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THE CUSTOMER ALLEGES THAT THE RECOMMENDATION TO ESTABLISH A VARIABLE ANNUITY IN OR AROUND NOVEMBER 2017 WITH FUNDS FROM AMERICAN EQUITY WAS NOT IN HIS BEST INTEREST AND REQUESTS REIMBURSEMENT OF THE ASSOCIATED SURRENDER CHARGES.
Damage Amount Requested
$5,000.00
Settlement Amount
$4,988.47
Broker Comment
The firm found no evidence to substantiate the customer's allegations. However, the firm in the interest of good customer relations, offered to waive any surrender charges
6/30/2015
Customer Dispute
Denied
Allegations
CUSTOMERS ALLEGES THE RR DID NOT CORRECTLY ADVISE THEM OF THE TAX CONSEQUENCES ASSOCIATED WITH TAKING DISTRIBUTIONS FROM A VARIABLE ANNUITY TO FUND A LIFE INSURANCE POLICY PURCHASED IN OR AROUND JANUARY OF 2015. CUSTOMER REQUESTS A REFUND OF THE PREMIUMS REMITTED AND THAT HE BE REIMBURSED FOR THE TAX CONSEQUENCES ASSOCIATED WITH THE DISTRIBUTION.
Damage Amount Requested
$6,640.96
Broker Comment
THE WITHDRAWAL IN QUESTION WAS NOT DIRECTLY USED TO FUND THE INSURANCE CONTRACT SOLD BY THE RR. IT WAS FUNDED THROUGH BANK DRAFT ARRANGEMENTS FROM THE CUSTOMER'S PERSONAL CHECKING ACCOUNT. NOR DID THE RR SOLICIT THE POLICIES FROM WHICH THE FUNDS WERE WITHDRAWN.
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.