Shepherd Smith Edwards and Kantas Annuity Loss Attorney Team are representing CB Life Annuity Investors in Massachusetts Against Citizens Securities
Broker-Dealer Allegedly Solicited Investors in The Bay State To Invest Beyond Insurance Cap
If you are a Massachusetts investor who suffered losses after you were marketed and sold Colorado Bankers Life Insurance annuities by a Citizens Securities broker, please contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today. It has come to our attention that registered representatives from that broker-dealer may not only have allegedly unsuitably recommended CB Life annuities to many investors in this state, including plenty of seniors and retirees, but also, it appears that these brokers purportedly encouraged them to invest money beyond the $250,000 insurance cap allowed. This has left many investors with serious investment losses and limited options for financial recovery now that Colorado Bankers Life Insurance has gone into rehabilitation and its owner Greg Lindberg is accused of more criminal fraud charges.
Citizens Securities is a Citizens Financial Group subsidiary. Many of its registered representatives worked in Citizens Bank branches, which is where many Colorado Bankers Life Insurance annuities were sold. Massachusetts Secretary of the Commonwealth William Galvin has been investigating the brokerage firm since earlier this year for selling these life insurance products. Citizens Securities stopped selling Colorado Bankers Life Insurance annuities in 2018.
Although CB Life annuities are insured by industry-funded guarantee associations—investors would not be paid until Colorado Bankers Life Insurance goes into liquidation, which Lindberg has been opposing. Not only that but also many Massachusetts annuity holders exceeded the insurance cap when they invested at the allegedly unsuitable recommendation of their Citizens Securities financial advisor. This means that their investment was not fully covered.
Lindberg owes hundreds of millions of dollars to insurers, investors, and others at this point, and all of his other insurers are in serious financial trouble. For many investors, full recovery from any insurance coverage, a Colorado Bankers Life Insurance liquidation, or the insurance magnate himself is highly unlikely.
However, what Massachusetts investors can do is explore their legal options and determine whether they have grounds for a broker fraud lawsuit against Citizens Securities. The broker-dealer has been accused of making unsuitable investment recommendations, misrepresentations, and omissions about the risks, negligence, due diligence failures, and much more related to the sale of CB Life annuities in the state.
Why You Want To Retain Our Savvy Annuity Loss Attorney Team If You Sue Citizens Securities
Our seasoned broker-fraud attorneys are representing Massachusetts investors who suffered losses after Citizens Securities marketed and sold them Colorado Bankers Life Insurance annuities. As a matter of fact, we are investing more than 100 investors in their FINRA arbitration claims against many of the brokerage firms that marketed and sold annuities from Lindberg-owned insurers. This makes us extremely knowledgeable about CB Life annuities and the kinds of broker misconduct and negligence that occurred to lead to so many investors losing money.
Should we agree to work together, you will become part of our unit of annuity loss claims represented by everyone in our firm, which only benefits you and your individual lawsuit. With over 100 years of combined experience in securities law and the securities industry, you can rest assured that if you hire us, you will receive high-quality representation from one of the most well-respected and seasoned broker fraud law firms in the United States. More than 90% of our clients have received full or partial financial recovery with our help.
How To Contact Us If You Are A Massachusetts CB Life Annuity Investor
Call (800) 259-9010 or fill out our online contact form. Your first call with us is a free, no-obligation case assessment.