Kyle Wooddell Allegedly Mismanaged Variable Annuity

Kyle Wooddell (CRD #: 2169820), a broker registered with Allstate Financial Services, allegedly mismanaged a client’s variable annuity, according to his BrokerCheck record, accessed on March 2, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On December 16, 2022, an investor filed a dispute naming Kyle Wooddell and his firm in allegations that he mismanaged the client’s variable annuity, purchased on February 29, 2016, and through this mismanagement engaged in theft of her funds. The firm denied this dispute.

However, investors should be aware that firms don’t need to allow an outside review before denying a dispute. Investors can still pursue FINRA arbitration and potentially recover their funds after a denial.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2150

FINRA Rule 2150 forbids brokers from misusing investors’ funds.

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.

Tax Lien

On August 23, 2019, Kyle Wooddell was subject to an $11,354.81 tax lien.

Background Information

Kyle Wooddell has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• 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

Kyle Wooddell is a registered broker in Illinois, Missouri, and Ohio.

He has also worked for the following firms:

• Allstate Financial Advisors (CRD#:109524)
• Datatex Investment Services (CRD#:105440)
• K. W. Chambers & Company (CRD#:1432)
• Moloney Securities Company (CRD#:38535)
• Prudential Annuities Distributors (CRD#:21570)
• Pacific Select Distributors (CRD#:4452)
• Vestax Securities Corporation (CRD#:10332)
• SunAmerica Capital Services (CRD#:13158)
• Nationwide Advisory Services (CRD#:11173)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Kyle Wooddell 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.