Our firm is investigating TIAA-CREF Individual & Institutional Services, LLC financial advisor and broker George Michael Kontos (CRD# 7147967) of Royal Oak, Michigan for potential investment-related misconduct.
Financial Advisor’s Career History
Based on his FINRA BrokerCheck report, George M. Kontos has been registered with TIAA-CREF Individual & Institutional Services, LLC as a registered representative since June 2023, and he is also associated with Advice and Planning Services (same branch address) as an investment adviser representative.
His prior securities industry registrations include GLP Investment Services, LLC (registered representative) from July 2019 through June 2023 and Asset Allocation Strategies, LLC (investment adviser representative) from October 2019 through June 2023.
George Michael Kontos Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects two customer dispute disclosures for Mr. Kontos, including one pending matter and one matter that was closed/denied.
Disclosures (for context):
- Customer dispute (Denied; closed) — Allegations tied to a retirement-plan rebalance into a fixed annuity; customer alleged annuity restrictions were not disclosed; damages listed as $0 with a good-faith damage estimate of $5,000+; status date 05/15/2025 (Denied).
- Customer dispute (Pending) — Allegations tied to transferring fixed indexed annuities from National Life to Delaware; customer alleged lack of awareness of surrender charges; complaint received 01/20/2022; estimated surrender charges $5,228 plus a potential market value adjustment estimated around $4,780 (as of 01/31/2022).
Customer Dispute (Denied): Alleged Failure to Disclose Annuity Restrictions in a Retirement-Plan Rebalance
According to the BrokerCheck disclosure, the customer alleged that, regarding a retirement-plan rebalance from securities to a fixed annuity on March 11 (year not specified in the disclosure narrative), the annuity restrictions were not disclosed. The disclosure lists product types including fixed annuity, variable annuity, and mutual fund.
The complaint was received on 05/05/2025, with alleged damages listed as $0.00, while also noting a good-faith determination that potential damages could be $5,000 or more. The matter was marked “Denied” with a status date of 05/15/2025; the broker statement reported that the firm determined the claims were unsubstantiated and that appropriate information was provided at the time of investment.
Customer Dispute (Pending): Alleged Unclear Surrender Charges in a Fixed Indexed Annuity Transfer
BrokerCheck also describes a pending customer dispute arising from events reported during Mr. Kontos’s time at GLP Investment Services, LLC. The disclosure states that on May 13, 2020, Mr. Kontos held a virtual screen-sharing meeting (during COVID) reviewing the customer’s investments, risk tolerance, access needs, and time horizon to retirement, and recommended transferring fixed indexed annuities from National Life to Delaware in pursuit of potentially better rates.
The disclosure further states that the customer later requested a penalty-free surrender and a return of assets to National Life, asserting they were unaware of surrender charges on the Delaware policies; Delaware reviewed and declined the request. (The disclosure lists this request date as “September 29, 2001,” as reported in CRD.)
The customer then filed a complaint with the State of Michigan on 01/18/2022 requesting the funds be returned to National Life penalty-free; the complaint was received on 01/20/2022 and is marked pending. While alleged damages are listed as $0.00, the disclosure includes estimated surrender charges of $5,228 and a possible market value adjustment estimated at approximately $4,780 as of 01/31/2022.
To obtain a copy of George Michael Kontos’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is relevant to allegations involving annuity switches or reallocations because the rule generally requires that a recommendation match the customer’s investment profile—such as time horizon, liquidity needs, and risk tolerance—so if a customer says they needed access to funds or did not want penalties, a recommendation that exposes them to meaningful surrender charges or restrictions can raise suitability concerns.
FINRA Rule 2330 (Deferred Variable Annuities) can be implicated when variable annuities are part of the transaction mix, because the rule framework emphasizes heightened review and documentation around variable annuity exchanges and the customer’s features, fees, and benefits; in a dispute alleging that annuity restrictions or costs were not disclosed, the adequacy of disclosures and the basis for the annuity-related recommendation become key issues.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) may apply when an investor alleges they were not told material information—such as surrender charges or product restrictions—because the rule broadly requires ethical conduct; when the core complaint is “I did not understand the restrictions/penalties,” investigators often scrutinize what was explained, what was provided in writing, and whether the communications were consistent with fair dealing.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.
