Barred Broker Gina Kidd Allegedly Misrepresented Life Insurance Policies
Gina Kidd (CRD #: 6658538), a broker formerly registered with Allstate Financial Services, is involved in a pending dispute, according to her BrokerCheck record, accessed on February 1, 2023. Keep reading if you have questions about her alleged conduct as a broker.
On November 3, 2022, an investor alleged that Gina Kidd and an unregistered individual sold her an invalid insurance contract.
Additionally, she was allegedly informed that she could “very easily” increase the value of her existing fixed universal life insurance policy and continue to pay the same amount each month on a new Variable Universal Life insurance policy (VUL).
The client seeks $100,000 in this pending dispute.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2020
FINRA Rule 2020 bans the use of manipulation, deception, and other unethical tactics to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s fees, risks, or limitations.
What are VULs?
Unlike other forms of life insurance, Variable Universal Life Insurance policies (VULs) invest a portion of investors’ premiums. Investors’ returns are not guaranteed, but the policy’s value instead depends on the performance of these investments.
Bar by FINRA
On April 1, 2022, Gina Kidd consented to the entry of findings that she allegedly failed to appear for on-the-record testimony requested by FINRA in December 2021.
According to an Order Accepting Offer of Settlement, FINRA’s investigation allegedly concerned the Uniform Termination Notice for Securities Industry Registration (Form U5) filed after Gina Kidd’s termination from Allstate Financial Services.
FINRA allegedly sent several requests to appear for testimony between September 15 and December 7, 2021, and Gina Kidd allegedly did not appear on any of the proposed testimony dates.
This alleged failure to appear for testimony violated FINRA Rules 8210 and 2010.
FINRA Rule 8210
FINRA Rule 8210 requires members to supply records, information, and testimony upon request by FINRA.
Gina Kidd was indefinitely barred by FINRA starting April 1, 2022.
You can read a copy of the Order Accepting Offer of Settlement here.
Termination from Allstate Financial Services
On March 3, 2020, Gina Kidd was fired from Allstate Financial Services following allegations that she engaged an unregistered person in activities requiring registration.
Gina Kidd has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
She previously worked for Allstate Financial Services (CRD#:18272).
Kurta Law Can Help
If you worked with Gina Kidd and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.