Beneficiary Alleges Kraig Osborne Liquidated Annuity Without Authorization

Kraig Osborne (CRD #: 5914946), a broker registered with Edward Jones, allegedly liquidated a client’s annuity without authorization, according to his BrokerCheck record, accessed on June 22, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On April 21, 2023, a beneficiary alleged that Kraig Osborne liquidated a deceased client’s Nationwide annuity in February 2022 without the beneficiary’s authorization. This dispute sought $90,000 in damages but was denied by the firm.

In a dispute filed on April 16, 2023, a beneficiary alleged that Kraig Osborne failed to fully inform him about the options associated with a deceased client’s annuity.

The beneficiary further alleged that the annuity was liquidated and caused him to incur a significant tax liability. He sought $75,000, but the firm denied the dispute.

However, investors should know that firms can deny disputes without allowing an outside review. Investors can still seek out FINRA arbitration after a denial and may be able to recover their funds.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other fraudulent methods to influence the purchase and sale of securities. This includes the misrepresentation or omission of information, such as an investment’s risks, limitations, or potential returns.

Background Information

Kraig Osborne has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Kraig Osborne is a registered broker in 24 states and a registered investment adviser in North Carolina and Texas.

Kurta Law Can Help

If you worked with Kraig Osborne and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.