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Mitchell Panchula is the Subject of a Variable Annuity Dispute

Mitchell Panchula (CRD #: 6942753), a previously registered broker with NYLife Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on August 16, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On July 1, 2024, an investor alleged that three separate variable annuity policies she purchased were not appropriate for her based on the lack of liquidity. 

FINRA Rule 2111 – Unsuitable, Illiquid Investments

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Brokers must also consider the investment time horizon and the investor’s liquidity needs – illiquid, long-term investments often do not suit a client’s best interests. 

Variable Annuities 

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

Background Information 

Mitchell Panchula has passed the following exams: 

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

Kurta Law Can Help 

If you worked with Mitchell Panchula and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.

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