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CLIENT ALLEGES THAT THE VARIABLE ANNUITY WAS MISREPRESENTED AT THE TIME OF PURCHASE. NO SPECIFIC DAMAGES ALLEGED.
Broker Comment
THE CLIENT'S ALLEGATIONS WERE FOUND TO BE WITHOUT MERIT AND THE COMPLAINT WAS DENIED.
6/16/1991
Customer Dispute
Settled
Allegations
CLAIMANTS ALLEGED MISREPRESENTATION WITH
RESPECT TO THE SALE OF SECURITIES AND REINVESTMENT OF THE
PROCEEDS CREATED A TAX LIABILITY AND REDUCED INCOME AND SOUGHT
COMPENSATORY DAMAGES IN EXCESS OF $60,000 AND PUNITIVE DAMAGES
Settlement Amount
$15,000.00
Broker Comment
THE CLAIM WAS SETTLED FOR $15,000 NO PART OF
WHICH WAS PAID BY THE FINANCIAL CONSULTANT. THE CLAIM HAD BEEN
INITIATED AS A LAWSUIT AND THE PARTIES SUBSEQUENTLY AGREED TO
ABRITRATION AT THE AMERICAN STOCK EXCHANGE.
Not Provided
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.
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.