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Did John Erwin Recommend an Unsuitable Variable Annuity?

Jan 19, 2022 Investor Disputes

John Erwin (CRD #: 2284018), a broker and investment advisor registered with Equitable Advisors, is involved in an investor dispute according to his BrokerCheck record, accessed on January 5, 2021.  

Keep reading for more details if you are concerned about John Erwin’s conduct as a broker. 

Investor Allegations 

On November 10, 2021, a dispute was filed against John Erwin, alleging that he recommended an unsuitable variable annuity in 2021. The dispute was denied, but investors should know that a denial does not necessarily mean the end of the dispute. You can still seek FINRA arbitration and recover your losses following a denial.  

Variable annuities come with different fees, and the contracts are often too complex for investors (and brokers) to understand. The fees can negate any benefit that the variable annuity supposedly offers. This makes most variable annuities unsuitable for most investors. 

Also, a financial advisor who recommends a security or investment is subject to ethical standards enforced by law. One such standard is known as the suitability rule, which is described in FINRA Rule 2111. FINRA Rule 2111 requires registered financial advisors to have a “reasonable basis” for recommending a transaction or investment strategy. 

Background Information 

John Erwin 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 
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination 
  • Series 53 – Municipal Securities Principal Examination 
  • Series 24 – General Securities Principal Examination 
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination 

John Erwin is a registered broker in seven states. He is also a registered investment advisor in seven states. 

Besides Equitable Advisors, John Erwin has also worked with The Equitable Life Assurance Society of The United States (CRD#:4039) 

Kurta Law Can Help 

If you have worked with John Erwin and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or 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.