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Esteban Chan Involved in a Variable Annuity Dispute

Esteban Chan (CRD #: 3131686), a broker registered with Equitable Advisors, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 16, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On June 13, 2024, an investor alleged that Esteban Chan sold her variable annuity that did not suit her needs. 

What Are Variable Annuities 

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 

Esteban Chan has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 66 Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered investment adviser and broker in six states: California, Florida, Nevada, New Jersey, New York, and Texas. 

During his 25 years of experience, Esteban Chan has registered with two firms: Equitable Advisors (CRD #: 6627) and The Equitable Life Assurance Society of the United States (CRD #: 4039). 

Kurta Law Can Help 

If you have worked with Esteban Chan 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.