Finley Alexander Wealth Management Kyle Winkfield Attempted annuity fraud Rockville Maryland
The claim is that Kyle Winkfiled and his firm, then OWRS Firm, now Finley Alexander Wealth Management attempted to defraud by moving $559,000 of money from a current annuity into a new annuity. Kyle Winkfield promised a "bonus” of $12,094 to move the money. There was a loss of money to move the $559,000 due to a "surrender charge” from the original Ohio investment where the money was invested.
Kyle Winkfield promised that loss would be "made whole” in the move to his new recommendation. That was simply not true. After speaking with the new annuity carrier it was found that there was no real "bonus” to the money that was moved to Kyle Winkfield’s new investment recommendation. Further, Kyle Winkfield earned a large commission in the move.
After a lengthy fight with Kyle Winkfield and his office a threat to involve FINRA and the State Insurance Comissioner had to be made to get the original $559,000 returned. The $559,000 was returned without the "bonus” money Kyle Winkfield promised and the loss from the Ohio investment was not made whole. Kyle Winkfield can change the name of his company but he can’t change the way he does business - BEWARE!