10/05-9/09; THE ATTORNEY TO THE CLIENT'S CHILDREN INDICATES THE FA ADVISED THEM TO PURCHASE A VARIABLE ANNUITY IN THEIR MOTHER'S NAME. THE ATTORNEY STATES THE CLIENT CANNOT TRANSFER THE FUNDS BACK TO THE CHILDREN OR SHE WILL BE INELIGIBLE FOR MEDICAID. HE STATES THE FA'S ACTIONS HAVE CAUSED FINANCIAL LOSS FOR THE CHILDREN. THE ATTORNEY IS WILLING TO SETTLE THE MATTER FOR $30,000.

$30,000.00

OUR RECORDS INDICATE A PURCHASE FOR THE LIFE INSURANCE POLICY WAS INITIALLY MADE ON OCTOBER 7, 2005. OUR RECORDS INDICATE A CHECK WAS DEPOSITED INTO THE CLIENT'S SINGLE ACCOUNT, AND THE NECESSARY PAPERWORK WAS COMPLETED TO PURCHASE THE LIFE INSURANCE POLICY WITH PROTECTIVE. THE ATTORNEY FOR THE CHILDREN HAS INDICATED THE SIBLINGS USED THEIR OWN FUNDS TO PURCHASE THE ANNUITY AND WERE ADVISED BY THE FA DO SO. ACCORDING TO THE FA, HE DID NOT ADVISE THE CLIENT'S CHILDREN TO PURCHASE A LIFE INSURANCE POLICY LISTING HER AS THE OWNER WITH THEIR FUNDS. THE FA INDICATES THEY CONSULTED WITH AN ESTATE PLANNING ATTORNEY PRIOR TO ANY DECISIONS REGARDING THE PURCHASE OF THE PROTECTIVE POLICY.