Matthew Lee Geiser, of Grand Island, Nebraska, a stockbroker formerly registered with Independent Financial Group, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Geiser failed to cooperate in an investigation into allegations that he misstated information to customers about variable annuities, and made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2015047322501 (Nov. 4, 2016).
According to the AWC, Geiser became subject of an investigation by FINRA staff in October of 2015 –which was shortly after Geiser’s September 25, 2015 termination from Princor Financial Services. Geiser was reportedly terminated from Princor based upon allegations that he made faulty investment recommendations to customers. The AWC stated on September 23, 2016, Geiser was contacted by FINRA staff, in which he was made aware that FINRA sought his recorded testimony in connection with FINRA’s investigation into his misconduct. Geiser reportedly indicated at this time that he would at no point testify for FINRA personnel.
The AWC further detailed that Geiser confirmed with FINRA on September 27, 2016, that he understood what was requested of him by FINRA, but declined to provide any type of cooperation in the investigation into his alleged unsuitable investment recommendations. As a result, FINRA found that Geiser’s failure to cooperate was conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Geiser has been named in twelve customer initiated investment related disputes regarding allegations of Geiser’s misconduct while he was associated with Princor Financial Services Corporation. Specifically, on November 4, 2015, a customer initiated investment related written complaint involving Geiser’s conduct was settled for $40,294.38 in damages based upon allegations that he made misrepresentations to the customer concerning an insurance policy.
On April 26, 2016, a customer initiated investment related complaint regarding Geiser’s activities was resolved for $22,313,14 in damages based upon allegations that he falsely stated the returns and fees that the customer incurred in reference to a variable annuity investment. Subsequently, on June 13, 2016, a customer initiated investment related complaint involving Geiser’s conduct was settled for $15,373.01 in damages based upon allegations that he misstated guarantees pertaining to the customer’s investment returns.
Further, on July 29, 2016, a customer initiated investment related complaint regarding Geiser’s activities was resolved for $54,166.37 in damages based upon allegations that he failed to apprise the customer of information about surrender penalties on fixed and variable annuity products, and effected annuity purchases that were not suitable for the customer based upon the customer’s needs for liquidity. Moreover, on December 5, 2016, another customer initiated investment related written complaint involving Geiser’s conduct was settled for $24,392.11 in damages founded upon allegations that he failed to inform the customer that the customer’s money would be invested in an annuity, and omitted information from the customer about penalties that the customer would incur in liquidating a policy.
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