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CUSTOMER ALLEGES THAT THE RR WAS TO PROVIDE HIM WITH TAX LIABILITIES INFORMATION PRIOR TO THE SALE OF HIS STOCKS AS AGREED UPON; HOWEVER, THE RR FAILED TO DO SO AND PROCEEDED WITH THE SALE WITHOUT HIS AUTHORIZATION. CUSTOMER MAINTAINED THAT AS A RESULT OF THE SALE, HE INCURRED A TAX LIABILITY OF APPROXIMATELY $35000.
Damage Amount Requested
$35,000.00
12/4/2006
Customer Dispute
Settled
Allegations
WITH REGARD TO THE PURCHASE OF A VARIABLE ANNUITY IN OR ABOUT NOVEMBER 2003, THE CUSTOMER ALLEGES THAT HE WAS JUST MADE AWARE THAT THE POLICY CONTAINS A SEVEN YEAR SURRENDER CHARGE. CUSTOMER ALLEGES THAT THE RR MISLED HIM THAT THE POLICY WAS A THREE YEAR ANNUITY AND HE WOULD BE ABLE TO LIQUIDATE AT THE THREE YEAR ANNIVERSARY.
Damage Amount Requested
$6,887.58
Settlement Amount
$4,959.98
Broker Comment
THE SETTLEMENT CONSISTED OF WAIVING SURRENDER CHARGES APPLICABLE TO THE CUSTOMER'S FIXED ANNUITY. NO CHANGES OR RELIEF WAS MADE WITH RESPECT TO THE VARIABLE ANNUITY, WHICH THE CUSTOMER WILL KEEP AS ISSUED.
8/23/2006
Customer Dispute
Settled
Allegations
WITH REGARD TO THE PURCHASE OF A VARIABLE ANNUITY POLICY ON OR ABOUT SEPTEMBER OF 2005, CUSTOMER ALLEGES THAT THE RR FAILED TO DISCLOSE THE SURRENDER CHARGE SCHEDULE AT TIME OF THE SALE OF HER VARIABLE ANNUITY POLICY WHICH WAS A REPLACEMENT OF HER DECEASED HUSBAND'S VA POLICY.
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.