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.
CUSTOMERS ALLEGED A WITHDRAWAL FROM THE FATHER'S VARIABLE ANNUITY (ISSUED ON 10/08/2010) THAT WAS USED TO FUND A LIFE INSURANCE POLICY (ISSUED ON 07/19/2012) FOR THE SON WAS NOT SUITABLE. FIRM AGREED TO CANCEL THE LIFE INSURANCE POLICY AND REFUND TO THE FATHER THE PREMIUM PAID. ALSO AGREED TO REIMBURSE SURRENDER CHARGES THE FATHER INCURRED ON THE VARIABLE ANNUITY WITHDRAWAL.
Damage Amount Requested
$6,111.11
Settlement Amount
$5,630.48
1/9/2013
Customer Dispute
Settled
Allegations
CUSTOMERS ALLEGED THAT DUE TO SURRENDER CHARGES AND LOSS OF DEATH BENEFIT ON THE REPLACED CONTRACTS THE VARIABLE ANNUITY CONTRACTS ISSUED DECEMBER 2012 WERE NOT SUITABLE. CUSTOMERS ALSO STATED THEY WERE NOT INFORMED OF THE SURRENDER CHARGE PERIOD ON THE NEW CONTRACTS. FIRM NEGATED THE TRANSACTIONS AND FUNDS WERE RETURNED TO ORIGINATING COMPANIES.
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.
Loading...
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.