FLG Files Federal Lawsuit Against Minnesota Life Insurance Company For Fraud Related To FIP Investments

/

Furgison Law Group is investigating additional claims against Minnesota Life aka Securian Financial related to FIP Structured Settlement Investments

The securities fraud lawyers at Furgison Law Group recently filed a federal court complaint against Minnesota Life Insurance Company (aka Securian Financial Services, Inc. ) and others related to investment recommendations by unlicensed financial advisors across the country. Our investment fraud attorneys are also currently investigating claims against other financial advisors and insurance agents that sold Future Income Payments ("FIP") or structured settlement investments and Minnesota Life Insurance policies. The arbitration attorneys at Furgison Law Group are investigating allegations of fraud, elder abuse, the sale of unregistered securities, breach of fiduciary duty, unsuitable investment recommendations, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct related to the FIP and life insurance investments.

Allegations of Misconduct

The federal complaint includes the following allegations:

  1. Defendants conspired to defraud an elderly and vulnerable retired couple, out of their irreplaceable retirement and life savings exceeding $1,300,000;

  2. Defendants engaged in an unlawful securities and insurance scheme targeting vulnerable, elderly California residents;

  3. Defendants recommended that Plaintiffs purchase concentrated positions of FIP securities and Minnesota Life permanent life insurance policies with all their retirement proceeds;

  4. Defendants failed to inform Plaintiffs that FIP was being investigated by regulators in New York, California, Massachusetts, Iowa, Washington, North Carolina, and the Consumer Financial Protection Bureau due to predatory lending practices;

  5. FIP was an unlicensed, unregistered and non-exempt securities offering;

  6. Minnesota Life, Shurwest, GoldStar, and Matt Bieser did not possess the necessary state or federal securities licenses or the FINRA licenses to make securities recommendations.

Investors Have the Right to Recover Their Losses

When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.

Can I recover my investment losses?

If you lost a substantial portion of your retirement savings or other assets as a result of FIP or life insurance investments purchased through Minnesota Life, Securian Financial Services, Inc. or any other advisor or insurance agent, please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.