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Investor Alleges Robert Friedman Misrepresented VUL

Robert Friedman (CRD #: 807233), a broker registered with Royal Alliance Associates, allegedly misrepresented an insurance policy, according to his BrokerCheck record, accessed on June 13, 2023. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

On May 5, 2023, an investor alleged that Robert Friedman misrepresented a Variable Universal Life insurance policy (VUL) purchased on December 31, 1994, by failing to properly disclose its premium. This dispute is currently pending.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent means of influencing the purchase and sale of securities. Misrepresenting or omitting facts about an investment’s potential fees, risks, limitations, or other relevant information violates this rule.

What are VULs?

Unlike other forms of life insurance, Variable Universal Life insurance policies (VULs) invest a portion of investors’ premiums. These investments determine whether the policy’s value increases or decreases, so investors’ returns are not guaranteed.

Background Information

Robert Friedman 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 7 – General Securities Representative Examination
  • Series 62 – Corporate Securities Limited Representative Examination
  • Series 1 – Registered Representative Examination
  • Series 51 – Municipal Fund Securities Principal Examination
  • Series 24 – General Securities Principal Examination

Robert Friedman is a registered broker in 15 states and a registered investment adviser in Florida.

He has also worked for the following firms:

  • Prudential Financial Planning Services (CRD#:5685)
  • Pruco Securities (CRD#:5685)
  • EQ Financial Consultants (CRD#:6627)
  • The Equitable Life Assurance Society of the United States (CRD#:4039)

Kurta Law Can Help

If you worked with Robert Friedman 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.