Sophie Cook Allegedly Misrepresented Variable Universal Life Insurance Policy

Sophie Cook (CRD #: 7036288), a broker formerly registered with NYLIFE Securities, allegedly misrepresented an insurance policy, according to her BrokerCheck record, accessed on October 1, 2022. Read on if you have questions about her conduct as a broker.

Investor Dispute

On July 29, 2022, an investor alleged that Sophie Cook misrepresented a Variable Universal Life insurance policy, purchased in August 2021, to be an investment growth account that allowed for withdrawals without fees. This dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without allowing an outside review, and investors can still pursue FINRA arbitration following a denial.

FINRA Rule 2020

Misrepresenting investments violates FINRA Rule 2020, which bans the use of manipulative, deceptive, and otherwise unethical methods to influence the purchase and sale of securities.

What is a Variable Universal Life Insurance Policy?

Variable Universal Life Insurance (VUL) policies reserve a portion of premiums to cover fees and invest the rest in order to generate returns. However, VULs may also lose money and can lapse easily, meaning they may not be suitable for all investors.

Background Information

Sophie Cook has passed the following exams:

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

She previously worked for NYLIFE Securities (CRD#:5167).

Kurta Law Can Help

If you worked with Sophie Cook and you 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 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.