Investor Alleges Maurice Gelfo Misrepresented VUL’s Fees

Maurice Gelfo (CRD #: 1182486), a broker registered with Equitable Advisors, allegedly misrepresented an investment’s fees, according to his BrokerCheck record, accessed on May 7, 2025. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 5, 2025, an investor alleged that Maurice Gelfo misrepresented the sales fees and surrender charges associated with a Variable Universal Life insurance policy (VUL) sold in 2021. This dispute is currently pending.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

What are VULs?

Variable Universal Life insurance policies (VULs) differ from other forms of life insurance because they invest a portion of investors’ premiums. Because the value of your VUL depends on the performance of its investments, returns are not guaranteed.

Background Information

Maurice Gelfo has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Investment Company Products/Variable Contracts Representative Examination – Series 6
• Uniform Combined State Law Examination – Series 66

Maurice Gelfo is a registered broker in Arizona, California, Colorado, Nevada, and Tennessee. He is also a registered investment adviser in Arizona, California, and Colorado.

He has also worked for the following firms:

• Kestra Advisory Services (CRD#:283330)
• Kestra Investment Services (CRD#:42046)
• NFP Advisor Services (CRD#:42046)
• Signator Investors (CRD#:468)
• NYLIFE Securities (CRD#:5167)
• MML Investors Services (CRD#:10409)
• Mony Securities Corporation (CRD#:4386)
• MetLife Securities (CRD#:14251)
• Metropolitan Life Insurance Company (CRD#:4095)
• New England Securities Corporation (CRD#:615)
• F & G Securities (CRD#:16364)
• New York Life Securities (CRD#:5167)

Kurta Law Can Help

If you worked with Maurice Gelfo 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 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.