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John Ekeanyanwu Allegedly Recommended Unsuitable Variable Annuities

John Ekeanyanwu (CRD #: 2860330), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on December 21, 2023. Details concerning this dispute are provided below. 

On November 8, 2023, an investor alleged that John Ekeanyanwu invested their funds in variable annuities that were not suitable and in a REIT that they alleged they did not authorize. The investor is seeking $70,000. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

What is a REIT? 

A real estate investment trust (REIT) allows investors to generate returns from a real estate portfolio without taking on the cost and responsibility of managing the properties. REITs tend to be illiquid, making them unsuitable for many investors.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable

Background Information 

John Ekeanyanwu 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 7 General Securities Representative Examination 

He is a registered broker in 16 states and D.C. He is also a registered investment adviser in Arkansas and Texas. 

John Ekeanyanwu has registered with one firm besides Ameriprise Financial Services: IDS Life Insurance Company (CRD #: 6321). 

Kurta Law Can Help 

If you have worked with John Ekeanyanwu 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.