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THE CUSTOMER ALLEGES THAT HIS OCTOBER 2010 PURCHASE OF A MUTUAL FUND WAS NOT CONSISTENT WITH HIS REQUEST TO INVEST IN A SAFE AND SECURE INVESTMENT WITH NO RISK INVOLVED. THE MUTUAL FUND INVESTMENT DECLINED IN VALUE.
Damage Amount Requested
$11,595.26
Settlement Amount
$11,595.26
1/15/2002
Customer Dispute
Closed-No Action
Allegations
WITH REGARD TO A MUTUAL FUND ACCOUNT OWNED BY THE CUSTOMER, THE CUSTOMER ALLEGES THAT I FAILED TO ADEQUATELY DISCLOSE THE INVESTMENT OPTIONS AVAILABLE TO HIM. THE CUSTOMER FURTHER ALLEGES THAT HE FOLLOWED MY ADVICE TO CLOSE OUT HIS ACCOUNTS AND INCURRED LOSSES DUE TO EARLY WITHDRAWAL CHARGES AND DIVIDEND LOSSES. THE CUSTOMER REQUESTS A REVIEW OF THE MATTER.
Damage Amount Requested
$5,500.00
Broker Comment
UPON REVIEW OF POLICY RECORDS AND DATA, THE CUSTOMER CLOSED OUT HIS ACCOUNTS AND NO FURTHER ACTION WAS TAKEN BY NEW YORK LIFE.
8/20/2001
Customer Dispute
Settled
Allegations
WITH REGARD TO A VARIABLE ANNUITY PURCHASED IN JANUARY 2001, THE CUSTOMER ALLEGES THAT I FAILED TO MAKE INQUIRIES AS TO HIS FINANCIAL CONDITION. HE ALSO ALLEGES THAT HE WAS NOT ASKED TO SIGN A SUITABILITY STATEMENT, COMPLETE A NEW APPLICATION/DISCLOSURE FORM AND WAS NOT MADE AWARE OF THE DIFFERENCE BETWEEN VARIABLE ANNUITIES AND IRA ACCOUNTS EXPENSES AND CHARGES. THE AMOUNT STATED BELOW REPRESENTS THE PREMIUM PAID LESS ANY WITHDRAWALS.
Damage Amount Requested
$671,488.00
Settlement Amount
$6,583.28
Broker Comment
UPON REVIEW OF POLICY RECORDS AND DATA, NEW YORK LIFE WILL REFUND TO THE CUSTOMER ALL PREMIUMS PAID LESS ANY WITHDRAWALS WHILE WAIVING APPLICABLE SURRENDER CHARGES.
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.