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Investor Claims Matthew Bengel Misrepresented a Variable Annuity 

Dec 28, 2021 Investor Disputes

Matthew Bengel (CRD #: 7014712), a broker and investment advisor registered with Equitable Advisors, is involved in an investor dispute, according to his BrokerCheck record, accessed on November 26, 2021.  

On October 12, 2021, an investor alleged that Matthew Bengel misrepresented a variable annuity. The firm denied the dispute, but investors should know that firms can deny disputes without any external review. Investors can still recover their losses following a denial.  

Variable annuities come with different fees and the contracts are often too complex for investors (and brokers) to understand. The fees can negate any benefit that the variable annuity supposedly offers. This makes most variable annuities unsuitable for most investors. 

What is Misrepresentation? 

Misrepresentation is a common problem in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest.  

Did you know that any of the following can be considered misrepresentation or omission? 

  • Inadequate due diligence concerning security offerings 
  • Failure to disclose all of the material risks 
  • Failure to disclose all transaction costs 
  • Unrealistic presumptions for investment projections 
  • Inaccurate investment performance calculation 

Misrepresentations and omissions concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a viable claim for damages.  

Background Information 

Matthew Bengel  has passed the following exams: 

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

Matthew Bengel is a registered broker in five states and a registered investment advisor in three states.  

Besides Equitable Advisors, Matthew Bengel  has  not worked with any other firm.  

Kurta Law Can Help  

If you worked with Matthew Bengel and you have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or 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.