Investor Claims John Benet Misrepresented Fees Associated with Variable Insurance
John Benet (CRD #:18006), a broker formerly registered with AXA advisors, is involved in his first investor dispute, according to his BrokerCheck record, accessed on November 22, 2021.
On October 26, 2021, an investor filed a claim against John Benet, alleging he misrepresented the fees associated with a variable insurance policy sold in 1995. The case is still pending.
What is Misrepresentation/ Omission?
Misrepresentation is a common problem in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest.
Did you know that any of the following can be considered misrepresentation or omission?
- Inadequate due diligence concerning security offerings
- Failure to disclose all material risks
- Failure to disclose all transaction costs
- Unrealistic presumptions for investment projections
- Inaccurate investment performance calculation
Misrepresentations and omissions concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Losses attributed to a stockbroker’s material misrepresentations of facts may result in a viable securities arbitration claim for damages.
John Benet has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 1 – Registered Representative Examination
John Benet has also worked with the following firms:
- The Equitable Life Assurance Society Of The United States (CRD#:4039)
Kurta Law Can Help
If you have worked with John Benet and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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 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.