Storm Rummel Allegedly Misreperesented a PBIA

Storm Rummel (CRD #: 6777604), a broker registered with Bankers Life Securities, is the subject of a new investor dispute, according to his BrokerCheck record, accessed on November 3, 2023. Investors should know he has a total of three investor disputes on his record. 

According to allegations filed on August 16, 2023, Storm Rummel misrepresented the terms of a Premium Bonus Indexed Annuity (PBIA). The investor alleged she was not aware she was purchasing an annuity. and was not aware of the surrender schedule. She further alleged she was not informed she would incur capital gains tax from the sale of the assets used to purchase the annuity. 

The investor sought $65,543.93 and requested that the brokerage firm refund her money without paying a surrender penalty. The dispute was denied by the firm, 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.

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 relating to an annuity’s surrender fees violates this rule. 

Background Information 

Storm Rummel has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in seven states and is a registered investment adviser in Iowa. 

During his six years of experience, he has registered with two firms: 

• Bankers Life Securities (CRD #: 173962) 
• Bankers Life Advisory Services (CRD #: 281285) 

Kurta Law Can Help

If you worked with Storm Rummel 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.