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THE COMPLAINANT ALLEGES THAT HIS SIGNATURE WAS FORGED ON A VARIABLE ANNUITY APPLICATION, WHICH HE PURCHASED IN 2004.
6/29/2011
Customer Dispute
Settled
Allegations
COMPLAINANTS ALLEGE THAT THE SECURITIES SOLD TO THEM BEGINNING IN OR AROUND 2004 WERE UNSUITABLE.
Settlement Amount
$520,000.00
5/27/2009
Employment Separation After Allegations
Firm Name
MML INVESTORS SERVICES, INC.
Termination Type
Discharged
Allegations
CLIENTS ALLEGE THAT THEY WERE SOLD INAPPROPRIATE FIXED INSURANCE AND ANNUITY PRODUCTS AND THAT A SIGNATURE WAS FORGED ON AN APPLICATION FOR A FIXED INSURANCE PRODUCT.
Broker Comment
I was one of several agents named in the sale of a IRS CODE section 412I plan. This plan was promoted by Mass Mutual.A Mass General Agency ,a CPA Firm and A TPA Firm was also named. The products were non securities only Whole LifeInsurance and Fixed Annuities. . The plan was over 3 years old and were never auditied by the IRS. When settlement was reached with the client, all agents were termeinated even though the sale was signed off on a a local and National level by Mass Mutual Compliance, and we were audited 3 times per year. Client suffered no loss of monies.
3/31/2009
Customer Dispute
Withdrawn
Allegations
CLIENTS ALLEGE THAT THEY WERE SOLD INAPPROPRIATE FIXED INSURANCE AND ANNUITY PRODUCTS AND THAT A SIGNATURE WAS FORGED ON AN APPLICATION FOR A FIXED INSURANCE PRODUCT.
Damage Amount Requested
$4,000,000.00
Broker Comment
THIS COMPLAINT WAS SUBMITTED SUBSEQUENT TO THE CLIENT FILING ALLEGATIONS OF FORGERY. SEVERAL PEOPLE WERE NAMED IN THE COMMPLAINT TO THE WV INSURANCE DEPT. I MET WITH THE WEST VIRGININ INSURANCE COMMISSIONER'S INVESTIGATOR AND WAS CLEARED OF THESE ALLEGATIONS. I ALSO VOLUNTEERED AND PASSED A HAND WRITING ANALYSIS BY THE PLAINTIFF'S OWN EXPERT.
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.