Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 1, 2016 indicate that Kansas-based Ameritas Investment Corporation broker/adviser Jerry Hurt has received two regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hurt (CRD# 2139646).
Jerry Hurt has spent 23 years in the securities industry and has been registered with Ameritas Investment Corporation in Overland Park, Kansas since October 2015. Previous registrations include New England Securities in St. Louis, Missouri; MetLife Securities in St. Louis, Missouri; and Metropolitan Life Insurance Company in Chesterfield, Missouri. He is a registered broker and investment adviser with eight US states: Colorado, Georgia, Illinois, Kansas, Missouri, Nebraska, Virginia, and Washington.
According to his BrokerCheck report, Jerry Hurt has received two regulatory sanctions and one customer complaint.
In March 2015, the New York State Department of Financial Services sanctioned Jerry Hurt following allegations he “failed to notify the Department of Insurance within 30 days that he was subject of an administrative action by the Kentucky Department of Insurance” and “failed to disclose that he was named as a party to a FINRA arbitration proceeding.” He entered into a stipulation and consent order.
In 2014, the Kentucky Department of Insurance sanctioned Jerry Hurt following allegations he failed to respond to an inquiry. He was issued a one-year revocation.
In 2014, Jerry Hurt was discharged from his position at MetLife following allegations he did not follow firm policy with respect to business expense reimbursements and sales contests.
In 2009, a customer alleged Jerry Hurt, while employed at MetLife, led him to believe a variable annuity investment was risk-free. The complaint settled in 2011 for $14,999, to which Mr. Hurt individually contributed $7,499.50.
Variable annuities are similar to mutual funds, though they have three primary additionally features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge, a fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Jerry Hurt, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.