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Investor Alleges Wayne Rector Misled Her About Variable Annuity

Wayne Rector (CRD #: 4592089), a broker registered with NYLIFE Securities, allegedly misled an investor, according to his BrokerCheck record, accessed on February 2, 2023. Investors may have also engaged his services through Eagle Services. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On October 7, 2022, an investor alleged that Wayne Rector misled her with regard to a variable annuity purchased in May 2022. The client allegedly believed she was transferring her share from her deceased fathers’ account. This dispute is currently pending.

FINRA Rule 2020

The misrepresentation or omission of information related to investments violates FINRA Rule 2020, which forbids the use of deceptive, manipulative, and otherwise unethical tactics to influence the purchase and sale of securities.

What are variable annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Wayne Rector has passed the following exams:

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

Wayne Rector is a registered broker in 15 states and a registered investment adviser in Missouri and Texas.

Kurta Law Can Help

If you worked with Wayne Rector 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. 

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