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Philip Smith Faced License Suspension in California

Philip Smith (CRD #: 2833891), a broker registered with OneAmerica Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on June 28, 2024. Keep reading if you have questions regarding his alleged conduct. 

Regulatory Action 

On May 12, 2024, the California Department of Insurance suspended Philip Smith’s license following his FINRA suspension. The suspension lasted 15 days. 

Investor Dispute 

On September 20, 2022, an investor alleged that Philip Smith made misrepresentations in connection with a variable annuity. The dispute was denied, but investors should know that firms can deny disputes without any external review. 

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. 

Employment Separation After Allegations 

On June 20, 2022, OneAmerica Securities permitted Philip Smith to resign following his three-month FINRA suspension. 

FINRA Suspension 

On May 31, 2022, Philip Smith entered an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he made unsuitable recommendations for a family trust formed by a senior couple. The AWC findings stated that Philip Smith recommended that the trust purchase a deferred variable annuity for approximately $540,000 and fund the purchase with two withdrawals from an indexed annuity owned by the trust. He was allegedly aware that withdrawals from the trust’s annuity could result in negative tax consequences. 

The AWC alleges that the adverse tax consequences could have been avoided if Philip Smith recommended the new variable annuity be purchased as a tax-free 1035 exchange, but he allegedly failed to research that option.

Terms of the AWC 

As part of the AWC, Philip Smith consented to a $5,000 fine and a three-month suspension. You can read a copy of the AWC here

Background Information 

Philip Smith has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 52TO Municipal Securities Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination 
  • Series 53 Municipal Securities Principal Examination 
  • Series 24 General Securities Representative Examination 

He is a registered broker and investment adviser in California, Oregon, and Wyoming. He is also a registered broker in Arizona and Oregon. 

During his 26 years of experience, Philip Smith has registered with three firms: 

  • OneAmerica Securities (CRD #: 4173) 
  • Equitable Advisors (CRD #: 6627) 
  • The Equitable Life Assurance Society of the United States (CRD #: 4039) 

Kurta Law Can Help 

If you have worked with Philip Smith and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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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