Client alleges misrepresentation in the sale of a variable annuity in 2004.

The firm found no basis to the customer complaint on 6/15/2023.

CLAIMANTS ALLEGE RESPONDENTS INDUCED THEM TO INVEST IN MORTGAGE CORPORATION OF AMERICA PARTICIPATION CERTIFICATES WHICH WERE SOLD THROUGH ANOTHER BROKER-DEALER NOT AFFILIATED WITH EQ FINANCIAL CONSULTANTS, INC. IN 1994, 1996 AND 1998 BY MISREPRESENTING THE INVESTMENTS AS SAFE AND CONSERVATIVE. CLAIMANTS ALSO ALLEGE THAT RESPONDENTS FAILED TO DO DUE DILIGENCE ON THE INVESTMENTS. CLAIMANTS ALSO ALLEGE BREACH OF FIDUCIARY AND FRAUD.

$195,000.00

$51,000.00

ALTHOUGH RESPONDENTS AGREED TO SETTLE THIS MATTER FOR $51,000, IT IS UNDERSTOOD THAT THE SETTLEMENT WAS A COMPROMISE OF A DOUBTFUL AND DISPUTED CLAIM AND THAT THE PAYMENT AND CONSIDERATIONS MADE SHOULD NOT BE CONSTRUED AS AN ADMISSION OF ANY WRONGDOING OR LIABILITY ON THE PART OF THE RESPONDENTS, BY WHOM LIABILITY IS EXPRESSLY DENIED.