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John McDonald Allegedly Failed to Inform Investor of Annuities’ Fees

John McDonald (CRD #: 5085121), a broker registered with NYLIFE Securities, allegedly failed to fully inform an investor, according to his BrokerCheck record, accessed on May 3, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On February 22, 2023, an investor alleged that John McDonald failed to inform her of the fees associated with three variable annuities purchased in August 2022. This dispute was denied by the firm.

Investors should be aware, however, that firms don’t need to permit an outside review before denying a dispute. Investors may be able to recover their funds by seeking out FINRA arbitration following a denial.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s potential fees, risks, or returns.

Background Information

John McDonald has passed the following exams:

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

John McDonald is a registered broker in Alabama, Florida, and Georgia.

He has also worked for AXA Advisors (CRD#:6627).

Kurta Law Can Help

If you worked with John McDonald and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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. 

 

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