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Lee McPherson Facing a Variable Annuity Dispute

Lee McPherson (CRD #: 4416309), a broker registered with Allstate Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on April 1, 2024. Details concerning this dispute are provided below. 

Investor Allegations

On January 29, 2024, an investor alleged that the information in his account profile was not accurate and that variable annuity investments did not meet his goals. He further alleged the surrender charge schedule was not explained to him. The dispute was denied, but investors should know that firms can deny disputes without any external review.

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns, as well as any surrender charge schedule. 

Background Information 

Lee McPherson 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 

He is a registered broker in 13 states. 

During his 22 years of experience, he has registered with four firms: 

  • AllState Financial Services (CRD #: 18272) 
  • Princor Financial Services Corporation (CRD #1137)
  • Charles Schwab (CRD #: 5393)
  • Jefferson Pilot Securities Corporation (CRD #:3870) 

Kurta Law Can Help 

If you have worked with Lee McPherson and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.

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