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Michael Shoemaker Of Bankers Life Securities, Bankers Life Advisory Services And Formerly With ProEquities Has 3 Customer Complaints For Alleged Broker Misconduct

Who is Michael Shoemaker of Bankers Life Securities?

Michael Shoemaker (CRD #5836113) who is currently registered with Bankers Life Securities, Bankers Life Advisory Services and located in Cordova, Tennessee is a subject of one of our many securities industry sales practice abuse investigations. Prior to Bankers Life Securities, Bankers Life Advisory Services, Michael Shoemaker was associated with ProEquities and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Michael Shoemaker Customer Complaints

Michael Shoemaker has been the subject of 3 customer complaints that we know about. One of Michael Shoemaker’s 3 customer complaints was settled in favor of investors. Two of Michael Shoemaker’s customers’ complaints were denied and, to date, the customers have not taken any further action.

Allegations Against Michael Shoemaker

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Client alleged that Michael Shoemaker misrepresented a variable annuity product after she told the representative she did want to participate in the market. Client also alleged that she was unaware of the surrender charge on the product and that the representative told her the funds would be in.
  • Client alleged that representative, Michael Shoemaker misrepresented the product.
  • In a written complaint dated June 4, 2019, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm, [REDACTED] alleged that she was not informed of surrender charges when she purchased a Guaranteed Life Income Annuity (GLIA) from BLC in June of 2018. [REDACTED] alleged her money is now locked in the annuity for 11 years with a current 10% penalty to cancel. [REDACTED] asked for her money to be released from BLC without a penalty. BLC determined that the purchase of the GLIA was suitable for the client and she was aware of surrender charges. While the GLIA sold to [REDACTED] was not a security and was issued by BLC, the Firm is reporting this complaint because the source of funding for the BLC annuity came from the sale of securities recommended by a registered representative of the Firm.

Michael Shoemaker Red Flags & Your Rights As An Investor

Of course, Michael Shoemaker did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Michael Shoemaker at Bankers Life Securities, Bankers Life Advisory Services, and ProEquities on alert to review carefully the activity and performance of their accounts and question whether Michael Shoemaker has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Bankers Life Securities, Bankers Life Advisory Services, and ProEquities also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Bankers Life Securities Due To Michael Shoemaker

If you have questions about Bankers Life Securities, Bankers Life Advisory Services, ProEquities, and/or Michael Shoemaker and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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