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Frank Donnelly is Facing a New VUL Dispute

Frank Donnelly (CRD #: 2631761), a broker registered with Equitable Advisors, is the subject of a new variable universal life insurance policy dispute. This disclosure appears on his BrokerCheck record, accessed on December 19, 2023. Investors may also have engaged his services through Oak Financial Partners. 

On November 14, 2023, an investor alleged that Frank Donnelly misrepresented a VUL policy. Investors sought $72,331. The dispute was denied, but investors should know that firms can deny disputes without any external review. Our securities attorneys can still recover losses following a denial via FINRA arbitration

There is a similar dispute from earlier that year. On March 17, 2023, an investor alleged that Frank Donnely represented that their VUL premium would remain the same throughout the lifetime of the policy. 

What is a VUL? 

A VUL is a life insurance policy that invests part of the premium. They also feature a tax-free death benefit for the beneficiary. VULs are prone to lapse, and because of the investment component, may actually lose the policyholder’s money. The investment portfolio also features management fees that cut into any financial benefit these investments supposedly offer. 

Background Information 

Frank Donnelly has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 7 General Securities Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 6 Investment Company Products/Variable Contracts Representative Examination 

He is a registered broker in 13 states and is a registered investment adviser in seven states. 

During his 27-year career, Frank Donnelly 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 Frank Donnelly and have concerns about your investments, do not hesitate to contact us 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.