Did Richard Nicholas Misrepresent a Variable Annuity?

Richard Nicholas (CRD #: 5424644), a broker registered with Equitable Advisors, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 16, 2023. Keep reading if you have questions about his alleged conduct. 

On September 6, 2023, an investor alleged Richard Nicholas misrepresented the terms of a variable annuity policy sold in 2022. The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is 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 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. 

Background Information 

Richard Nicholas has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

He is a registered representative in 11 states and is a registered investment adviser in seven states. 

During his 15 years of experience, he has exclusively registered with Equitable Advisors. 

Kurta Law Can Help

If you worked with Richard Nicholas and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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 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.