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REGARDING THE 2000 PURCHASE OF A VARIABLE APPRECIABLE LIFE INSURANCE POLICY, THE CLIENT ALLEGES THAT THE REPRESENTATIVE DID NOT FULLY DISCLOSE ALL THE FACTS REGARDING THE GUARANTEES AND RISKS AND FAILURE TO DISCLOSE SURRENDER CHARGES
Damage Amount Requested
$128,568.25
Settlement Amount
$260,000.00
11/24/2003
Customer Dispute
Settled
Allegations
THE COMPLAINT ALLEGES THAT IN DECEMBER 1999, CUSTOMERS AGREED TO HAVE TILCHIN SERVE AS THEIR INVESTMENT ADVISOR FOR THREE ACCOUNTS THEY HAD WITH SOUTHER CAPITAL AND SOUTHERN PORTOLIO. PLAINTIFFS CLAIM THAT TILCHIN WAS GIVEN COMPLETE CONTROL OVER THE SECURITIES TO BE BOUGHT OR SOLD IN THE ACCOUNTS BOTH AS TO THE AMOUNT AND TYPE AND ALSO AS TO THE BROKER OR DEALER TO BE USED FOR THEIR PURCHASE OR SALE. THE SPECIFIC COUNTS OF THE COMPLAINT INCLUDED BREACH OF FIDUCIARY DUTY, NEGLIGENCE, AND FRAUD. DAMAGES UNSPECIFIED.
Settlement Amount
$60,000.00
Broker Comment
L TILCHIN WAS NOT REQUIRED TO CONTRIBUTE TO THIS SETTLEMENT
10/14/2002
Customer Dispute
Settled
Allegations
REGARDING 1997 PURCHASE OF A VARIABLE APPRECIABLE LIFE INSURANCE POLICY, CLIENT ALLEGES MISREPRESENTATION CONCERNING THE POLICY PAYING FOR ITSELF. THE CLIENT STATED HE WAS GUARANTEED NO FUTURE PREMIUM INCREASE. THE INSURED DID NOT ALLEGE ANY SPECIFIED DAMAGES, HOWEVER PRUCO'S GOOD FAITH DETERMINATION ESTIMATES THEM TO BE APPROXIMATELY $25,579.19.
Damage Amount Requested
$25,579.19
Settlement Amount
$25,347.26
Broker Comment
THIS MATTER IS BEING REPORTED CONSISTENT WITH NASDR RULES PERTAINING TO THE REPORTING OF CERTAIN WRITTEN CUSTOMER COMPLAINTS. THE COMPANY BY THIS FILING MAKES NO ALLEGATIONS REGARDING THE ACTIONS OF THE REPRESENTATIVE.
4/10/2002
Customer Dispute
Settled
Allegations
REGARDING THE 2001 PURCHASE OF AN INVESTMENT POLICY, THE CLIENT ALLEGED MISREPRESENTATION CONCERNING THE POLICY BEING SOLD PRIMARILY AS AN INVESTMENT. THE INSURED DID NOT ALLEGE ANY SPECIFIED DAMAGES; HOWEVER, PRUCO'S GOOD FAITH DETERMINATION ESTIMATES THEM TO BE APPROXIMATELY $31,703.02.
Damage Amount Requested
$31,703.02
Settlement Amount
$31,703.02
Broker Comment
THIS MATTER IS BEING REPORTED CONSISTENT WITH NASDR RULES PERTAINING TO THE REPORTING OF CERTAIN WRITTEN CUSTOMER COMPLAINTS AND SETTLEMENTS OF $10,000.00 OR MORE. PRUCO RELATING TO THIS SETTLEMENT, MAKES NO ALLEGATIONS REGARDING THE ACTIONS OF THE REPRESENTATIVE.
3/11/2002
Customer Dispute
Award / Judgment
Allegations
COMPLAINT ALLEGES THAT IN AUGUST 1999, CUSTOMERS AGREED TO HAVE TILCHIN SERVE AS THEIR INVESTMENT ADVISOR ON THREE ACCOUNTS. PLANTIFFS CLAIM THAT TILCHIN WAS GIVEN COMPLETE CONTROL OVER THE SECURITIES TO BE BOUGHT AND SOLD IN THE ACCOUNTS BOTH AS TO THE AMOUNT AND TYPE AND ALSO AS TO THE BROKER OR DEALER TO BE USED FOR THEIR PURCHASES AND/OR SALES OF SECURITIES. THE SPECIFIC COUNTS OF THE COMPLAINT INCLUDE BREACH OF FIDUCIARY DUTY, NEGLIGENCE, FRAUD AND A CLAIM FOR VIOLATION OF THE FLORIDA INVESTOR PROTECTION ACT. DAMAGES WAS UNSPECIFIED.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
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.