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THE COMPLAINT INVOLVED THE ORIGINATION AND SALES OF VARIOUS LIFE INSURANCE POLICIES TO A FORMER CLIENT. THE COMPLAINT WAS DISMISSED WITH PREJUDICE BY ALL PARTIES.
Damage Amount Requested
$7,029,426.74
Settlement Amount
$2,000,000.00
Broker Comment
ON MAY 25, 2010, A CIVIL COMPLAINT IN ARBITRATION WAS FILED AGAINST DEREK MYRON, AN ASSOCIATED PERSON WITH THE FIRM. THE COMPLAINT CONCERNED THE SALE OF INVESTMENT CONTRACTS IN LIFE INSURANCE POLICIES. ON AUGUST 18, 2011, A SETTLEMENT WAS REACHED IN WHICH LIABILITY WAS NEITHER ADMITTED NOR DENIED. THE TERMS OF THE SETTLEMENT ARE CONFIDENTIAL, BUT THE AMOUNT OF THE SETTLEMENT WAS IN EXCESS OF $15,000
8/24/2010
Customer Dispute
Closed-No Action
Allegations
THE CA DEPARTMENT OF INSURANCE ("DOI") INVESTIGATED A COMPLAINT ISSUED BY A CENTARA CLIENT. THE COMPLAINT WAS RECEIVED IN AUGUST OF 2010 AND NAMED DEREK MYRON AS THE SELLING AGENT IN CONNECTION WITH THE SALES OF A LIFE INSURANCE POLICY. MR. MYRON AND CENTARA HAVE RESPONDED TO THE COMPLAINT. THE DOI HAS NOT ISSUED ANY FURTHER INQUIRES REGARDING THE COMPLAINT. CENTARA CONSIDERS THIS MATTER CLOSED.
10/27/2000
Employment Separation After Allegations
Firm Name
PRINCOR FINANCIAL SERVICES CORPORATION
Termination Type
Voluntary Resignation
Allegations
PRINCIPAL LIFE INSURANCE CO.(PLIC) HAS ALLEGED THAT I SUBMITTED TWO PRINCIPAL VARIABLE UNIVERSAL LIFE APPLICATIONS ON THE SAME CLIENT WITH SEVERAL DISCREPANCIES BETWEEN THE TWO APPLICATIONS. THE APPLICATIONS DATED 12/17/99 AND 7/31/00. I ANSWERED PLIC'S WRITTEN QUESTIONS STATING THAT I HAD NO KNOWLEDGE OF THE 12/17/99 APPLICATION AND DID NOT SUBMIT THIS PIECE OF BUSINESS. PLIC REPORTED THAT I REPLIED TO MANY OF THEIR WRITTEN QUESTIONS WITH ANSWERS "I DO NOT REMEMBER" WHICH IS NOT TRUE. THIS IS A LIE. PLIC HAS ALSO ALLEGED THAT I STOLE THEIR FILES, THIS IS ALSO NOT TRUE. I GAVE THEM ALL OF THEIR FILES ONE WEEK AFTER I RESIGNED ON 11/03/00.
Broker Comment
PLIC HIRED A NEW AGENCY MANAGER ON APPROXIMATELY 10/15/00. ON 10/19/00 THE NEW AGENCY MANAGER REALLOCATED HUMAN RESOURCES THAT WERE EXCLUSIVELY ASSIGNED TO MY PROJECT. HE INSISTED THEY DROP MY PROJECT AND IMMEDIATELY BEGIN OTHER TASKS. ON 10/21/00, HE THEN VERBALLY NOTIFIED ME THAT MY MONTHLY SALARY (AGENCY ASSISTANT CONTRACT) WOULD BE TERMINATED ON 10/31/00. FINALLY, ON 10/26/00 HE LEARNED OF THE TWO APPLICATIONS ON MY CLIENT, AND INSTEAD OF CALLING IN THIS REGARD, HE WENT TO HER PLACE OF EMPLOYMENT AND INTERROGATED HER AND THE STAFF OF HER EMPLOYER. AFTER LEARNING OF THIS FINAL ACTION, I TURNED IN MY LETTER OF RESIGNATION TO BOTH THE LOCAL OFFICE AND PLIC REGIONAL VICE PRESIDENT VIA FACSIMILE ON 10/27/00.
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.