THE CUSTOMERS ALLEGE MISREPRESENTATION REGARDING FEES RELATING TO A VARIABLE ANNUITY IN JULY 2003. COMPENSATORY DAMAGES ARE UNSPECIFIED.

CLIENT ORIGINALLY WANTED THE 4 YEAR PRODUCT AND CHANGED THEIR MIND TO GET THE BONUS AND IT WAS A 8 YR PRODUCT. I CORRECTED THE INTERNAL FORMS TO REPRESENT THE LONGER SURRENDER IN FRONT OF THE CLIENTS AT THEIR HOME AND THEY SIGNED THE FORM AND SUBMITTED IT WITHOUT A PROBLEM TO MY MANAGER AND COMPLIANCE WHO ACCEPTED THE TRANSACTION WITHOUT ASKING FOR A CORRECTION. WE REVIEWED THE CONTRACTS AT THE CLIENT'S HOME AND THROUGHLY WALKED THROUGH THE 8 YEAR SURRENDER AND THE BONUS PRODUCT AND ALMOST 7 YEARS LATER THIS HAS BECOME AN ISSUE. I HAVE NOT BEEN EMPLOYED OR WORKED WITH THE CLIENT SINCE I LEFT BANK OF AMERICA IN 2004.

FLORIDA RESIDENT WANTS TO BE REIMBURSED FOR SURRENDER PENALTY AND MARKET LOSSES INCURRED WHEN SHE LIQUIDATED AXA EQUITABLE VARIABLE ANNUITY, PURCHASED 9/25/2007 AND LIQUIDATED 10/30/08. CLIENT CLAIMS THAT FA TOLD HER THAT HER MARKET VALUE WOULD NEVER DROP BELOW HER ORIGINAL INVESTMENT OF $300,000. CLIENT IS CLAIMING LOSSES OF $103,685.

$103,685.00

$25,000.00

CLAIM DENIED. ANNUITY WAS SUITABLE FOR CLIENT BASED ON HER DESIRE FOR GROWTH FOR RETIREMENT AND FUTURE INCOME NEEDS. CLIENT WAS WARY AFTER LOSING MONEY IN THE STOCK MARKET, SO GUARANTEED INCOME AND DEATH BENEFITS WERE APPROPRIATE. IT APPPEARS CLIENT HAD A CHANGE IN CIRCUMSTANCES THAT LED HER TO SUDDENLY NEED THE FUNDS IN THE ANNUITY.

FL RESIDENTS WRITE THAT THEIR FA DID NOT TELL THEM THAT THEY WOULD BE CHARGED $117,140.90 IN SURRENDER FEES FOR LIQUIDATING THEIR ALLIANZ ANNUITIES IN NOVEMBER 2005. CLIENTS USED SOME OF THE PROCEEDS TO PURCHASE A PRUDENTIAL ANNUITY ON 11/28/2005. CLIENTS WRITE THAT THEY THOUGHT THE PRUDENTIAL ANNUITY WOULD PROVIDE GUARANTEED 5% GROWTH REGARDLESS OF MARKET PERFORMANCE. ESTIMATED DAMAGES ARE REASONABLY ESTIMATED TO BE GREATER THAN $117,140.90.

$117,140.90

I DISAGREE WITH THE ALLEGATIONS. CLIENTS CHOSE A RIDER THAT PRUDENTIAL FAILED TO ADD TO THE POLICY. THIS IS AN OPERATIONAL ISSUE THAT PRUDENTIAL IS RESPONSIBLE AND WACHOVIA IS RESPONSIBLE FOR.