Investors Allege Tami Duvall Sold Unsuitable Annuities and VULs

Tami Duvall (CRD #: 3050090), a broker registered with NYLIFE Securities, was recently involved in an investor dispute, according to her BrokerCheck record, accessed on December 5, 2022. Read on if you have questions about her alleged conduct as a broker.

Investor Dispute

On September 27, 2022, several investors alleged that Tami Duvall sold them unsuitable variable annuities and Variable Universal Life insurance policies between August 2011 and March 2020. VULs and variable annuities are complex investments that are often not suitable for investments. The clients alleged these annuities and insurance policies “[took] their life savings and retirement.” This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an external review. Investors may be able to recover their funds by seeking out FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately suit an investor’s financial goals. Brokers must consider a client’s age, risk tolerance, tax status, and other information described in the investor’s profile.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

What are VULs?

A variable Universal Life Insurance policy (VUL) has two notable features: a tax-free death benefit for beneficiaries and an investment portfolio. Part of each premium payment is invested—but returns depend on the performance of these investments, so the policy is not guaranteed to increase in value. Additionally, VULs are often at risk for lapsing, which negates their tax benefits.

Tax Lien

On August 25, 2015, Tami Duvall was subject to a $16,687.85 tax lien. She has three other tax liens on his record. 

Background Information

Tami Duvall 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

Tami Duvall is a registered broker in Indiana, Kansas, Missouri, and Ohio.

Kurta Law Can Help

If you worked with Tami Duvall 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.