Last Updated: March 2024 (Minnesota)
Minnesota-based Legacy of Angels Foundation Seeks Millions- Claims Principal Securities Broker Churned Annuities
In a recent filing with the Securities and Exchange Commission (SEC) the Legacy of Angels Foundation (now known as Rosenau Family Research Foundation) Principal Securities discloses the filing of a lawsuit and a FINRA arbitration claim alleging that a former Principal Securities financial advisor violated Minnesota law by churning variable annuities.
The disclosure can be found in Notes to Financial Statements, paragraph 6, of the Annual Reports, Form X-17A-5, which was filed by Principal Securities in February 2024. The Foundation’s allegations include fraudulent and deceptive practices in violation of federal regulations and Minnesota law, violation of federal securities laws, breach of fiduciary duty, violation of FINRA rules, fraud, negligence and breach of contract. The range of reasonably estimable loss is $3,000,000-$5,000,000.
Principal Securities Inc.
Principal Securities are broker-dealers headquartered in Des Moines, IA, and operate branch offices nationwide.
The CRD for Principal Securities discloses 16 Regulatory Events and 2 arbitrations.
[LEARN MORE] “How to Research Your Broker-What is a CRD?”
The Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
See this for our prior investigations of cases involving Annuities
Rex Securities Law
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Rex Securities Law provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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