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Michael Gnacinski Allegedly Omitted Facts About Variable Universal Life Insurance Policy

Aug 5, 2022 Variable Universal Life Insurance (VUL)

Michael Gnacinski (CRD #: 3180067), a broker registered with MML Investors Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on July 23, 2022. Keep reading if you have questions about Michael Gnacinski’s conduct as a broker.

Investor Dispute

On June 17, 2022, an investor alleged that Michael Gnacinski never informed her that the Variable Universal Life Insurance policy he sold to her in 2002 was being minimally funded. The client alleges that the policy may now lapse unless she makes a large payment and substantially increases her future premiums.

The investor seeks the refund of her premiums in this pending dispute.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise unethical means of influencing investors’ decisions. This includes the misrepresentation and omission of relevant information, like an investment’s limitations, risks, or potential returns.

What are Variable Universal Life Insurance Policies?

Variable Universal Life Insurance policies (VULs) consist of a savings account and a death benefit set aside for the policy’s beneficiaries. The savings account is divided into sub-accounts and invested—but the success of those investments may vary, making it possible for a VUL to lose value over time.

Besides their complexity, VULs also tend to come with many fees and are prone to lapsing, negating the benefits of the policy.

Background Information

Michael Gnacinski has passed the following exams:

  • 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

Michael Gnacinski is a registered broker in 13 states and a registered investment adviser in New York.

He has also worked for MSI Financial Services (CRD#:14251) and Metropolitan Life Insurance Company (CRD#:4095).

Kurta Law Can Help

If you worked with Michael Gnacinski 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.