Allstate Corporation is an insurance company, and the largest publicly held insurer in the United States. Allstate provides personal lines property and casualty insurance to millions of Americans throughout the country. Allstate Financial Services, LLC is a subsidiary of Allstate Insurance Co. It was founded in 1999 and offers mutual fund services by way of stocks, bonds and cash instruments. If you invested your money with an Allstate Personal Financial Representative (broker) and they or Allstate Corporation caused you to suffer significant financial losses, an investment fraud lawyer at Meyer Wilson could provide you with the representation you need to recover those losses.
Under the umbrella of Allstate Insurance Co., Allstate Financial Services partners with mutual fund companies to provide their customers with a variety of different mutual funds in four general categories: money market funds, bond funds, stock funds and target date funds. Allstate Financial Services also offers financial service products such as life annuities, retirement and college savings programs. This broker-dealer firm is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Allstate Financial Services is headquartered in Lincoln, Nebraska and has more than 10,000 employees nationwide.
Meyer Wilson is prepared to take action on your behalf against Allstate Financial Services, LLP for any misconduct that resulted in significant financial losses. According to FINRA reports, Allstate and its brokers have been the subject of some controversy in the past. In 2004, Allstate was one of 29 investment firms fined for late reporting. According to reports, the firm had a 44 percent failure rate due to 130 late disclosures. These late disclosures included information Allstate did not report about its brokers such as customer complaints, regulatory actions and criminal charges. Investors have a right to know this information about their brokers, so Allstate was fined for failure to disclose.
In 2003, Allstate Financial Services representative Neil W. Brooks was barred from the securities industry for conducting a fraudulent hedge fund offering. The alleged hedge fund fraud took place for a three-month time span in 2002. The hedge fund fraud in this case came in the form of selling securities such as limited partnership interests as well as promissory notes. To sell these securities, the NASD alleged that Mr. Brooks provided false and misleading information to his clients. When brokers and investment firms violate investment and securities laws and investors suffer financially, Meyer Wilson can step in and fight to recover those losses.
Allstate Financial Services, LLP does not have the extremely checkered history that some investment firms such as Merrill Lynch has, but any broker-dealer firm has the potential for misconduct.
These investment fraud practices and more can cause investors to suffer thousands of dollars in losses: