Eric Garcia: Infinex Broker Involved in Offshore Annuity Disputes


Eric Garcia (CRD# 5909532), a broker registered with Infinex Investments, allegedly sold an unsuitable and over-concentrated investment, according to his BrokerCheck report. This public record, published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 5, 2023, notes that the Miami-based financial professional was formerly affiliated with Essex National Securities. Offshore Annuity Dispute […]

FINRA Sanctions Transamerica $8.8 Million over Variable Annuities and Mutual Funds


In December, 2020, the Financial Industry Regulatory Authority (FINRA) fined Transamerica $8.8 million, including $4.4 million in restitution to be paid to 2,400 customers that lost money due to their malfeasance. FINRA determined that Transamerica’s failure to properly supervise the recommendations of their registered representatives for their variable annuity, mutual fund and 529 plans. The […]

FINRA Sanctions Metlife $25 Million For Variable Annuity Replacement Sales Complaints


In 2016, The Financial Industry Regulatory Authority (FINRA) fined MetLife Securities, Inc. $20 million and also ordered the payment of $5 million in restitution for complaints related variable annuity sales. FINRA found that Metlife had committed negligent misrepresentations and omissions when selling variable annuity replacements for tens of thousands of customers. The misrepresentations and omissions […]

1035 Exchanges: Should You Switch Variable Annuities?

Estate agent broker reach contract form to client signing agreem

Section 1035 of the Internal Revenue Code is a provision that allows the tax free exchange of some types of financial instruments for another one of like kind. This allows owners of poorly performing annuities to transfer funds to a product with better performance and more features without tax consequences. Annuity companies are always looking […]

Understanding Annuity Death Benefits


Annuity death benefits are not guaranteed. It depends on how the annuity’s payout phase is structured. From a tax perspective, annuities might not be the best option for your beneficiaries.