Lee Southern Subject of a Variable Annuity Dispute

Lee Southern (CRD #: 2289660), a broker registered with Osiac Wealth, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 15, 2024. Keep reading if you have questions regarding his alleged conduct. 

Customer Dispute 

On June 25, 2024, an investor alleged that Lee Southern recommended an unsuitable indexed variable annuity. 

Variable Annuities

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

What is an Unsuitable lnvestment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Lee Southern has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination  

He is a registered broker in seven states and is a registered investment adviser in New Jersey. 

Lee Southern has registered with the following firms: 

• Osaic Wealth (CRD #: 23131) 
• Signator Investors (CRD #: 468) 
• John Hancock Mutual Life Insurance Company (CRD #: 5181) 

Kurta Law Can Help 

If you have worked with Lee Southern and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.