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Dana Zimmerman Subject of a Variable Annuity Dispute

Dana Zimmerman (CRD #: 7347164), a previously registered broker with Concorde Investment Services, is the subject of an investor dispute. This disclosure appears on her BrokerCheck record, accessed on November 27, 2023. Keep reading if you have questions. 

On September 28, 2023, an investor alleged that Dana Zimmerman purchased variable annuities between October 2021 and December 2021 that did not meet her retirement needs. The investor has similar allegations regarding the transfer of ETF equities. 

What is an Exchange-Traded Fund (ETF)?

Exchange-traded funds (ETFs) are pooled investments that invest in a bundle of underlying securities. They are similar to mutual funds but can pose a greater risk for investors, especially if they are inverse or leveraged. Inverse ETFs aim to make money on declining share prices, while leveraged ETFs use borrowed money. 

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 factor in an investor’s retirement goals may be unsuitable

Background Information 

Dana Zimmerman has passed the following exams: 

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

During her two years of experience, she has registered with two firms: Concorde Investment Services (CRD #: 151604) and NYLife Securities (CRD #: 5167). 

Kurta Law Can Help 

If you have worked with Dana Zimmerman and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or 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.