Eric Bailey Allegedly Recommended an Unsuitable Variable Universal Life Insurance Policy

Eric Bailey (CRD #: 1279349), a broker registered with Lincoln Financial Advisors Corporation, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on March 15, 2024. Keep reading if you have questions. 

Investor Dispute

On January 5, 2024, an investor alleged that Eric Bailey recommended an unsuitable Variable Universal Life insurance policy (VUL). The investor sought $148,000 but the dispute was denied by the firm. Investors should know, however, that firms can deny disputes without an external review. Investors may be able to recover their losses after a denial by pursuing FINRA arbitration.

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. 

VULs

Variable Universal Life insurance policies (VULs) have two major features: a tax-free death benefit for beneficiaries and the investment of investors’ premiums. Because the value of a VUL policy depends on the performance of these investments, it’s not guaranteed to increase in value over time. Additionally, you’ll lose a VUL’s tax benefits if it lapses

Background Information 

Eric Bailey has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 62 Corporate Securities Limited Representative Examination 
• Series 22 Direct Participation Programs Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 20 states and D.C. He is also a registered investment adviser in D.C., Maryland, Pennsylvania, and Virginia. 

Eric Bailey has 39 years of experience and has registered with three firms: 

• Lincoln Financial Advisors Corporation (CRD #: 3978) 
• The Lincoln National Life Insurance Company (CRD #: 2580) 
• Cigna Financial Advisors (CRD #: 145) 

Kurta Law Can Help 

If you have worked with Eric Bailey and you 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.