NY Life Securities Broker, Kari Bracy, Allegedly Recommended Future Income Payments (FIP) Investment To Customer
The Wolper Law Firm is currently investigating claims against Kari Bracy, a Financial Advisor at NY Life Securities in Jacksonville, FL. Kari Bracy has been in the securities industry since 2009 and has worked at NY Life for the entirety of her career.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 31, 2018, NY Life settled a customer complaint filed against Kari Bracy for allegedly recommending that a firm customer invest in Future Income Payments (FIP). According to the complaint, Kari Bracy represented that Future Income Payments was a “conservative and safe investment with a 7.5% annual return for ten (10) years.” The matter was settled for $80,000.
Future Income Payments, LLC holds itself out as one of the nation’s leaders in selling pension plans and structured early retirement buyouts. In essence, Future Income Payments pays pensioneers their retirement benefits in the form of an annuity or lump sum and, in exchange, the pensioner assigns Future Income Payments, LLC the future rights to their pension. What pensioneers may not appreciate is that the retirement funds are significantly discounted to a net present value and the pensioner does not get the full value of his/her retirement.
Future Income Payments, LLC has sales agents that contact individuals and solicit them to “cash” in their retirement for a discounted lump sum even though the company does not hold the appropriate licenses. It has also been reported that outside investment professionals have been retained to sell these opportunities in exchange for a high commission.
Future Income Payments, LLC was based in California until 2015, before the State of California issued a cease and desist order, prohibiting Future Income Payments, LLC from engaging in the business of a finance lender or broker in the state of California without a proper license. Other states have followed suit and issued cease and desist orders, prohibiting Future Income Payments from conducting business within their state.
For a full copy of Kari Bracy’s CRD, click https://brokercheck.finra.org/individual/summary/5656186#disclosuresSection
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.
The Wolper Law Firm is interested in speaking with clients of Kari Bracy as part of its investigation. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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.
Recent Posts
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct