Annuity Loss Lawyer

Massachusetts Retiree Files Seven-Figure CB Life Annuity Lawsuit Accuses Citizens Securities 

Claimant Says Broker Misrepresented Colorado Bankers Life Insurance As A Safe Investment

Shepherd Smith Edwards and Kantas Annuity Loss Lawyer Teams (investorlawyers.com) are representing a Medford, MA investor who is seeking up to $1,000,000 in damages from broker-dealer Citizens Securities over the losses she sustained in a Colorado Bankers Life Insurance annuity. In her FINRA lawsuit, this retiree is alleging unsuitability, negligence, misrepresentations and omissions, breach of fiduciary duty, gross negligence, due diligence failures, breach of contract, failure to supervise, and unjust enrichment.

This investor worked with former Citizens Securities broker Robert H Searle III, who left that firm in 2022 and is now a Kestra Investment Services registered representative. The claimant alleges that while always kept her money in her former employer’s retirement account and in a CD and IRA at Citizens Bank, it was Searle who allegedly persuaded her to get involved in Colorado Bankers Life Insurance.

He purportedly claimed this was a very safe investment option that would provide a higher interest rate. This retiree then went on to invest most of her savings not knowing she was buying into an annuity, which she contends was not disclosed. She also was unaware of all the troubles plaguing the insurer. It owes policyholders over $1B and owner Greg Lindberg has two criminal trials pending.

He is accused of defrauding annuity investors of more than $2B. Not only that but the amount this Massachusetts investor invested far exceeds what state guaranty associations protect.

Meanwhile, Citizens Securities and its then-financial advisor Robert Searle earned high commissions and fees from selling CB Life annuities to customers. It also should be noted that many Colorado Bankers Life Insurance investors are retirees who are struggling to figure out what to do.

As Shepherd Smith Edwards and Kantas Senior Partner and annuity loss lawyer Kirk Smith said in The Wall Street Journal, filing legal claims against the brokerage firms that marketed and sold this alternative investment may be an option.

Our CB Life Annuity Loss Lawyer Teams Are Representing Many Investors Against Citizens Securities

Our client is not the only Massachusetts retiree to sustain huge losses in Colorado Bankers Life Insurance. Investors’ funds have been frozen in these annuities for years, which is why Secretary of the Commonwealth William Galvin opened the state’s own investigation into Citizens Securities and its practice of selling insurance products.

Already, Shepherd Smith Edwards and Kantas is representing over 100 claimants in their annuity loss lawsuits involving Colorado Bankers Life Insurance and other Lindberg-owned insurers, such as Bankers Life Insurance, Northstar Financial Services (Bermuda) and others.

Many of the FINRA lawsuits we have filed are against Citizens Securities. Our investment loss recovery firm is extremely knowledgeable of why these investments failed and the reasons that broker-dealers should be held liable for these losses.

If we decide to work together, you and your claim will be able to benefit from becoming part of our unit of annuity loss cases that is represented by our entire securities law firm. Shepherd Smith Edwards and Kantas is 100% dedicated to fighting for investors and protecting their right to financial recovery. We have the resources and skills to build you a solid investment loss recovery claim that will maximize your chances of recouping your money.

How To Contact Our Annuity Loss Lawyer Team: 

Call (800) 259-9010 or fill out our online form to schedule your free, no-obligation case consultation.