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Glen Dowden: Investor is Seeking to Recover $500,000

Mar 7, 2022 Unsuitable Investments

Glen Dowden (CRD #: 5217538), a broker registered with Citizens Securities, is involved in a variable annuity dispute. This is according to his BrokerCheck record, accessed on February 14, 2022.

On December 15, 2021, an investor alleged that Glen Dowden recommended unsuitable investments. The investor alleged that Glen Dowden accepted a lump sum early retirement offer from Verizon for $500,000. They further alleged that he recommended they place $300,000 in a Polaris Platinum III variable annuity. The investor is seeking to recover $500,000; the dispute is pending.

Variable annuities are complex investments that often do not work in investors’ favor. They can come with fees and tax penalties that negate any of their supposed benefits. Brokers must thoroughly understand any variable annuity they recommend and should communicate their risks to the investor.

What Are Unsuitable Investments?

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains information on the following investor characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience

Your broker should understand your financial goals and adapt their investment strategy if your financial goals change. Brokers are also required to perform their due diligence to evaluate an investment and understand its potential to lose money. If you believe your broker recommended unsuitable investments, you should contact a securities lawyer.

Background Information

Glen Dowden has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination

He is a registered broker in four states and is a registered investment adviser in Florida, New York, and Vermont.

Besides Citizens Investment Services (CRD #: 39550), Glen Dowden has worked with the following firms:

  • GWN Securities (CRD #: 128929)
  • Ameriprise Financial Services (CRD #: 6363)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)

Kurta Law Can Help

If you have worked with Glen Dowden and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated on behalf of investors who have lost money following broker fraud or misconduct. Kurta Law is a nationally recognized law firm and exclusively represents investors on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Our attorneys will work tirelessly to restore your lost funds and get your financial future back on track.