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Michael Newins Subject of a Variable Annuity Dispute

Aug 22, 2023 Variable Annuities

Michael Newins (CRD #: 5866331), a broker registered with Stifel, Nicolaus & Company, is the subject of a variable annuity dispute. This disclosure appears in his BrokerCheck record, accessed on August 21, 2023. Keep reading if you have questions. 

On June 16, 2023, investors alleged that they were unaware of the tax consequences associated with liquidating their variable annuity contracts and that Michael Newins allegedly did not inform them that a 1035 exchange could have reduced their tax exposure. 

What is a 1035 Exchange? 

1035 exchanges allow investors to exchange one annuity for another annuity without incurring taxes. 

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 their investments makes them unsuitable for many investors. 

Background Information 

Michael Newins has passed the following exams: 

  • Series 66 Uniform Combined State 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 37 states and a registered investment adviser in New York. 

Michael Newins has registered with the following firms: 

  • Stifel, Nicolaus & Company (CRD #: 793) 
  • Park Avenue Securities (CRD #: 46173) 
  • Eagle Strategies (CRD #: 110826) 
  • NYLife Securities (CRD #: 5167) 
  • MetLife Securities (CRD #: 14251) 

Kurta Law Can Help

If you worked with Michael Newins and you have concerns about your investments, please contact us today at 877-600-0098 or 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.