The Number of Broker Fraud Lawsuits Against Citizens Securities Over CB Life Annuity Losses Is Growing
Our Trusted Annuity Loss Attorneys Represent Colorado Bankers Life Insurance Investors
With tens of thousands of investors, including retirees, sustaining losses in Colorado Bankers Life Insurance annuities, the number of broker negligence lawsuits filed by claimants seeking damages is increasing. One of the brokerage firms that has come under fire for allegedly unsuitably recommending these investments to customers is Citizens Securities, which is also under investigation by Massachusetts regulators for this very reason.
The Annuity Loss Law Firm, Shepherd Smith Edwards and Kantas (investorlawyers.com) are representing many of the investors who have suffered losses in Colorado Bankers Life Insurance, Bankers Life Insurance, Northstar Financial Services (Bermuda), PB Investment Holdings, and other insurers owned by Greg Lindberg. The North Carolina billionaire, who is awaiting retrial on wire fraud and other charges—he was released from prison last year—is now accused of defrauding annuity holders in an alleged over $2B scam.
Already, we have filed more than 100 annuity loss lawsuits related to Lindberg on behalf of investors. This includes a number of broker fraud claims against Citizens Securities. In our most recent one, an older retiree is seeking up to $1M in damages. The claimant contends that former Citizen Securities broker Jeffrey Richard Walker allegedly misrepresented Colorado Bankers Life annuity as safe, secure, and appropriate given the investor’s age and risk tolerance level when, in truth, this was a high-commission product that was not as highly rated as others in its class and lacked proper due diligence. This retiree also alleges that the actual risks involving CB Life annuity were not disclosed to him nor were there talks about how much of his investment would be covered in the event that Colorado Bankers Life Insurance went out of business. The latter is no longer in operation and is currently in rehabilitation. Our client is also claiming overconcentration, negligence, and breach of fiduciary duty.
Savvy Colorado Bankers Life Insurance Attorneys Who Are Well-Versed in Why These Annuities Failed
Since 2020, our seasoned annuity fraud lawyers have been going after the many brokerage firms that earned high commissions and other fees from allegedly unsuitably selling Lindberg-issued annuities to investors. Our clients who have suffered serious losses in these investments include US citizens and foreign nationals that worked with US-based brokerage firms. Many of these investors are retail customers, retirees, and older investors that should have been sold better-rated, lower-risk, better-protected annuities or other investments. Instead, their financial investors marketed these financial products from insurers whose owner has long been suspected of funneling funds from these companies to his special purpose vehicles.
Class action securities litigation for annuity holders has been filed. However, as Shepherd Smith Edwards and Kantas Senior Partner and broker fraud attorney Kirk Smith noted in the Wall Street Journal, considering other options may be investors’ best bet. One of these would be filing your own FINRA lawsuit if you want to maximize your chances of a full financial recovery.
Should we agree to work together, your FINRA arbitration case will become part of our unit of claims in which you will have all of us fighting for you. This also means your claim can avail of all of the discovery we have already conducted into Lindberg-issued annuities and why the brokers that sold them should be held liable.
By now, the broker-dealers that unsuitably marketed these annuities know that we are a formidable team of experienced securities attorneys, legal assistants, and consultants with over a century’s worth of combined experience in securities law and the securities industry. Well-respected by our peers and opposing counsel, Shepherd Smith Edwards and Kantas is known for providing quality legal representation and personalized attention. Exclusively representing investors against brokerage firms and investment advisers for over 30 years, we have collectively recovered many millions of dollars for thousands of investors.
How Can You Contact Our Knowledgeable CB Life Annuity Loss Law Firm?
Call (800) 259-9010 today or contact us online.