National Grid/Niagara Mohawk Retirees Targeted by Improper, Unsuitable, and Risky Investments

Stockbroker Law - Thursday, November 10, 2011
National Grid/Niagara Mohawk Retirees Targeted by Improper, Unsuitable, and Risky Investments

Numerous civil complaints filed with the Office of Dispute Resolution of the Financial Industry Regulatory Authority (FINRA) reveal that a number of retirees from National Grid/Niagara Mohawk have fallen prey to improper investment sales tactics by financial advisors and stockbrokers.   

Notably, thousands of qualified retirees from National Grid/Niagara Mohawk are offered the choice of either a fixed annuity, assuring monthly payments for life, or, alternatively, a lump sum rollover distribution.  With the lump-sum rollover distribution, National Grid/Niagara Mohawk retirees are left to their own efforts in finding a financial advisor or stock broker to manage their investments.   

In various localities in Upstate New York, a number of financial advisors have aggressively sought out National Grid/Niagara Mohawk retirees, advising them against accepting guaranteed fixed annuity options, suggesting that they could do better for retirees by actively investing their monies from the lump-sum rollover option.   

In many instances, these retirees have seen the value of their accounts decline drastically through risky and inappropriate trading and poor investment selection, as well as the overselling of variable annuities, coupled with the improper suggestion of an early withdrawal option under Section 72t of the Internal Revenue Code.

We offer a free initial consultation to National Grid/Niagara Mohawk retirees, who feel they have been victimized relative to their improperly-invested lump-sum retirement distributions.

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