Michael Cross Allegedly Misrepresented a Variable Annuity

Michael Cross (CRD #: 3025772), a broker registered with Woodbury Financial Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on September 25, 2023. Keep reading for more details. 

On July 14, 2023, an investor alleged that Michael Cross misrepresented a variable annuity. The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes them unsuitable for many investors. 

Background Information 

Michael Cross has passed the following exams: 

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

He is a registered broker in 16 states and is a registered investment adviser in Arizona. 

During his 24 years of experience, Michael Cross has registered with the following firms: 

• Woodbury Financial Services (CRD #: 421) 
• Independent Financial Group (CRD #: 7717) 
• Woodbury Financial Services (CRD #: 421) 
• Signator Investors (CRD #: 468) 

Kurta Law Can Help

If you worked with Michael Cross and 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.