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Samuel Schiffer Allegedly Sold Client Wrong Annuity

Samuel Schiffer (CRD #: 2181288), a broker registered with MML Investors Services, was recently involved in an investor dispute, according to his BrokerCheck record, accessed on December 26, 2022. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On November 1, 2022, an investor alleged that Samuel Schiffer sold her an inherited IRA stretch variable annuity instead of a spousal rollover annuity, which the client allegedly preferred for its potential to delay taxable distributions.

The client additionally alleged that Samuel Schiffer failed to explain the features of the variable annuity. This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an outside review. Investors may be able to recoup their losses by pursuing FINRA arbitration following a denial.

FINRA Rule 2020

The misrepresentation or omission of information related to investments violates FINRA Rule 2020, which prohibits the use of manipulation, deception, and other fraudulent methods to influence the purchase and sale of securities.

Background Information

Samuel Schiffer 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

Samuel Schiffer is a registered broker in 16 states and a registered investment adviser in New York and Texas.

He has also worked for the following firms:

  • MML Investors Services (CRD#:10409)
  • MetLife Securities (CRD#:14251)
  • Metropolitan Life Insurance Company (CRD#:4095)

Kurta Law Can Help

If you worked with Samuel Schiffer 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.