Mike Zimmer Allegedly Misrepresented Unsuitable VUL Policy

Mike Zimmer (CRD #: 2362447), a broker registered with Securities America, allegedly misrepresented an insurance policy, according to his BrokerCheck record, accessed on July 17, 2023. Investors may have also worked with him through Securities America Advisors. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On June 5, 2023, an investor alleged that Mike Zimmer misrepresented a Variable Universal Life insurance policy (VUL) in 1998 and that this policy was unsuitable for the client.

The client seeks $408,242.07 in damages in this pending dispute.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s limitations, requirements, or potential returns.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. An investor’s profile contains information about their tax status, age, and financial goals.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

What is Variable Universal Life Insurance?

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

Background Information

Mike Zimmer 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
• Series 51 – Municipal Fund Securities Principal Examination
• Series 24 – General Securities Principal Examination

Mike Zimmer is a registered broker in six states and a registered investment adviser in Texas and Wisconsin.

He has also worked for the following firms:

• Next Financial Group (CRD#:46214)
• Mutual Service Corporation (CRD#:4806)
• FFP Advisory Services (CRD#:110778)
• FFP Securities (CRD#:16337)

Kurta Law Can Help

If you worked with Mike Zimmer 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.