Matthew Cyr Fired from Bankers Life Securities Following Alleged Misconduct

Matthew Cyr (CRD #: 6127762), a broker formerly registered with Bankers Life Securities, was fired from that firm following allegations of misconduct, according to his BrokerCheck record, accessed on June 7, 2023. Read on to learn more about his alleged conduct as a broker.

Termination from Bankers Life Securities

On April 1, 2023, Matthew Cyr was fired from Bankers Life Securities following allegations that he violated the terms of a final written warning issued by the firm’s insurance affiliate.

These violations allegedly included altering documents without obtaining client initials, making an unsuitable sale of an insurance policy, and providing false or incomplete answers on an insurance application.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes their risk tolerance, tax status, and other characteristics.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

Wisconsin Regulatory Actions

On January 19, 2022, the Wisconsin Office of the Commissioner of Insurance (OCI) denied Matthew Cyr’s insurance license application.

The OCI alleged that Matthew Cyr failed to disclose prior administrative action taken against him by the OCI, failed to comply with an OCI order to pay restitution, and provided false or misleading information and documents to OCI with regard to this restitution payment.

The OCI alleged that this behavior violated the factors in Wisconsin Statute 628.04(1) by constituting dishonest business practices, untrustworthiness, and financial irresponsibility.

The OCI further claimed that Matthew Cyr’s alleged provision of false or misleading information violated Wisconsin Administrative Code 6.59 (5)(b) and (d)(1).

Matthew Cyr consented to a fine of $500 and the OCI issued an intermediary license.

On January 2, 2020, the OCI alleged that Matthew Cyr violated Wisconsin Statute 628.347 by recommending an unsuitable annuity. In a Stipulation and Order, Matthew Cyr agreed to pay a forfeiture of $500 to the State of Wisconsin and restitution of $798.66.

Wisconsin Statutes

Wisconsin Statute 628.04 (1) requires applicants to be evaluated as competent and trustworthy before they can be issued an insurance license.

Wisconsin Statute 628.347 obligates insurance agents to consider clients’ best interest when recommending annuity transactions. Among other obligations, insurance agents must have a reasonable basis to believe their client would benefit from an annuity and disclose any conflicts of interest in the transaction.

Wisconsin Administrative Code

Wisconsin Administrative Code 6.59(5) describes the criteria for assessing the trustworthiness and competence of an insurance license applicant:

• Section 6.59(5)(b): making of material misrepresentations on an application.
• Section 6.59(d)(1): providing incorrect, materially untrue, misleading, or incomplete information on an application.

What are Blue Sky Laws?

Blue sky laws are state-level regulations that provide investors with an additional layer of protection against securities fraud. They typically also define which types of investments must register with the state securities board.

Background Information

Matthew Cyr has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

He previously worked for Bankers Life Securities (CRD#:173962) and ProEquities (CRD#:15708).

Kurta Law Can Help

If you worked with Matthew Cyr and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.