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Richard Fancher Allegedly Sold Unsuitable Annuities, VULs

Richard Fancher (CRD #: 1139618), a broker registered with NYLIFE Securities, was recently the subject of a dispute, according to his BrokerCheck record, accessed on December 5, 2022. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

In a dispute filed on September 27, 2022, multiple investors alleged that Richard Fancher sold them unsuitable Variable Universal Life insurance policies and variable annuities between August 2011 and March 2020 which “[took] their life savings and retirement.” The firm denied the dispute.

However, investors should know that firms don’t need to allow an outside review before denying a dispute. Investors can still pursue FINRA arbitration following a denial and may be able to recover their losses.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must use the information contained in the investor’s profile, including their risk tolerance, age, and tax status.

Investors who rely on their broker for recommendations may be able to recover their losses through FINRA arbitration.

What are Variable Universal Life Insurance policies?

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.

Tax Liens

From 2015-2016, Richard Fancher was subject to a total of $51,945.29 in tax liens.

Background Information

Richard Fancher has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 22 – Direct Participation Programs Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Richard Fancher is a registered broker in California, Florida, Kansas, and Missouri.

Kurta Law Can Help

If you worked with Richard Fancher and you have concerns about your investments, please contact us today at 877-600-0098 or 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.