James A. Mayfield, III, a former broker with Ameritas Investment Corp. and Pruco Securities, LLC, is the subject of a customer complaint relating to the sale of a variable annuity.
In January 2019, a former customer filed a lawsuit in St. Tammany Parish, Louisiana against James Mayfield, Ameritas Investment Corp., Voya Financial, and Voya Insurance and Annuity Company. The customer alleges that James Mayfield convinced him to purchase, in his IRA account, a variable annuity called the Voya GoldenSelect Variable Annuity. Variable annuities have some tax benefits that are redundant in an already tax-deferred account (like an IRA), which means that the customer may be paying for benefits that he or she does not need.
The customer further alleges that, in connection with the sale, James Mayfield failed to advise the customer of the extreme high commissions paid to Mayfield, the cost of the “guaranteed return” associated with the annuity, the truth about surrender fees and IRA penalties, or that the allegedly guaranteed return would be terminated by any withdrawals from the annuity. The customer also alleges that James Mayfield made false statements to the customer regarding a loan (and the consequences of a loan) that the customer took from the annuity.
The customer seeks damages for, among other things, James Mayfield’s breach of fiduciary duty and violation of the Louisiana Securities law.
According to the Financial Industry Regulatory Authority (FINRA), a customer filed a complaint against James A. Mayfield in April 2018, alleging “misrepresentation of a variable annuity regarding a loan.” This complaint evolved into a FINRA arbitration proceeding.
James Mayfield was a registered representative of Ameritas Investment Corp. in Covington, Louisiana from August 2006 to July 2013. He was subsequently a registered representative of Pruco Securities, LLC in Metairie, Louisiana from August 2013 to December 2014. James Mayfield is not currently registered with a FINRA member firm.
If you or someone you know invested money through James Mayfield, Fishman Haygood’s team of experienced securities litigators may be able to help. Our firm has helped hundreds of clients recover their losses due to broker fraud or negligence.
Fishman Haygood Investment Fraud Lawyers represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood Investment Fraud lawyer today.