Richard Hagan Allegedly Misrepresented a Whole Life Policy

Richard Hagan (CRD #: 2392157), a broker registered with MML Investors Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on June 7, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On May 7, 2024, an investor alleged that Richard Hagan misrepresented a whole life policy, which was allegedly unsuitable for her investment time horizon. He also allegedly made an unauthorized EIA fixed annuity purchase by falsifying and signing the application. 

The investor is seeking $400,000. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Liens 

He has three tax liens and five civil liens on his record. 

Background Information 

Richard Hagan has passed the following exams: 

• 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 26 Investment Company Products/Variable Contracts Principal Examination 

He is a registered broker in nine states and is a registered investment adviser in Texas and Wisconsin. 

During his 30 years of experience, Richard Hagan has registered with five firms: 

• MML Investors Services (CRD #: 10409) 
• MSI Financial Services (CRD #: 14251) 
• New England Securities Corporation (CRD #: 615) 
• WMA Securities (CRD #: 32625) 
• Intersecurities (CRD #: 16164) 

Kurta Law Can Help 

If you have worked with Richard Hagan 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.