Mark Madden Allegedly Misled an Investor Regarding a VUL

Mark Madden (CRD #: 7111913), a broker registered with Osaic Wealth, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on July 16, 2024. Keep reading if you have questions regarding his alleged conduct as a broker. 

Investor Allegations 

On May 21, 2024, an investor alleged Mark Madden misled him when he recommended a Variable Universal Life insurance policy in 2019. The investor claims that the policy was not set up or designed to meet his specific goals. The investor requested to drop the death benefit without incurring surrender charges or any additional fees. 

What is VUL? 

Variable Universal Life insurance policies (VULs) have two major features: a tax-free death benefit for beneficiaries and the investment of investors’ premiums. Because the value of a VUL policy depends on the performance of these investments, it’s not guaranteed to increase in value over time. Additionally, you’ll lose a VUL’s tax benefits if it lapses.

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 charges, expenses, and fees. Brokers must always disclose the risks associated with illiquid investments, such as early withdrawal fees. 

Background Information 

Mark Madden has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 7TO General Securities Representative Examination 
• Series 6TO Investment Company Product/Variable Contracts Representative Examination 
• SIE – Securities Industry Essentials Examination

He is a registered broker in North Carolina, West Virginia, and Virginia.

During his four years of experience, Mark Madden has registered with four firms: 

• Osaic Wealth (CRD #: 23131) 
• Securities America (CRD #: 10205) 
• Valic Financial (CRD #: 42803) 
• NY Life Securities (CRD #: 5167) 

Kurta Law Can Help 

If you have worked with Mark Madden and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.