Craig Frank Allegedly Recommended an Unsuitable Variable Annuity

Craig Frank (CRD #: 1735281), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on February 20, 2024. Keep reading if you have any questions regarding his alleged conduct as a broker. 

On December 13, 2023, an investor’s attorney alleged that Craig Frank recommended an unsuitable variable annuity. The dispute was denied, but investors should know that firms can deny disputes without an external review. Investors may be able to recover their losses after a denial by pursuing FINRA arbitration. 

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 this type of illiquid investment makes it unsuitable for many investors. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Craig Frank 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 3 National Commodity Futures Examination 
• Series 7 General Securities Representative Examination
• Series 9 General Securities Sales Supervisor – Options Module Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

He is a registered broker in 11 states and is a registered investment adviser in New York and Texas. 

During his 36 years of experience, he has registered with six firms: 

• Ameriprise Financial Services (CRD #: 6363) 
• Raymond James Financial Services (CRD #: 6694) 
• Advest Inc. (CRD #: 10) 
• Prudential Securities Corporation (CRD #: 7471) 
• Smith Barney, Harris Upham & Co. Incorporated (CRD #: 7059) 
• Shearson Lehman Hutton (CRD #: 7506) 

Kurta Law Can Help 

If you have worked with Craig Frank 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.