ROBERT ROY SNIDER Investment Fraud Investigation

March, 2025 | Based in Vienna, WV

Have you lost money working with financial advisor Robert Roy Snider? Don’t wait to take action – Call 800-950-6553 or complete our online form to schedule your no-obligation case evaluation. Our experienced securities fraud attorneys can help determine if you have a valid claim.

Critical Information About Robert Roy Snider

• Full Name: Robert Roy Snider
• CRD Number: 2417319
• Current Location: Vienna, WV
• Current Employer: MML Investors Services, LLC
• Office Address: 1100 9th St Unit E, Vienna, WV 26105
• Registration Status: Currently registered with 1 Self-Regulatory Organization and licensed in 21 U.S. states and territories
• State Licenses: Registered as an agent in Alabama, Arizona, California, Florida, Indiana, Kentucky, Maryland, Massachusetts, Nevada, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, and West Virginia
• Experience: In the securities industry since December 1993 (over 31 years)
• FINRA BrokerCheck: One pending customer dispute
• Previous Employers: MSI Financial Services, Inc. (01/2015 – 03/2017), New England Securities Corporation (12/1993 – 01/2015)
• Ability to Recover Losses: Potential FINRA arbitration for investors who suffered losses

Current Investigation: Variable Annuity Misconduct Allegations

Robert Roy Snider, a financial advisor currently employed by MML Investors Services, LLC in Vienna, West Virginia, is currently facing serious allegations of investment misconduct. According to FINRA BrokerCheck records, Snider is the subject of a pending FINRA arbitration claim (Docket #24-02567) filed in December 2024, involving alleged misrepresentation and improper handling of variable annuity investments.

The complainants in this case allege that beginning in 2021, Snider engaged in a practice known as “twisting” – replacing their existing annuity contracts with new ones primarily to generate additional commissions. This practice is not only unethical but potentially violates FINRA rules and securities regulations. The clients further allege that Snider misrepresented the variable annuity products, recommended investments that were not in their best interests, and caused them financial harm.

For investors who have worked with Robert Snider and purchased variable annuities or other investment products, this pending case raises significant red flags that warrant immediate attention. Variable annuities are complex investment products with specific features, surrender periods, and fee structures that must be fully disclosed and explained to investors.

Understanding Variable Annuity Misconduct

Variable annuities are investment products sold by insurance companies that offer tax-deferred growth potential, death benefit protection, and future income options. However, they also typically come with:

1. High fees and expenses – including mortality and expense risk charges, administrative fees, investment management fees, and surrender charges
2. Long surrender periods – often 6-10 years, during which withdrawals incur significant penalties
3. Complex features and riders – such as living benefits and death benefits that can be difficult for average investors to understand

When a financial advisor recommends “twisting” or “churning” annuities, they may be violating their fiduciary duty to act in the client’s best interest. This misconduct typically involves one or more of the following actions:

• Recommending that clients surrender existing annuities to purchase new ones, triggering surrender penalties
• Failing to fully disclose the downsides, including new surrender periods and fees
• Misrepresenting the benefits or features of the new products
• Placing their own financial interests (commissions) ahead of the client’s best interests

These actions can lead to significant financial harm for investors, including:

• Surrender charges on the existing annuity (often 5-8% of the investment value)
• Tax consequences, including potential taxable events
• Being locked into a new, potentially less favorable surrender period
• Higher overall fees and expenses
• Loss of existing benefits or guarantees

Robert Snider’s Professional Background

Robert Roy Snider has been in the securities industry since December 1993, when he obtained his Series 6 license (Investment Company Products/Variable Contracts Representative Examination) and Series 63 license (Uniform Securities Agent State Law Examination). According to FINRA records, Snider does not hold any principal/supervisory licenses, which would allow him to supervise other representatives or manage branch operations.

Snider began his career with New England Securities, where he remained for over 21 years (December 1993 to January 2015). He then moved to MSI Financial Services, Inc. for approximately two years (January 2015 to March 2017) before joining his current firm, MML Investors Services, LLC, in March 2017.

Currently, Snider is registered in 21 states, with his primary office located in Vienna, West Virginia. He is registered both as a broker (Series 6) and as an investment adviser representative in West Virginia and Texas, though his Texas investment adviser registration has a “Restricted Approval” status.

Before the current pending complaint, Snider’s BrokerCheck report shows no prior disclosure events over his 31-year career, making the current allegations particularly notable.

Red Flags in the Current Investigation

The pending FINRA arbitration case against Snider contains several concerning elements that investors should be aware of:

1. Twisting Allegations: “Twisting” is a term used in the insurance and securities industry to describe the practice of inducing a client to surrender one annuity contract and replace it with another, primarily to generate new commissions. This practice is explicitly prohibited under FINRA Rule 2330, which governs deferred variable annuity transactions.
2. Misrepresentation Claims: The complainants allege that Snider misrepresented the features, benefits, or risks of the annuity products he recommended. Misrepresentation violates FINRA Rule 2010, which requires brokers to observe high standards of commercial honor and just and equitable principles of trade.
3. Suitability Issues: By allegedly recommending products that were “not in their best interests,” the complaint suggests potential violations of FINRA Rule 2111 (Suitability), which requires that a broker have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer.
4. Potential for Significant Damages: While the specific damage amount is not disclosed in the BrokerCheck report, the firm noted it “has been unable to determine that potential damages from the alleged activity would be under $5,000,” suggesting the possibility of substantial financial harm to the investors.

Legal and Regulatory Framework for Variable Annuity Sales

Financial advisors like Robert Snider are bound by specific FINRA rules governing the sale of variable annuities. These rules include:

1. FINRA Rule 2330 (Members’ Responsibilities Regarding Deferred Variable Annuities): This rule requires that before recommending a variable annuity transaction, a broker must have a reasonable basis to believe the customer has been informed of the product’s features, the transaction is suitable, and the customer would benefit from the annuity’s features.
2. FINRA Rule 2111 (Suitability): Requires that a broker have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile.
3. FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade): A broad ethical rule requiring brokers to observe high standards of commercial honor and just and equitable principles of trade.
4. FINRA Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices): Prohibits the use of manipulative, deceptive, or other fraudulent devices or contrivances in connection with securities transactions.
5. FINRA Rule 3110 (Supervision): Requires firms to establish and maintain a system to supervise the activities of their registered representatives and associated persons.

Violations of these rules can lead to FINRA enforcement actions, fines, suspensions, or even permanent bars from the securities industry. Additionally, investors who suffer losses due to violations of these rules may seek recovery through the FINRA arbitration process.

Guidance for Investors Who Have Worked with Robert Snider

If you have invested with Robert Roy Snider, particularly if you purchased variable annuities or other complex investment products, consider taking the following steps to protect your interests:

1. Review Your Account Statements and Transaction History: Look for any annuity replacements or exchanges, paying particular attention to timing and associated fees or surrender charges.
2. Gather All Relevant Documentation: Collect all paperwork related to your investments, including account opening documents, prospectuses, confirmations, account statements, and any written communications with Snider.
3. Check for Disclosure Issues: Review whether all fees, surrender charges, and investment risks were fully explained to you before you invested.
4. Document Your Conversations: Make notes about what you were told regarding your investments, particularly any promises or guarantees made about performance or suitability.
5. Consult with a Securities Attorney: If you suspect misconduct or have suffered losses, consult with an attorney who specializes in securities fraud and FINRA arbitration claims.
6. Be Aware of Time Limitations: FINRA arbitration claims generally must be filed within six years of the event giving rise to the dispute. However, other factors may affect this timeframe, so prompt action is essential.

How Our Investment Fraud Attorneys Can Help

Securities fraud attorneys specialize in helping investors recover losses caused by broker misconduct. If you’ve worked with Robert Snider and experienced losses, our firm offers:

1. Free Case Evaluation: We provide a comprehensive review of your investment situation to determine if you have a valid claim against Snider or MML Investors Services.
2. Forensic Account Analysis: Our experts can analyze your account statements to identify potential churning, unsuitable recommendations, or other violations.
3. FINRA Arbitration Representation: We represent clients throughout the FINRA arbitration process, which is typically faster and less expensive than traditional litigation.
4. Contingency Fee Structure: We work on a “no recovery, no fee” basis, meaning you pay legal fees only if we recover money for you.
5. Experience with Variable Annuity Cases: Our attorneys have specific experience handling cases involving variable annuity misconduct, including twisting, churning, and misrepresentation.

Investors who suspect they may have been victims of misconduct should act quickly. The pending arbitration against Snider suggests a pattern of behavior that may have affected multiple clients, and those who have suffered losses may be eligible for recovery through FINRA arbitration.

Understanding Your Recovery Options

If you invested with Robert Snider and experienced losses, you may have several potential recovery options:

1. FINRA Arbitration: Most investment disputes are resolved through FINRA’s arbitration process rather than in court. This is typically because when opening an investment account, customers sign agreements containing mandatory arbitration clauses.
2. Claims Against the Brokerage Firm: Under the legal doctrine of “respondeat superior,” brokerage firms like MML Investors Services can be held liable for the actions of their representatives. Additionally, firms have an independent duty to supervise their brokers.
3. Regulatory Complaints: While not directly resulting in monetary recovery, filing complaints with FINRA, the SEC, or state securities regulators can trigger investigations that may lead to sanctions against the broker.
4. Class Action Participation: If multiple investors suffered similar harm, a class action lawsuit might be appropriate, though this is less common in broker misconduct cases.

The specific recovery strategy will depend on the nature of the investments, the misconduct alleged, and the documentation available to support your claim.

Don’t let investment losses go unchallenged. If you’ve worked with Robert Roy Snider and have concerns about your investments, especially variable annuities, take immediate action. Call 800-950-6553 or complete our convenient online form to schedule a confidential, no-obligation consultation with our experienced securities fraud attorneys who can evaluate your potential claim.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.