortgage. They further alleged that he failed to disclose the annuity’s surrender charge and misrepresented its liquidity features. The client seeks $131,725 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ risk tolerance, tax status, and financial goals.

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

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise fraudulent means of influencing the purchase and sale of securities. This includes the misrepresentation or omission of material facts related to investments.

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

Craig Burtis 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
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

Craig Burtis is a registered broker in nine states and a registered investment adviser in Iowa.

He has also worked for the following firms:

• Prime Capital Investment Advisors (CRD#:288712)
• Private Client Services (CRD#:120222)
• Cambridge Investment Research (CRD#:39543)
• Lawing Financial (CRD#:117178)
• New England Securities (CRD#:615)
• Princor Financial Services (CRD#:1137)
• Northwestern Mutual Investment Services (CRD#:2881)

Kurta Law Can Help

If you worked with Craig Burtis 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.