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Did Thomas Abitable Misrepresent a Variable Life Policy?

Apr 29, 2022 Misrepresentation

Thomas Abitable (CRD #: 1138618), a broker formerly registered with Mutual Of Omaha Investor Services, is involved in an investor dispute, according to his BrokerCheck record, accessed on April 20, 2022. 

According to the allegations filed on January 23, 2022, Thomas Abitable misled a client into buying a variable life insurance policy. The customer alleges he is unable to pay the premiums and was misled into believing he was buying a whole life insurance policy. 

Variable Universal Life insurance policies (VULs) come with a plethora of fees. If an investor fails to pay premiums, any benefits the policy offers disappear when the policy lapses. 

Misrepresentation and FINRA Rule 2010

Misrepresentation is a common problem in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest.  FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

The following can be considered as misrepresentation or omission:

  • Inadequate due diligence concerning security offerings
  • Failure to disclose all material risks
  • Failure to disclose all transaction costs
  • Unrealistic projections for future returns 
  • Inaccurate investment performance calculation

Losses that can be attributed to a stockbroker's material misrepresentations of facts may result in a viable securities arbitration claim for damages.

Background Information

Thomas Abitable has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 Investment Company Products/ Variable Contracts Principal Examination 
  • Series 26 - Investment Company Products/Variable Contracts Principal Examination

Besides Mutual Of Omaha Investor Services, Thomas Abitable has also worked with the following firms:

  • Hornor, Townsend & Kent  (CRD#:4031)
  • METLIFE Securities (CRD#:14251)
  • Metropolitan Life Insurance Company (CRD#:4095)

Kurta Law Can Help

If you lost money while working with Thomas Abitable, don't hesitate to contact us today at 877-600-0098 or 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 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. Please reach out if you have any questions about what steps to take next to recover your investment losses.