Michael Perron Shoemaker, of Atlanta, Georgia, a stockbroker registered with Bankers Life Securities Inc., was the subject of a customer initiated investment related complaint filed on September 7, 2021, in which the customer requested $74,526.00 in damages based upon allegations that Shoemaker made unsuitable recommendations in equity-indexed annuities in November of 2018. The complaint alleged that Shoemaker failed to disclose to the customer the surrender penalties that would be assessed for withdrawals from the annuities. The firm denied the complaint.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Shoemaker is referenced in three other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On May 1, 2014, a customer filed an investment related complaint involving Shoemaker’s conduct in which the customer requested damages based upon allegations that Shoemaker made misrepresentations of material fact in connection with the sale of a variable annuity when Shoemaker was associated with ProEquities Inc. The complaint was denied.
On December 22, 2016, a different customer initiated investment related complaint involving Shoemaker’s conduct was settled for $1,875.00 in damages based upon allegations that Shoemaker misrepresented material facts about annuities after the customer expressed a desire not to participate in the market. The complaint also alleged omissions regarding surrender penalties.
Shoemaker was also referenced in a customer initiated investment related complaint filed on June 12, 2019, in which the customer requested $49,860.00 in damages based upon allegations that Shoemaker did not apprise the customer of surrender charges during the time that she purchased a Guaranteed Life Income Annuity in June of 2018 through Bankers Life and Casualty Company. The customer alleged that her money was required to be held in the annuity for 11 years to avoid surrender charges. The complaint was denied.
Shoemaker has been associated with Bankers Life Securities Inc. in Atlanta, Georgia since May 26, 2016. He has also been associated with Bankers Life Advisory Services Inc., in Atlanta, Georgia, since November 23, 2016.
