• July 19, 2018
• Lincoln Financial Advisors
• Annuities
• Unsuitability
• Unsuitable
• Variable Universal Insurance
• Variable Universal Policy

The Wolper Law Firm, P.A. is currently investigating claims against Philip Moshier, a Financial Advisor at Lincoln Financial Advisors Corp. in Solon Ohio.  Philip Moshier has been in the securities industry since the 1970s and previously worked for Cigna Financial Advisors.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Philip Moshier has four customer complaints reflected on his public disclosure report maintained by the Central Registration Depository, or CRD, including one pending complaint.

https://brokercheck.finra.org/individual/summary/853169#disclosuresSection

Customer have alleged a variety of sales practice violations against Philip Moshier, including the recommendation of unsuitable investments and “highly risky” and “illiquid” investment plans.  Among the specific complaints against Philip Moshier include:

• April 2018—“ Customer alleges the RR recommended an unsuitable, highly risky, over-concentrated, and illiquid investment plan..” Alleged damages are $186,000 and the matter remains pending.
• March 2004—“Complainant alleges representative misrepresented the guarantees…when purchasing a variable annuity.”

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

It is common among Financial Advisors that work for companies in the insurance industry, like Philip Moshier, to sell variable annuities and investment plans that are connected to insurance policies.  In many instances, these products are unsuitable and result in the sale of high commission, illiquid and low value investment products.  What insurance based Financial Advisors often do not disclose to their customers is that their employers do not offer a full menu of investment products to customers and that Financial Advisors, like Philip Moshier, are limited to selling securities like annuities and universal insurance products.  Not only do many of these investment products limit an investors’ ability to diversify and/or make money in an appreciating market but their money is illiquid, meaning they cannot access it without paying substantial penalties.  All the while, Financial Advisors earn high, up-front commissions, and trailing commissions each year that the investment products is held by the customer.

If you or someone you know was a customer of Philip Moshier, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.