Daniel Patrick Corey (CRD# 6319568) is a financial advisor and stockbroker currently registered with Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc. in Portland, Oregon, and our firm is investigating him for potential investment-related misconduct involving alleged unsuitable annuity and insurance recommendations and related sales practice violations.
Financial Advisor’s Career History
Daniel Patrick Corey has spent his securities and insurance career primarily with the Bankers Life family of companies and a prior broker-dealer affiliate.
- Since May 2016, Corey has been registered as a General Securities Representative and Investment Company and Variable Contracts Representative with Bankers Life Securities, Inc. (CRD# 173962), currently working from a branch office at 6135 NE 80th Ave, Unit A5, Portland, Oregon. He also became approved as a General Securities Principal in January 2020.
- Since February 2019, he has been registered as an Investment Adviser Representative with Bankers Life Advisory Services, Inc. (CRD# 281285).
- His employment history also shows that he has worked with Bankers Life & Casualty Company in insurance roles since 2012, selling and servicing long-term care, life, Medicare supplement, annuity, and equity-indexed annuity products.
- From September 2014 to May 2016, Corey was previously registered as a broker with ProEquities, Inc. (CRD# 15708) in Portland, Oregon.
This history reflects an extended focus on insurance, annuity, and securities products marketed to retail investors through the Bankers Life platform.
Daniel Patrick Corey Fraud Allegations and Investor Complaints Explained
According to Corey’s FINRA BrokerCheck report, his public record includes one criminal disclosure and three customer dispute disclosures, two of which resulted in monetary settlements paid to customers and one that was denied without payment.
Criminal Disclosure – 2000 Theft Conviction
Corey’s record reflects a misdemeanor theft conviction from March 2000 in Multnomah County Circuit Court, Oregon.
- Charge: Theft of Property in the Third Degree (Theft III – misdemeanor)
- Charge Date: March 13, 2000
- Disposition: Convicted on March 23, 2000
- Penalty: Monetary assessment of $600
Although this criminal matter predates Corey’s securities career, it appears on his regulatory record and may be relevant to investors assessing his background.
2019 FINRA Arbitration Alleging Unsuitable Equity-Indexed Annuities and Life Insurance
In September 2019, customers filed a Statement of Claim for arbitration with FINRA naming Bankers Life Securities, Inc. and Bankers Life and Casualty Company as respondents and alleging misconduct by Corey relating to annuity and insurance recommendations.
The customers alleged that Corey:
- Recommended they surrender two existing annuities held at another firm, incurring approximately $17,000 in surrender charges, in order to purchase two equity-indexed annuities issued by Bankers Life and Casualty Company (BLC).
- Recommended they purchase three life insurance policies through BLC that were allegedly unsuitable and primarily driven by a desire to generate commissions.
The customers did not specify an exact dollar amount of damages in their claim but referenced the surrender charges and alleged harm from the annuity and insurance sales. BLC ultimately chose to settle the matter, and the arbitration was resolved with a payment of $24,640.51 to the customers on or about December 7, 2020. Corey did not contribute personally to the settlement according to the disclosure.
In a broker statement, Corey maintained that:
- Liquidation of the prior variable annuities was done at the customers’ request, not on his recommendation.
- He required the customers to sign a letter acknowledging awareness of surrender charges and fees.
- He spent extensive time (over 80 documented hours) assisting the customers in reducing their exposure to REITs and unregistered alternative investments without compensation.
2021 Customer Complaint Alleging Misrepresentation of Guaranteed Lifetime Income Annuities
In March 2021, another customer submitted a written complaint to Bankers Life and Casualty Company regarding Guaranteed Lifetime Income Annuities (GLIAs) purchased in December 2017 and March 2018.
The customer alleged that Corey, acting as her financial representative:
- Misrepresented the terms of two GLIA contracts issued by BLC.
- Requested that the annuities be surrendered without penalties.
Key details from the disclosure include:
- Alleged damages: $5,000
- Product type: Equity-indexed annuities / GLIAs issued by BLC
- Outcome: The complaint was denied on or about April 14, 2021, with no settlement and no payment to the customer.
The firm reported that it determined the annuities were suitable, that all material terms were disclosed, and that no relief was warranted. The complaint nonetheless appears on Corey’s regulatory record because the products were funded with proceeds from securities recommended by a registered representative of the firm.
2022 Customer Complaint and Settlement Over Whole Life Policies and Premium Bonus Indexed Annuity
In a written complaint received on March 14, 2022, customers alleged that Corey:
- Recommended they cancel term life policies at another financial institution and purchase whole life policies through an affiliated insurer, Bankers Life and Casualty Company (BLC).
- Recommended they fund the new life insurance premiums using withdrawals from their securities account at Bankers Life Securities.
- Recommended a Premium Bonus Indexed Annuity (PBIA) in February 2020 that allegedly comprised a high percentage of their liquid net worth and carried high surrender charges.
The customers claimed their income was insufficient to support the new premiums and sought to cancel the policies and recover all funds.
Key financial details:
- Alleged damages: $22,253.00
- Settlement amount: $16,002.85, paid as a refund of life insurance premiums minus the costs and expenses of insurance over the time the policies were in force.
- Individual contribution: The disclosure states that Corey did not contribute to the settlement and was not asked to contribute.
Although the firm concluded the life insurance policies and annuity were suitable, it agreed to a partial refund as an “accommodation” to the customers. The complaint is reportable because the underlying funding source was a securities account managed through the firm.
Summary of Disclosures
Corey’s BrokerCheck report currently reflects the following:
- Criminal Disclosure
- 2000 misdemeanor Theft III conviction in Multnomah County, Oregon, with a $600 monetary assessment.
- Customer Dispute – FINRA Arbitration (2019)
- Alleged unsuitable surrender of annuities and recommendations to purchase equity-indexed annuities and life insurance; reference to $17,000 in surrender charges; settled for $24,640.51 with no individual contribution from Corey.
- Customer Dispute – Written Complaint (2021)
- Alleged misrepresentation of GLIA annuities and request to surrender without penalties; alleged damages $5,000; denied with no payment.
- Customer Dispute – Written Complaint (2022)
- Alleged unsuitable replacement of term life with whole life, funding premiums from a securities account, and recommendation of a Premium Bonus Indexed Annuity representing a high percentage of liquid net worth; alleged damages $22,253; settled for $16,002.85 with no contribution from Corey.
In light of these disclosures, investors who purchased annuities or life insurance products after liquidating securities on Corey’s recommendation may have potential claims for unsuitability, misrepresentation, or other sales practice violations under FINRA rules and state securities laws.
To obtain a copy of Daniel Patrick Corey’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (the Suitability Rule) requires brokers to have a reasonable basis to believe that any investment or strategy they recommend is suitable for the customer based on the customer’s investment profile, including financial status, tax status, investment objectives, risk tolerance, liquidity needs, and time horizon. In Corey’s case, allegations that he recommended customers surrender existing annuities and incur substantial surrender charges, concentrate a high percentage of their liquid net worth in a Premium Bonus Indexed Annuity, and take on additional whole life insurance premiums that their income allegedly could not sustain raise serious suitability concerns under Rule 2111. When a broker advises investors to replace existing products and lock up assets in long-term annuities with significant surrender charges, FINRA expects the broker to demonstrate a well-documented, customer-specific suitability analysis, which investors may argue was lacking here.
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Even when products are technically permissible, recommending transactions that generate commissions at the expense of the client’s interests, involve inadequately explained surrender charges, or are based on misleading or incomplete descriptions of product terms can violate Rule 2010. The criminal theft conviction on Corey’s record and the customer allegations of misrepresentation and commission-driven recommendations in connection with annuities and life insurance policies provide a basis for investors to argue that his conduct failed to meet FINRA’s ethical standards, particularly if evidence shows that he placed firm or personal compensation ahead of the customers’ best interests.
FINRA Rule 3110 imposes strict supervisory obligations on brokerage firms, requiring them to establish and enforce written supervisory procedures designed to ensure compliance with securities laws and FINRA rules. Although Rule 3110 primarily targets the firm, it shapes the environment in which brokers like Corey operate. When a broker repeatedly recommends complex annuity and insurance strategies funded by the liquidation of securities, firms must supervise those recommendations, review replacements of existing annuities, monitor patterns of high commission or high surrender-charge transactions, and intervene where necessary. Investors may allege that Bankers Life Securities and related entities failed to adequately supervise Corey’s sales practices, allowing potentially unsuitable annuity and insurance strategies to be implemented without sufficient oversight, in violation of Rule 3110.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
