Illinois Department of Insurance

Mr. Saifi neglected to report on his Illinois Insurance License application applied for on September 9, 2021, that in 2012 he had received an Order of Summary Denial for an Unrestricted License and Issuance of a Restricted License from the California Department of Insurance. As the order was subsequently vacated and Mr. Saifi was issued an unrestricted license, he believed that It was not necessary to disclose when he applied for his Illinois insurance license. Although the Illinois Department of Insurance issued Mr. Saifi an insurance license, they determined that he had provided an incorrect answer on his application. The Firm became aware of the Order & Stipulation in April of 2022 and had been working with Mr. Saifi to file an amendment to his U4. Mr. Saifi voluntarily resigned from the Firm on May 10, 2022.

Stipulation and Consent

Civil and Administrative Penalty(ies)/Fine(s)

$500.00

Mr. Saifi made an inadvertent selection on his application to act as an insurance agent in the State of Illinois. There was never any intent to provide inaccurate information. When the oversight was brought to his attention, he took ownership and worked with the State to address his mistake.

CLIENT ALLEGES SHE WAS NOT AWARE OF THE HIGH FEES AND PENALTIES REGARDING THE SALE OF A 2014 VARIABLE ANNUITY. CLIENT IS REQUESTING THE FIRM TO REVERSE THE TRANSACTION AND BE MADE WHOLE. DAMAGES UNSPECIFIED.

$71.41

The Firm agreed to settle the matter. Loss to Firm: $71.41. RR SAIFI's errors and omissions did not contribute to the settlement.