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Customers allege that the following events occurred in 2018 and 2019: (1) the representative failed to follow their instructions to stop contributions to their IRA accounts, resulting in tax penalty; (2) the representative sent them a $4,632 refund check from the representative's wife's personal bank account; the representative changed a non-variable life insurance policy against their wishes; (3) and that $15,000 was unexpectedly drafted from the NMIS Joint Retail account , causing overdraft charges, to pay non-variable life insurance premiums. The $15,000 was refunded one day later. Servicing issues also alleged.
Damage Amount Requested
$5,000.00
Settlement Amount
$11,267.21
1/2/2009
Customer Dispute
Denied
Allegations
COMPLAINANT ALLEGES SHE WAS UNAWARE THAT $100,000 OF THE PROCEEDS FROM HER HUNBAND'S LIFE INSURANCE POLICY HAD BEEN DEPOSITED IN A NMIS ACCOUNT CONTAINING MUTUAL FUNDS. SHE ALLEGES THAT REPRESENTATIVE TOLD HER THE FUNDS WOULD INSTEAD BE DEPOSITED IN AN ACCOUNT WHERE THE PRINCIPAL WOULD BE SAFE AND WOULD EARN INTEREST. THE NMIS ACCOUNT IN QUESTION WAS OPENED ON APRIL 30, 2007.
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.