‘Free Lunch’ Annuity Scheme by Unregistered Advisor Targeted Seniors: Galvin
December 23, 2019 by Ginger Szala
An insurance salesman and his firm in Massachusetts have been charged with persuading seniors to liquidate their assets to buy an annuity that paid the salesman commissions, according to William F. Galvin, Massachusetts’ top securities regulator. Ryan P. Skinner and his company, Summit Financial Partners, made millions of dollars in the scheme, Galvin’s complaint states.
Although licensed with the Massachusetts Division of Insurance, Skinner, whose firm is based in Woburn, Massachusetts, is not a registered investment advisor, although he advertises himself as a “retirement specialist,” according to the administrative complaint filed by Galvin’s securities division.
Skinner was registered with FINRA between 2002 and 2008 with six different broker-dealers, according to the complaint. In 2017, FINRA fined him $2,500 for violations of Rule 8210 (providing documents) and Rule 2010 (high standards). He also was suspended for six months.