Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on October 30, 2018 indicate that New York-based Halliday Financial broker/adviser Sandy Siff has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Siff (CRD# 1443029).
Sandy Siff has spent 31 years in the securities industry and has been registered with Halliday Financial in Glen Head, New York since 1993. He was previously registered with USLife Equity Sales Corporation in New York, New York. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on June 5, 1987; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on June 17, 1987. He is a registered broker and investment adviser with ten US states: Arizona, Connecticut, Florida, Massachusetts, New Jersey, New York, North Carolina, Oregon, Pennsylvania, and Virginia.
According to his BrokerCheck report, he has received one pending customer complaint.
In July 2018 a customer alleged Sandy Siff, while employed at Halliday Financial, recommended an unsuitable variable annuity investment. The customer is seeking $950,000 in damages in the pending complaint.
Variable annuities are investment products of a similar nature to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. A common complaint regarding variable annuity products is is that a broker or adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. Many aggrieved investors lodge complaints against brokers whom they alleged neglected to educate them about a variable annuity’s surrender charge, for instance. This is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about variable annuity products may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Sandy Siff, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window by law to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.