Client is alleging representative helped persuade client to transfer funds from one fixed annuity to another fixed annuity. The representative was not the selling agent. The Representative only became the servicing agent after the current agent terminated his employment. Client is requesting the waiver of the surrender charge.

$70,000.00

Rep was present at initial client meeting to deliver product illustration in his capacity as an insurance wholesaler. The claimant was not a client of the Broker Dealer or the representative at the time of sale. The representative did not select is this product for recommendation, make any suitability determination, or evaluate any decision to exchange annuities as he did not have access to or prior knowledge of her financial state. The role of the wholesaler was misconstrued.