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REP PUT 72T DISTRIBUTION ON VA; PERCENTAGE EXCEEDED THAT ALLOWED BY RIDER TO PRESERVE BENEFIT BASE, LOWERING BENEFIT BASE AND THEREBY DISTRIBUTION AMOUNT NEEDED. WFS RESTORED BENEFIT BASE BY CONTRIBUTING DIFFERENCE TO BENEFIT BASE (NOT MARKET VALUE).
Damage Amount Requested
$58,327.00
Settlement Amount
$58,327.00
Broker Comment
AS OF AUG. 2009 WHEN I LEFT WESCOM THROUGH JUNE 2010, I WAS UNAWARE OF ANY PROBLEM OR COMPLAINT WITH ANY FORMER CLIENT. NEITHER WESCOM NOR THE CLIENT CONTACTED ME TO OFFER ME AN OPPORTUNITY TO RESPOND, WHICH IS STANDARD INDUSTRY PROCEDURE. BECAUSE OF THE FACT THAT I INFORMED THE CLIENT
THOROUGHLY OF THE FEATURES, LIMITATIONS AND RESTRICTIONS OF THE PRODUCT RELATING TO THE 72T DISTRIBUTIONS, I BELIEVE IT WOULD HAVE BEEN IN THE BEST INTEREST OF ALL INVOLVED TO HAVE OBTAINED MY RESPONSE AS PART OF WESCOM'S INVESTIGATION. I WAS ONLY NOTIFIED OF THE COMPLAINT AFTER WESCOM FILED THIS COMPLAINT.
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.
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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.