Cynthia Magner Allegedly Recommended an Unsuitable Variable Annuity

Cynthia Magner (CRD #: 2591698), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This is according to her BrokerCheck record, accessed on July 18, 2024. Keep reading if you have questions regarding her alleged conduct. 

Investor Dispute 

On June 5, 2024, an investor alleged that Cynthia Magner recommended an unsuitable variable annuity. 

Variable Annuity 

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Cynthia Magner has passed the following exams: 

• Series 66 Uniform Combined State 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 

She is a registered broker in 15 states and is a registered investment adviser in New Hampshire and Texas. 

During her 27 years of experience, Cynthia Magner has registered with three firms: 

• Ameriprise Financial Services (CRD #: 6363) 
• IDS Life Insurance Company (CRD #: 6321) 
• Scudder Investor Services (CRD #: 754)

Kurta Law Can Help 

If you have worked with Cynthia Magner and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.