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Cynthia Barreira Allegedly Recommended Unsuitable Variable Annuities

Cynthia Barreira (CRD #: 6158367), a broker registered with NYLIFE Securities, allegedly gave an unsuitable investment recommendation, according to her BrokerCheck record, accessed on January 5, 2023. Keep reading if you have questions about her alleged conduct as a broker.

Investor Dispute

In a pending dispute filed on October 17, 2022, an investor alleged that Cynthia Barreira made an unsuitable recommendation to purchase two variable annuities in July and August 2021. The client alleged that this recommendation was unsuitable based on her desire for income and/or liquidity from her investments.

The investor seeks $175,000 in damages as well as interest, reimbursement of her withdrawal penalties, and disgorgement of Cynthia Barreira’s commission.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must use the information in an investor’s profile, such as their tax status, age, and risk tolerance when making recommendations.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds by pursuing FINRA arbitration.

Background Information

Cynthia Barreira 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

Cynthia Barreira is a registered broker in Tennessee and Vermont.

Kurta Law Can Help

If you worked with Cynthia Barreira 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. 

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