When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
UNSUITABILITY, MISREPRESENTATION AND FAILURE TO PERFORM DUE DILIGENCE.
Damage Amount Requested
$75,000.00
Settlement Amount
$14,999.00
Broker Comment
I DENY ALL ALLEGATIONS OR ANY WRONG-DOING AND SETTLED THE MATTER SOLEY TO AVOID THE COST OF LITIGATION.
5/11/2011
Customer Dispute
Denied
Allegations
CLIENT SENT LETTER OF COMPLAINT TO IL DEPT. OF INSURANCE ALLEGING FRAUD AND MISREPRESENTATION IN SALE OF 2 VUL INSURANCE POLICIES ISSUED IN 12/1996 BY PROVIDENT MUTUAL (NOW PART OF NATIONWIDE INSURANCE). CLIENT ALLEGED MISREPRESETNATION REGARDING THE POLICIES. NATIONWIDE DENIED THE COMPLIANT.
Broker Comment
AS OF 05/13/2013 COMPLAINT NO LONGER REPORTABLE AND SHOULD BE ARCHIVED.
THE CLIENT DID NOT NAME ME IN THIS COMPLAINT AND CLIENT STILL HAS ACCOUNTS WITH ME.
4/1/2010
Customer Dispute
Settled
Allegations
SUCCESSOR TRUSTEE FOR THE ESTATE OF THE CLIENT WHO WAS AN ACCREDITED INVESTOR, ALLEGES THAT FOUR ALTERNATIVE INVESTMENTS THAT ARE CURRENTLY INVOLVED IN BANKRUPTCY PROCEEDINGS WERE UNSUITABLE. INVESTMENTS IN QUESTION REPRESENT LESS THAN 9% OF THE DECEDANTS PORTFOLIO AND SUCCESSOR TRUSTEE WAS PRESENT AT ALL OF THE MEETINGS WHEN THE INVESTMENTS WERE SOLD TO THE DECEDANT. INVESTMENTS WERE PURCHASED IN MARCH AND JULY OF 2008. ON NOVEMBER 10, 2010 AN ARBITRATION WAS FILED IN WHICH ONLY ONE OF THE FOUR INVESTMENTS WAS LISTED FOR DAMAGES.
Damage Amount Requested
$120,000.00
Settlement Amount
$50,000.00
Broker Comment
IN JANUARY 2012 THE CASE SETTLED FOR $50,000. IT WAS BELIEVED AT THE TIME SINCE THE SETTLEMENT AGREEMENT CONTAINED A CONFIDENTIAL PROVISION THAT IT DID NOT NEED TO BE DISCLOSED. AFTER FURTHER DISCUSSION WITH COMPLIANCE IT WAS DETERMINED REPORTABLE. THE REPRESENTATIVE STATES: "THE PRODUCTS WERE SUITABLE BASED ON THE CLIENT'S FINANCIAL STATUS AND STATED OBJECTIVES. DENY ALL OF THE ALLEGATIONS."
7/6/2009
Customer Dispute
Denied
Allegations
ALLEGATIONS, AS STATED IN THE COMPLAINT, UNSUITABLE PURCHASE OF AN INVESTMENT IN AN OIL AND GAS PROGRAM AND VARIABLE LIFE PRODUCT. PURCHASE OF THE OIL & GAS PROGRAM OCCURRED IN OCTOBER 2008.
Damage Amount Requested
$230,000.00
Broker Comment
THE REPRESENTATIVE STATES: "THE PRODUCTS WERE SUITABLE BASED ON THE CLIENTS FINANCIAL STATUS AND STATED OBJECTIVES. DENY ALL ALLEGATIONS."
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Loading...
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.