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Investor Claims Mark Gelbman Misrepresented a Variable Annuity

Apr 29, 2022 Misrepresentation

Mark Gelbman (CRD #: 4533497), a broker registered with Kestra Investment Services, is involved in a pending investor dispute after allegedly misrepresenting a variable annuity. This is according to his BrokerCheck record, accessed on April 12, 2022.  Mark Gelbman is also an investment advisor registered with Kestra Advisory Services.

Variable Annuities are Considered High-Risk Investments

Variable annuities come with a variety of fees, and the contracts are often too complex for investors (and brokers) to understand. 

FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing investors to buy investments with false or misleading statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor. 

If you suspect that the broker who sold you a variable annuity misled you, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.

Employment Termination Details

On March 30, 2021, Principal Securities fired Mark Gelbman after he allegedly failed to adhere to the firm's policies and procedures regarding discretionary trading.

FINRA Rule 3260 states that no broker shall exercise trading discretion in a customer account unless that account has been approved for discretionary trading, both by the customer and the firm. 

Background Information

Mark Gelbman has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

Mark Gelbman is a registered broker in 13  states and also a registered investment advisor in Iowa and Texas. 

Mark Gelbman has worked with the following firms:

  • LPL Financial (CRD#:6413)
  • Northwestern Mutual Investment Services (CRD#:2881)
  • VSR Advisory Services (CRD#:14503)
  • VSR Financial Services (CRD#:14503)
  • Ameriprise Financial Services (CRD#:6363)
  • Princor Financial Services Corporation (CRD#:1137)
  • IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Mark Gelbman and have concerns about your investments, don't hesitate to contact us today 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 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.