When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
With regard to a variable annuity purchased in July 2014, the Customer alleges he was misled about the product fees and costs as well as the lack of access to his money. The Customer also alleges the investments were not conservative as he had requested. The Customer requests all fees be credited and/or waived.
Damage Amount Requested
$8,793.80
Settlement Amount
$12,084.32
Broker Comment
This matter was settled by the Firm in the interest of public relations.
11/12/2015
Customer Dispute
Settled
Allegations
THE CUSTOMER ALLEGES THAT HE WAS NOT INFORMED OF THE SURRENDER CHARGES ASSOCIATED WITH VARIABLE ANNUITY CONTRACTS ESTABLISHED IN OR AROUND FEBRUARY 2012. THE CUSTOMER FURTHER ALLEGES THAT HE WAS MISINFORMED REGARDING TAX CONSEQUENCES INCURRED AS A RESULT OF EARLY WITHDRAWALS.
Damage Amount Requested
$43,000.00
Settlement Amount
$43,000.00
2/6/2015
Customer Dispute
Settled
Allegations
THE CUSTOMER ALLEGED THAT THE TERMS AND CONDITIONS OF THE VARIABLE ANNUITY PURCHASED IN OR AROUND JANUARY 2014 WERE NOT DISCLOSED AND THE PRODUCT WAS NOT IN HIS BEST INTEREST. THE CUSTOMER REQUESTED THAT HIS FUNDS LESS ANY WITHDRAWALS BE RETURNED.
Damage Amount Requested
$127,912.10
Settlement Amount
$118,560.42
Broker Comment
THE COMPANY SETTLED THE MATTER BY RESCINDING THE VARIABLE ANNUITY CONTRACT AND REFUNDING THE TOTAL CONTRIBUTIONS REMITTED MINUS ANY WITHDRAWALS TO THE CUSTOMER.
1/20/2015
Customer Dispute
Settled
Allegations
THE CUSTOMERS ALLEGED THEY WERE MISINFORMED ON THE TERMS AND FEES ASSOCIATED WITH THE VARIABLE ANNUITY POLICIES PURCHASED BETWEEN JANUARY 2013 AND FEBRUARY 2014. THE CUSTOMERS REQUESTED THAT THE POLICIES BE SURRENDERED WITHOUT CHARGES OR PENALTIES.
Damage Amount Requested
$36,200.71
Settlement Amount
$31,257.47
Broker Comment
THE COMPANY SETTLED THE MATTER IN THE INTEREST OF CUSTOMER RELATIONS BY ALLOWING THE CUSTOMERS TO CANCEL THE VARIABLE ANNUITIES WITH THE CONTRACTUAL SURRENDER CHARGES WAIVED.
9/12/2014
Customer Dispute
Settled
Allegations
THE CUSTOMER ALLEGES THAT THE TERMS AND CONDITIONS OF VARIABLE ANNUITIES PURCHASED IN OR AROUND 2009 AND 2011 WERE
MISREPRESENTED AND THAT HE WAS MISLED WITH REGARD TO THE COSTS AND ACCESSIBILITY ASSOCIATED WITH THESE INVESTMENTS.
Settlement Amount
$54,301.13
10/18/2010
Customer Dispute
Denied
Allegations
WITH THE PURCHASED OF THREE VARIABLE ANNUITY POLICIES IN JANAURY 2009, THE CUSTOMERS ALLEGE THAT THEY WERE NEVER PROPERLY EXPLAINED ABOUT THE CONTRACTUAL SEVEN YEARS SURRENDER CHARGE PERIOD. THE CUSTOMERS ARE REQUESTING A FULL CASH VALUE RETURN OF THE POLICIES WITH NO SURRENDER CHARGE.
Damage Amount Requested
$9,760.36
2/21/2001
Customer Dispute
Denied
Allegations
WITH REGARD TO THE PURCHASE OF A VARIABLE ANNUITY IN AUGUST 1999, THE CUSTOMER NOW ALLEGES HE WAS NOT SHOWN A PROSPECTUS, WAS NEVER INFORMED OF APPLICABLE SURRENDER CHARGES, AND WAS NOT TOLD ABOUT THE TEN DAY FREE-LOOK PERIOD ASSOCIATED WITH THE ANNUITY. THE CUSTOMER NOW REQUESTS TO EXERCISE THE TEN DAY FREE-LOOK OPTION AND TO NOT INCURR ANY SURRENDER CHARGES ON THE ANNUITY.
Damage Amount Requested
$31,500.00
Broker Comment
UPON REVIEW OF POLICY RECORDS AND DATA, NEW YORK LIFE DID NOT FIND SUFFICIENT EVIDENCE TO SUPPORT THE CUSTOMER'S CLAIMS. NO OFFER OF COMPENSATION HAS BEEN MADE TO THE CUSTOMER.
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.