Jeffrey Weiner (CRD#: 2476604), a registered representative with Pruco Securities LLC (CRD#: 5685) in New York, New York, is currently involved in two pending investor disputes, according to his BrokerCheck record accessed on July 29, 2020. What happened to lead to these disputes? Read on to learn more.
On May 19, 2020, a client alleged that Jeffrey Weiner misrepresented a variable universal life insurance (VUL) policy. The policy was issued on September 9, 2015. The client is alleging that Jeffrey Weiner never told him that he would be surrendering his whole life policy by doing a 1035 Exchange into a new VUL. the client is seeking a return of the cash value of the policy and all premiums paid since 2015. The matter is pending.
On May 23, 2020, a second client alleged that Jeffrey Weiner misrepresented a variable universal life policy. This policy was issued on March 3, 2017. The policy was funded by a 1035 Exchange of two Universal Life policies. The client alleges that this resulted in a $5,000 surrender charge that Jeffrey Weiner never told him about. The client is seeking a reversal of the transaction, a return to his old policies, and the $5,000 surrender charge credited to these policies. The matter is pending.
On April 2, 2009, a client alleged that Jeffrey Weiner misrepresented a variable universal life insurance policy. The client purchased the policy in February 2009. The matter later settled.
What is variable universal life insurance? An alternative to traditional whole life insurance, variable universal life insurance (VUL) allows for the cash-value component of the insurance to be invested. The cash value is invested in sub-accounts that work similarly to mutual funds. These investments can produce potentially greater returns but can also lead to losses. Indeed, the term “variable” is used to describe variable universal life insurance because these investments can fluctuate. Furthermore, the returns have a floor (typically 0%) and a ceiling, which could potentially limit one’s returns. It is also worth noting that an investment advisor’s commission for recommending a variable universal life insurance policy can be as high as 70% to 100% of the first-year premium. Thus, some unscrupulous advisors try to convince investors to take out VULs so that they can generate generous commissions for themselves.
What are 1035 Exchanges? A 1035 Exchange allows an individual to switch a life insurance policy (insuring the same person) without paying taxes on investment gains earned on the original contract, according to FINRA. If you have concerns about variable universal life insurance policies or 1035 Exchanges, you may benefit from consulting a securities attorney.
Jeffrey Weiner has passed the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, and the Series 6 – Investment Company Products/Variable Contracts Representative Examination. He is licensed to sell securities in Connecticut, Florida, and New York.
Over his 25-year career in the securities industry, Jeffrey Weiner has worked for four firms. In addition to Pruco Securities LLC (CRD#: 5685) in New York, New York, he has also worked for the following firms:
- MML Investors Services LLC (CRD#: 10409)
- Metropolitan Life Insurance Company (CRD#: 4095)
- MSI Financial Services, Inc. (CRD#: 14251)
If Jeffrey Weiner was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.