Our firm is investigating Bankers Life Securities, Inc. and Bankers Life Advisory Services financial advisor and broker Myles William Easter (CRD# 6024704) of West Des Moines, Iowa for potential investment-related misconduct.
Financial Advisor’s Career History
According to the uploaded FINRA BrokerCheck report, Easter was previously registered with New England Securities in West Des Moines, Iowa from September 2012 through October 2012. He later worked at Bankers Life as a Unit Field Trainer beginning in October 2012, became registered with Bankers Life Securities, Inc. on June 14, 2018, and became registered with Bankers Life Advisory Services, Inc. on January 9, 2024. His current reported office location is 160 South 68th Street, Suite 1205, West Des Moines, Iowa 50266.
Myles William Easter Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects four customer dispute disclosures for Easter, all listed as final, with no pending customer disputes shown in the report. The disclosed matters center on alleged misrepresentations, annuity exchanges or replacements, liquidity restrictions, and suitability concerns involving Guaranteed Lifetime Income Annuities and equity-indexed annuity transactions.
2019 settled complaint involving alleged GLIA misrepresentation
One written complaint, dated February 27, 2019 and received March 2, 2019, alleged that Easter misrepresented the terms of a Guaranteed Life Income Annuity purchased through Bankers Life and that the product was unsuitable. The complaint further alleged that the client lost a significant amount of income base when a variable annuity was liquidated and that the funds were locked up for 10 years. BrokerCheck lists alleged damages of $17,235, and shows the matter settled on September 10, 2019 for $17,125, with no individual contribution by Easter.
2020 denied complaint seeking $95,000 in restitution
Another written complaint, dated March 24, 2020 and received March 30, 2020, alleged that after two equity-indexed annuities were voided in September 2019, the customer purchased a new annuity elsewhere and claimed the previously surrendered variable annuity had offered more guaranteed income and benefits. The complaint sought restitution of $95,000. BrokerCheck lists this matter as denied on May 7, 2020.
2020 withdrawn complaint over rollover and withdrawal limits
A separate written complaint, dated October 27, 2020 and received November 4, 2020, alleged that Easter recommended rolling over $125,000 of existing investments into a Guaranteed Lifetime Income Annuity in May 2020, that the client felt pressured into the purchase, and that the client was not properly informed that only 10% of invested funds could be accessed penalty-free during the first twelve months. BrokerCheck lists alleged damages of $12,500 and states that the complaint was withdrawn on November 17, 2020 after the client advised she wished to keep the investment.
2021 FINRA arbitration resulting in a customer award
BrokerCheck also shows FINRA arbitration Case No. 21-01192. The claim was served in May 2021 and alleged misrepresentations inducing a client to surrender two annuities sold by another firm in order to purchase two Guaranteed Lifetime Income Annuities issued by a Bankers Life affiliate in December 2018. The customer claimed that although the Bankers Life annuities were later refunded in September 2019, the replacement investments purchased elsewhere lacked prior features and produced less income. BrokerCheck lists alleged damages of $50,000. On January 28, 2022, the matter resulted in an award requiring Easter to pay $30,000 in compensatory damages, $150 as reimbursement of the non-refundable filing fee, and interest; the report lists Easter’s individual contribution amount as $30,000.
For context, the disclosures listed in BrokerCheck include:
- Customer complaint received March 2, 2019 — alleged misrepresentation and unsuitable GLIA recommendation; alleged damages $17,235; settled on September 10, 2019 for $17,125; individual contribution $0.
- Customer complaint received March 30, 2020 — alleged loss of guaranteed income and benefits after annuity changes; demanded $95,000; denied on May 7, 2020.
- Customer complaint received November 4, 2020 — alleged pressure to roll over $125,000 and inadequate disclosure of first-year liquidity limits; alleged damages $12,500; withdrawn on November 17, 2020.
- FINRA arbitration Case No. 21-01192 — alleged misrepresentation tied to surrender of two annuities and purchase of two GLIAs; alleged damages $50,000; award to customer entered January 28, 2022 for $30,000 plus $150 filing-fee reimbursement and interest.
Taken together, the disclosures in Easter’s BrokerCheck report may raise questions for investors about annuity replacement recommendations, suitability analysis, liquidity limitations, and whether product features were accurately explained before transactions were completed. To obtain a copy of Myles William Easter’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 is the suitability rule. It requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer based on that customer’s investment profile, including liquidity needs, risk tolerance, age, income, net worth, and investment objectives. In the complaints disclosed on Easter’s BrokerCheck report, the allegations repeatedly focus on annuity exchanges, reduced income benefits, long lockup periods, and first-year withdrawal restrictions, which are the kinds of issues that are commonly analyzed under Rule 2111.
FINRA Rule 2090 is the Know Your Customer rule. It requires reasonable diligence to understand the essential facts concerning each customer and the authority acting on the customer’s behalf. When a client later claims that a broker failed to adequately account for income needs, desire for liquidity, aversion to market risk, or the practical consequences of surrendering an existing annuity, those facts are often evaluated in the context of Rule 2090.
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations that a broker misrepresented annuity terms, failed to clearly explain withdrawal limitations, or pressured a client into replacing an existing product can implicate Rule 2010 because the rule broadly addresses unfair or dishonest sales practices. Here, the disclosed complaints and arbitration all revolve around alleged misrepresentations or incomplete explanations concerning annuity features and benefits, making Rule 2010 a relevant framework for evaluating the reported conduct.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.
