SouthState Advisor Stacy Cannon: $498K Annuity Complaint

Charleston, South Carolina financial advisor Stacy Cannon (CRD# 2372109) recently received an investor complaint alleging misconduct relating to variable annuity investments. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor with LPL Financial, doing business as SouthState Investment Services.

Ms. Cannon’s BrokerCheck report discloses one investor complaint. Filed in November 2022, it alleged that as a representative of LPL Financial, she recommended unsuitable variable annuities and misrepresented the products “as having lifetime income benefits.” The complaint alleged unspecified damages, though it notes that the products were purchased for a total of $498,000. It was denied by the firm.

In a statement included with the complaint’s disclosure, Ms. Cannon pushed back against the allegations and noted that they were denied. “The terms of each contract and the lifetime income benefits provided by each were fully and accurately described,” she wrote. “Informational brochures and hypothetical illustrations were reviewed in detail to ensure that the customer and his wife were fully informed of the terms of each contract that they purchased.”

According to the Financial Industry Regulatory Authority, Stacy Cannon holds 27 years of securities industry experience. Based in Charleston, South Carolina, she has been  broker and an investment advisor with LPL Financial since 2007, doing business as SouthState Investment Services. Her registration history includes UVest Financial Services Group (Greenville, South Carolina; 2004-2007), Merrill Lynch (Hendersonville, North Carolina and New York, New York; 1997-2004), MidSouth Capital (Atlanta, Georgia; 1997), and Merrill Lynch (New York, New York; 1993-1995). Her credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. She currently holds 23 state licenses. (Information current as of January 10, 2023.)

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