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Kimberly Pennine Allegedly Recommended Unsuitable Variable Annuities

May 5, 2023 Unsuitable Investments

Kimberly Pennine (CRD #: 6887578), a broker registered with Pruco Securities, allegedly made unsuitable investment recommendations, according to her BrokerCheck record, accessed on April 28, 2023. Investors may have also worked with her through Prudential Financial Planning Services. Keep reading to learn more about her alleged conduct as a broker.

Investor Dispute

On February 28, 2023, an investor alleged that Kimberly Pennine recommended two unsuitable variable annuities, purchased in 2019 and 2020. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must take into account an investor’s tax status, risk tolerance, and other information described in their profile.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Kimberly Pennine 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 6 – Investment Company Products/Variable Contracts Representative Examination

Kimberly Pennine is a registered broker in California and Pennsylvania. She is also a registered investment adviser in Pennsylvania.

She has also worked for NYLIFE Securities (CRD#:5167).

Kurta Law Can Help

If you worked with Kimberly Pennine and you have concerns about your investments, please 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.