FINRA Arbitration Filed Against Centaurus Financial, Inc. involving advisor Lloyd Mincy

DETROIT - Dec. 31, 2013 - PRLog -- The White Law Group announces that it has filed a Financial Industry Regulatory Authority (FINRA) arbitration statement of claim against Centaurus Financial, Inc.  The claim seeks to recover losses in excess of $1,000,000, plus punitive damages.

The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of nine (9) Michigan investors, all former AT&T employees, and alleges claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that Centaurus Financial, Inc. unsuitably invested a significant portion of the individuals' nest eggs in variable annuities that had been misrepresented by its agent, Lloyd Mincy.

Mincy was suspended and fined by the Financial Industry Regulatory Authority (FINRA) for misrepresenting that variable annuities that he sold had a guaranteed return component.  For his actions, FINRA suspended Mincy from association with any member firm for a period of 9 months and also fined him $20,000.

FINRA’s findings indicate that Mincy made material verbal and written misrepresentations to prospective customers regarding the features of variable annuities he sold. The findings stated that Mincy misrepresented that the variable annuities offered a guaranteed rate of return.  Although the variable annuities the customers purchased did have a 5 % guaranteed death benefit option which provided that upon the death of the annuitant the payout to the beneficiaries would provide at least a 5 % rate of return, Mincy misled customers into believing that the 5% guarantee was income that they would be receiving during retirement.

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional.  It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court.

For more information on the claim filed by The White Law Group, please contact the firm's Chicago office at 312-238-9650.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.  For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.