FINRA BrokerCheck records expose a concerning history of customer disputes surrounding Jeremy Lindquist, a broker operating in Melbourne, Florida through MML Investors Services, LLC. His record shows a troubling pattern – four separate customer complaints focused on complex insurance and annuity products that have cost his firm hundreds of thousands in settlements.
Recent Developments
The latest complaint, filed on March 3, 2024, alleges unsuitable recommendations regarding a variable annuity purchased in February 2021. While MML Investors Services denied this complaint on March 27, 2024, it continues a pattern of similar allegations throughout Lindquist’s career.
Most notably, a 2017 dispute resulted in a substantial $200,000 settlement after customers alleged Lindquist made unsuitable recommendations to liquidate their mutual funds to purchase a fixed annuity and whole life insurance policy. The size of this settlement raises serious questions about the suitability of the investment recommendations.
Jeremy Lindquist’s Historical Pattern of Disputes
A significant 2013 complaint resulted in a $26,513.94 settlement after customers alleged Lindquist recommended liquidating a variable life policy and multiple 529 college savings plans to fund universal life insurance policies. This established an early pattern of complaints involving the conversion of existing investments into insurance products.
Another complaint from 2012 alleged issues with a variable universal life insurance policy sold in 2011 and subsequent recommendations for additional whole life policies funded through IRA accounts. While this complaint was ultimately withdrawn, it fits the pattern of concerns about insurance product recommendations.
The BrokerCheck report for Jeremy Todd Lindquist includes disclosure events related to his professional background:
- Customer Disputes – Settled:
- Case 1: A complaint involving a recommendation in 2015 to sell mutual funds and purchase a fixed annuity and whole life insurance. Alleged damages were $100,000. The case settled in 2018 for $200,000. Lindquist did not personally contribute to the settlement.
- Case 2: Customers alleged unsuitable recommendations in 2013 to liquidate variable life insurance policies and 529 plans to fund universal life insurance policies. The case settled in 2014 for $26,513.94, with no personal contribution from Lindquist.
- Customer Disputes – Closed (No Action, Withdrawn, Dismissed, or Denied):
- Case 1: A 2021 complaint about the suitability of a variable annuity purchase was denied in 2024.
- Case 2: A 2012 complaint alleging irresponsible sales of insurance policies in 2011 and 2012 was withdrawn. The claimed damages were $13,800.
These disclosures reflect cases involving suitability allegations, some resolved through settlements without admissions of wrongdoing or personal liability contributions.
Current Registration Status
Lindquist maintains active registrations in 10 states and territories, operating from MML Investors Services’ Melbourne, Florida office. His credentials include Series 6, 7, 63, and 65 licenses, allowing him to sell both securities and insurance products.
Investor Protection Considerations
Annuity fraud by brokers typically involves recommending unsuitable annuity products that generate high commissions while disregarding clients’ best interests. As seen in cases like Lindquist’s, common patterns include encouraging clients to liquidate more liquid investments like mutual funds or retirement accounts to purchase complex annuity products.
These transactions often involve significant surrender charges, lengthy lock-up periods, and high fees that may not align with investors’ financial goals or liquidity needs. Variable annuities are particularly concerning as they combine insurance features with investment components, making them difficult for many investors to fully understand.
Brokers may downplay the restrictions, fees, and surrender charges while emphasizing potential benefits. The pattern of multiple complaints involving annuity sales, as demonstrated in Lindquist’s regulatory history with a recent 2024 complaint and previous $200,000 settlement, highlights how some brokers repeatedly recommend these complex products despite suitability concerns. This type of misconduct often targets retirees or those near retirement, who may be particularly vulnerable to losing access to their savings through inappropriate annuity sales.
For investors considering working with or currently working with Lindquist, several key points warrant attention:
- The consistent focus on insurance and annuity products throughout his career
- Multiple instances of recommendations to liquidate existing investments
- A pattern of complaints involving complex insurance products
- Significant settlement amounts suggesting serious concerns about recommendation suitability
The concentration of complaints around insurance and annuity products, particularly those involving the liquidation of existing investments, suggests investors should exercise heightened due diligence when considering any recommendations involving:
- Variable or fixed annuities
- Whole life insurance policies
- Universal life insurance policies
- Liquidation of existing investments or retirement accounts
- Conversion of securities into insurance products
Investors should carefully review all recommendations, particularly those involving the replacement of existing investments with insurance products, as such transactions often involve significant fees, surrender charges, and reduced liquidity.
