When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
01/18/2008-01/18/2008; ATTORNEY REPRESENTING THE CLIENT CLAIMS THE FA ASSURED HIS CLIENT THAT THE $1,000,000 HE INVESTED IN A HARTFORD ANNUITY IN JANUARY 2008 WAS GUARANTEED. ATTORNEY CLAIMS THE CLIENT DISCOVERED IN AUGUST 2008 THAT THE PRINCIPAL WAS NOT GUARANTEED AND THE ACCOUNT WAS SUBSEQUENTLY TRANSFERRED TO ANOTHER BROKER AT WHICH TIME HIS CLIENT WAS ADVISED TO FILE A FORMAL COMPLAINT REQUESTING THAT THE CONTRACT BE MODIFIED OR THE FULL PRINCIPAL AMOUNT RETURNED. AT THIS TIME, LOSSES ARE APPROXIMATELY $196,122.97 - FILING REQUIRED.
Damage Amount Requested
$5,000.00
Broker Comment
ACCORDING TO OUR RECORDS, WE ORIGINALLY RESPONDED TO A VERBAL COMPLAINT FILED BY THE CLIENT IN OCTOBER 2008. AS PREVIOUSLY EXPLAINED TO THE CLIENT, THE ANNUITY WAS PURCHASED WITH A LIFETIME INCOME BUILDER II OPTIONAL RIDER THAT ENABLES CLIENTS TO WITHDRAW UP TO 7% OF THE BENEFIT BASE EACH CONTRACT YEAR, REGARDLESS OF MARKET PERFORMANCE. THE FA HAS INDICATED NEITHER HE NOR THE HARTFORD LIFE REPRESENTATIVE STATED THAT THE PRINCIPAL WAS GUARANTEED. THE CLIENT SIGNED AN ELECTION FORM RELATED TO THE RIDER IN WHICH IT IS CLEARLY STATED THAT THE INVESTMENT INVOLVES RISK AND THAT ADDING THE RIDER DOES NOT CHANGE THE FACT THAT THE ANNUITY WILL FLUCTUATE IN VALUE. IT IS UNDERSTOOD THE CLIENT HAD QUESTIONS ABOUT HOW HE COULD ENSURE HE WAS INCURRING THE LOWEST SALES CHARGE POSSIBLE AND HE WAS ADVISED THAT TO RECEIVE THE LOWEST SALES CHARGE, HE WOULD NEED TO INVEST $1,000.000.00. WE BELIEVE THE PURCHASE WAS MADE WITH THE CLIENT'S KNOWLEDGE AND AUTHORIZATION AND IT DOES NOT APPEAR ANY GUARANTEES WERE MADE RELATED TO THE PRINCIPAL AND/OR THE PERFORMANCE OF THE ANNUITY. THE CLIENT SIGNED AN ELECTION FORM AND AN ANNUITY CONTRACT SUMMARY IN WHICH HE INDICATES HIS UNDERSTANDING THAT THE VALUE OF THE ANNUITY WAS BASED ON THE UNDERLYING SUB-ACCOUNTS AND THAT SAID VALUE WOULD FLUCTUATE. IN ADDITION, HE RECEIVED THE ANNUITY CONTRACT AND PROSPECTUS WHICH PROVIDED ALL DETAILS OF THE ANNUITY. AT THIS TIME, THE ATTORNEY HAS PROVIDED NO NEW INFORMATION WHICH WARRANTS A CHANGE IN THE FIRM'S POSITION REGARDING THIS MATTER.
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.