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CLIENT ALLEGING MISREPRESENTATION AT TIME OF SALE. NO SPECIFIC DAMAGES ALLEGED.
Settlement Amount
$10,951.16
Broker Comment
IN ORDER TO AVOID THE COST AND UNCERTAINTY OF FURTHER DISPUTE REGARDING THIS MATTTER, THE CLIENT WAS PAID $10,951.16.
10/23/2001
Customer Dispute
Settled
Allegations
CUSTOMERS ALLEGE MISREPRESENTATION IN CONNECTION WITH THE PURCHASE OF TWO LIFE INSURANCE POLICIES AND FIVE VARIABLE INSURANCE ANNUITIES.
Damage Amount Requested
$223,424.00
Settlement Amount
$9,900.00
Broker Comment
WE DID NOT BELIEVE THERE WAS ANY MERIT TO THE ALLEGATIONS NOR DID WE BELIEVE THERE WAS ANY MISCONDUCT BY MR. ABALLI. NEVERTHELESS, WE SETTLED THIS MATTER FOR BUSINESS REASONS. CLAIMANTS DISMISSED ALL CLAIMS AGAINST MR. ABALLI PRIOR TO SETTLEMENT.
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.