Legal Question in Investment Law in Ohio

Annuities

A little over a year ago, I moved two annuities and my 40lK into a variable annuity with a rep. from a company that I'd been with for many years. During the sale of this product, he deceived me by telling me things that were either not true or incomplete. I did not find this out until recently when I called the company asking questions. Since I had a strong history with this company, I believed him without checking the info out signed all the paperwork. Do I have any recourse in this matter. I am requesting they move the orig. invested monies nto a fixed rate annuity (where it was before) with the interest I would have had if I had not moved it to begin with.


Asked on 11/18/08, 1:48 pm

2 Answers from Attorneys
Warren Markowitz Warren R. Markowitz, Esq

Re: Annuities

From what you described you may be able to rescind the transaction. Which essentially will roll the clock back on the transaction to where it began. With this, you would need to calculate the difference between where you were and where you are to identify the damages.

Keep in mind, you may be in a position that you are better off (even with a loser) than you would have been without moving the investment.

More information is necessary.

Please contact my office if you wish to discuss this. I was a broker/dealer compliance officer in a past life and understand your concerns and potential remedies.

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Answered on 11/19/08, 3:25 pm
Eric Norstedt Eric Norstedt, P.A.

Re: Annuities

It sounds like the broker ommitted or misrepresented material facts critical to your decision to purchase the annuity. You may have the remedy of rescission (sell the annuity back to the broker for the amount paid plus interest) available to you as well as potentally other damage remedies. However, it is difficult to determine without more facts. Please call my office to discuss further, I have a nationwide practice handling securites matters.

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Answered on 11/18/08, 2:20 pm


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