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Investor Alleges Kenneth Ilgner Misrepresented Tax Consequences of Variable Annuity

May 9, 2022 Misrepresentation

Kenneth Ilgner (CRD #: 2316676), a broker registered with MML Investor Services, allegedly misrepresented a variable annuity, according to his BrokerCheck record, accessed on May 2, 2022. Keep reading to learn more about Kenneth Ilgner’s conduct as a broker.

Allegations of Misrepresentation

In a dispute filed on March 22, 2022, an investor alleges that Kenneth Ilgner misrepresented a variable annuity the investor purchased in 2021. The client alleges that Kenneth Ilgner told him at the time of sale that he would not face any tax consequences for replacing his whole life insurance policy with the variable annuity.

The investor further alleges that he later received a Form 1099 indicating that he does owe taxes. He seeks the reversal of this transaction in this pending dispute.

Variable annuities are complex investments that often come with fees that come with fees that make them unsuitable for most investors. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other unethical means of influencing investors. Misrepresentation and omission of information are considered breaches of this rule.

Background Information

Kenneth Ilgner has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • Series 7TO - General Securities Representative Examination
  • SIE - Securities Industry Essentials Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Kenneth Ilgner is a registered broker in 14 states and a registered investment adviser in New York and Texas.

He has also worked for MSI Financial Services (CRD#:14251) and Metropolitan Life Insurance Company (CRD#:4095).

Kurta Law Can Help

If you worked with Kenneth Ilgner 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.