Investors Allege Micheline Yacoub Failed to Inform Them About Variable Annuities

Micheline Yacoub (CRD #: 5900980), a broker registered with NYLIFE Securities, allegedly failed to explain annuities’ fees, according to her BrokerCheck record, accessed on March 7, 2023. Investors may have also worked with her through Eagle Strategies. If you want to know more about her alleged conduct as a broker, read on.

Investor Dispute

On December 14, 2022, multiple investors filed a dispute alleging that Micheline Yacoub facilitated the purchase of three unsuitable variable annuities between March and April 2022.

The clients further alleged that Micheline Yacoub failed to explain these annuities’ fees and holding periods, and misrepresented one of them to be a fixed annuity. This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an outside review. Investors can still pursue FINRA arbitration after a denial and may be able to recover their losses.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. An investor’s profile contains information about their financial goals, tax status, and age.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. Misrepresenting an investment’s requirements, limitations or other features violates this rule.

What are variable annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Micheline Yacoub 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
• Series 24 – General Securities Principal Examination

Micheline Yacoub is a registered broker in Massachusetts, New Hampshire, North Carolina, Pennsylvania, and Rhode Island. She is also a registered investment adviser in Massachusetts. 

Kurta Law Can Help

If you worked with Micheline Yacoub 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.