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Lew Rowell Allegedly Made Unsuitable Variable Annuity Recommendations

Lew Rowell (CRD #: 839010), a broker registered with Hornor, Townsend & Kent, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on April 25, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Disputes

On March 3, 2023, an investor alleged that Lew Rowell made an unsuitable recommendation of a variable annuity for the client’s tax-qualified funds. The client allegedly purchased this annuity in February 2013. They seek $214,122.36 in this pending dispute.

A class-action suit filed on February 19, 2019, named Lew Rowell in allegations involving recommendations to fund variable annuities with clients’ tax-qualified accounts. This suit sought $5 million in damages but was denied.

On December 20, 2018, a similar dispute alleged that Lew Rowell’s recommendation of a variable annuity was unsuitable for the client’s tax-qualified funds. The client sought $214,122 in damages but the firm denied the dispute.

However, investors should know that firms can deny disputes without an external review. Investors can still pursue FINRA arbitration following a denial and may be able to recover their funds.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the information contained in an investor’s profile, such as their risk tolerance, age, and tax status.

Investors who rely on brokers for recommendations may be able to recoup their losses by seeking out 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

Lew Rowell has passed the following exams:

  • Series 6TO – Investment Company Products/Variable Contracts Representative Examination
  • Series 22TO – Direct Participation Programs Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 1 – Registered Representative Examination

Lew Rowell is a registered broker in Georgia.

He has also worked for the following firms:

  • Woodbury Financial Services (CRD#:421)
  • AXA Advisors (CRD#:6627)
  • ING Financial Advisers (CRD#:34815)
  • Lincoln Financial Advisors (CRD#:3978)
  • The Lincoln National Life Insurance Company (CRD#:2580)
  • Aetna Life Insurance and Annuity Company (CRD#:13256)
  • Lincoln National Pension Insurance Company (CRD#:10293)

Kurta Law Can Help

If you worked with Lew Rowell 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.