Robert Snider Allegedly Churned Annuities

Robert Snider (CRD #: 2417319), a broker registered with MML Investors Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on January 19, 2025. Keep reading if you have questions concerning his alleged conduct. 

Investor Allegations 

On December 5, 2024, multiple investors alleged that Robert Snider misrepresented certain annuities that were not in their best interests. They further allege that he twisted these annuities starting in 2021. This dispute is currently pending.

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts about investments include information about their fees, features, and potential returns.

FINRA Rule 2111 – Churning

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs.

Trades must also be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with fees or commissions, so too many transactions will result in excessive fees for the investor.

Excessive trading is also known as “churning.” In the context of annuities, churning or “twisting” refer to replacing an annuity to generate commissions.

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

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information 

Robert Snider has passed the following exams: 

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

He is a registered broker in 21 states and is a registered investment adviser in Texas and West Virginia. 

During his 32 years of experience, Robert Snider has registered with three firms: 

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

Kurta Law Can Help 

If you worked with Robert Snider and you 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.