Norman Meyer Subject of an Unsuitable Variable Annuity Dispute

Norman Meyer (CRD #: 3185642), a broker registered with NI Advisors, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on August 9, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Disputes 

On July 18, 2024, an investor alleged that Norman Meyer recommended unsuitable variable annuities and non-traded REITs. The investor is seeking $650,000. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

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 this type of illiquid investment makes it unsuitable for many investors. 

FINRA Rule 2111 – Unsuitable 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. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Norman Meyer 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 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

He is a registered investment adviser and broker in Michigan and Missouri. He is also a registered broker in Colorado, Illinois, South Carolina, and Texas. 

During his 25 years of experience, Norman Meyer has registered with 12 firms. He is a registered broker in five states: 

• Ni Advisors (CRD #: 134502) 
• Vestech Securities (CRD #: 41409) 
• Vestech Asset Management (CRD #: 285685) 
• IBN Financial Services (CRD #: 42360) 
• CuttingEdge Advisors (CRD #: 146371) 

Kurta Law Can Help 

If you worked with Norman Meyer and 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.