Variable Annuity Loss Law Firm

Did Ex-Infinity Financial Services Broker Thomas Vigil Unsuitably Recommend L-Share Variable Annuity Exchanges and Variable Annuity Purchases To You? Our Experience Variable Annuity Loss Law Firm May Be Able To Help 

The Financial Industry Regulatory Authority (FINRA) has fined former Infinity Financial Services Broker Thomas Vigil $10K for allegedly inappropriately recommending 10 unsuitable L-share variable annuity (VA) exchanges to several customers and two unsuitable variable annuity purchases to two clients.

The self-regulatory organization (SRO) contends that customers ended up paying higher fees. Vigil, who was suspended for 12 months, must pay $25,436 in restitution.

FINRA said that from June 2019 to February 2020, the now-suspended Rhode Island financial advisor made negligent misrepresentations and omissions of material fact in transaction documents regarding VA costs.

He also allegedly forged a variable annuity customer’s signature on a variable annuity application. Thomas Vigil’s CRD notes that he was fired by Infinity Financial Services over documents related to a security purchase. The documents were allegedly altered and submitted without the customer being notified.

Regarding the L-share VA exchanges, Vigil purportedly unsuitably recommended that they trade their existing variable annuity for an L-share variable annuity that included a Guaranteed Minimum Withdrawal Benefit and a four-year surrender period.

However, contends FINRA, Vigil is not believed to have performed any due diligence to ensure suitability, especially of a VA with a rider that needed 10 years minimum to provide its full benefits. L-share variable annuity contracts typically charge greater fees than comparable B-share contracts.

Between October 2019 and January 2020, Vigil unsuitability recommended to two customers an investment-only variable annuity without having reasonable grounds for thinking that it was appropriate. An investment-only variable annuity, unlike a traditional VA, does not offer a guaranteed death benefit or optional living benefit riders.

How Can Our Knowledgeable Variable Annuity Loss Law Firm Help?

Variable annuity switching does happen. Sometimes it is because the broker wants to earn the commissions and fees that come from each switch, even if this approach is not in the best interest of investors.

Often, seniors, retirees, and those planning for retirement are among those who end up investing in a variable annuity. Unsuitable or excessive variable annuity switching is a violation of securities laws and can cause VA investors serious losses.

When determining VA switching suitability, a broker must not only evaluate appropriateness based on the customer’s investing profile, but they should also look at surrender charges, bonuses, loss of living/death benefits, higher yearly costs, a longer surrender charge period, and more.

The Shepherd Smith Edward and Kantas Variable Annuity Loss Law Firm (investorlawyers.com) represents variable annuity investors against financial advisers and their broker-dealers. We know how to identify when unsuitable VA sales or exchanges have happened and the part your broker may have played in contributing to your portfolio losses.

If we decide to work together, we will provide you with quality securities representation and personalized legal service. Because we work on a contingency basis, you would not have to pay us any legal fees unless we secure your financial recovery. Payment for our securities services would come out of your award or settlement and not directly out of your own pocket.

Call our Variable Annuity Loss Law Firm at (800) 259-9010 or fill out this form to speak with one of our trusted variable annuity loss attorneys.