Erin Olin Shanks, of Richardson, Texas, a stockbroker formerly employed with Cuso Financial Services, L.P., is the subject of a customer initiated investment related written complaint, which settled on June 2, 2017 for $24,731.97 in damages based upon allegations that the customer was issued a variable annuity that had been improperly structured, causing the customer to lose principal and incur surrender penalties upon terminating the arrangement.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Shanks has been identified in five more customer initiated investment related disputes containing accusations of Shanks’ wrongdoing during the period that she was employed with Cuso Financial Services and American Express Financial Advisors Inc. In particular, on February 9, 2000, a customer initiated investment related written complaint involving Shanks’ conduct was settled for $8,648.97 in damages supported by allegations that the customer was not made aware of the surrender penalties to be assessed for a transfer of assets from Waddell & Reed to American Express Financial Advisors Inc.
On April 28, 2008, a customer initiated investment related written complaint regarding Shanks’ activities was settled to resolve accusations that Shanks executed unsuitable bond transactions in the customer’s account. Then, on March 15, 2009, a customer filed an investment related written complaint involving Shanks’ conduct, in which the customer sought $42,013.00 in damages founded on allegations that unsuitable investment recommendations had been made to the customer in reference to a variable annuity.
Shanks is also the subject of a customer initiated investment related written complaint on May 27, 2011, wherein the customer alleged that a $133,362.00 variable annuity investment failed to conform with the customer’s objectives for investing, and that the customer was not made aware of surrender penalties assessed to her as part of funding the investment. Further, a customer initiated investment related arbitration claim regarding Shanks’ activities was resolved for $4,497.31 in damages based upon accusations that Shanks failed to disclose the nature and risks of two real estate investment trust investments effected in her account.
Shanks was fired from Cuso Financial Services, LP on April 28, 2014, supported by allegations that she failed to make required disclosures to customers relating to the surrender of a customer’s fixed annuity to fund the purchase of a variable annuity.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
