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Secure Retirement was granted disbursement authorization to remit checks, wire funds and otherwise make disbursements of funds held in [REDACTED] account. In two instances totaling $30,000 Secure Retirement took disbursement instructions from [REDACTED] spouse, an individual not authorized on the account. Secure Retirement, thereby, released funds from [REDACTED] account without permission.
Damage Amount Requested
$250,000.00
Settlement Amount
$176,000.00
Broker Comment
Secure Retirement settled the matter in good faith with [REDACTED] and has implemented internal policies and procedures which prohibit taking instructions for the disbursement of funds from anyone other than the authorized account holders(s).
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.