Farmers Financial Solutions LLC
Defend Your Rights as an Investor – Win Back Your Losses
Farmers Financial Solutions LLC is the securities subsidiary of Farmers
Insurance Group of Companies. It was created by Farmers in 2000 and offers
mutual funds, variable universal life insurance, and variable annuities
through its more than 5,000 registered independent agents. As a result,
supervision has often been a struggle for Farmers, as providing oversight
to 5,000 employees is nearly impossible to do sufficiently.
While the company regards its agents as "independent contractors"
and says they do not make investment recommendations, as a securities
brokerage firm licensed by FINRA, Farmers Financial still has a legal
duty to supervise its brokers and its brokers' recommendations to
clients to ensure compliance with and prevent violations of the rules
of the security industry. When an individual broker is negligent or acts
in an unlawful manner against the interests of the client and that client
suffers damages as a result of such wrongdoing, the firm may be held liable
for investor losses.
Misconduct at Farmers Financial Solutions LLC
Longtime broker Scott Dee Barker was recently barred by FINRA for failing
to provide documents requested for an investigation into his inappropriate
use of insurance premiums. He was licensed by Farmers Financial Solutions
for a time period beginning in 2004 and ending in 2014. He has been permanently
barred, which prevents him from selling securities legally ever again.
The NASD (now FINRA) once fined Farmers $125, 000 for late disclosure about
its 5,000 independent brokers. Farmers at the time had a 66% failure rate
for reporting on time, which can be a troubling sign. Disclosures are
specifically required to ensure that firms are providing supervision over
their brokers, so late disclosures can be a sign of inadequate oversight.
Get the Help You Need: Contact Meyer Wilson
If a Farmers investment broker has caused you significant losses, you will
need legal professionals to help you recover your losses. Meyer Wilson
attorneys have the resources and expertise to step in and defend your
rights as an investor against large firms like Farmers Financial Solutions.
We won over $350 million for our clients, so our record confirms our experience
and skill. We arbitrate on behalf of our clients through FINRA and the
American Arbitration Association, or AAA. We represent clients both nationwide
and internationally who have suffered losses due to the
negligence of large investment firms and their brokers.
To determine whether you have a case against Farmers Financial Solutions
for your losses, call us or complete our online form for a
free case evaluation.