Allegations include conversion of funds from non-securities customer account
After thirteen years in the securities industry, Jeffrey Pierce has been permanently barred from practicing in the securities industry in any capacity. During his career, Pierce accumulated eleven disclosure events, including regulatory events, a criminal event, customer disputes and two employer terminations.
The most recent complaint, according to FINRA’s BrokerCheck report, alleges that Pierce circumvented the procedures of his member firm in order to conceal unsuitable annuity replacement transactions.
In each replacement transaction, the customer sold a fixed or variable annuity at Pierce’s recommendation and/or with his knowledge to purchase another variable annuity that Pierce recommended. He is accused of concealing the nature of these transactions from his member firm and collecting additional commissions.
It is also alleged that he attempted to avoid supervisory review through his actions. Such transactions were unsuitable for the customers, each of whom was in his or her sixties or seventies and were harmed through surrender charges and/or avoidable tax consequences.
In 2013, Pierce was fined $25,000 and suspended for one year following allegations of concealing annuity switches in customer accounts, among others.
In 2004, Pierce was charged with one count of A&B felony, and one count of A&B over 60 felony. Pierce entered pleas of not guilty in both counts, but numerous cases are still pending against him. One alleges damages in excess of $600,000 for fraud, misrepresentation, conversion, negligent supervision, breach of fiduciary duty, malpractice, conspiracy and deceptive business practices in association with the management of a customer’s account.
Pierce’s employment history over the years has been with:
- MIDAMERICA FINANCIAL SERVICES INC. (2009-2013)
- SAGEPOINT FINANCIAL INC. (FEB. 2009-JUNE 2009)
- INVESTORS CAPITAL CORP. (JUNE 2008-SEPTEMBER 2008)
- IFMG SECURITIES INC. (2000-2008)
- FIS SECURITIES INC. (APRIL 2000-SEPTEMBER 2000)
- BANKBOSTON INVESTOR SERVICES INC (1999-2000)
If you have suffered financial loss at the hands of Jeffrey Pierce or any broker or financial adviser, Silver Law Group may be able to help. Many investors who may be entitled to loss recovery do not know their legal rights, but the attorneys at Silver Law Group are skilled and experienced in securities arbitration, and we are dedicated to helping people like you navigate your options.
At Silver Law Group, you can expect a complimentary consultation and a case handled on a contingent-fee basis, in which you will only pay legal fees if Silver Law Group wins your case. To schedule your free consultation and begin your journey toward figuring out your rights in securities arbitration, contact Silver Law Group today.