Customer alleges the recommendation to use annuity withdrawals and funds from the surrender of a whole life policy to establish annuities with an outside carrier were unsuitable. Further, the customer alleges the transfer of those funds back to New York Life to purchase a fixed annuity in or around November of 2013 was not in his best interest. Customer also voices concerns regarding RRs' access to his accounts. He requests a rescission of his fixed annuity without any surrender charges, and to use the proceeds to restore his whole life policy.

CALIFORNIA PENAL CODE SECTION 288 (A) - LEWD OR LASCIVIOUS ACTS WITH A CHILD

Dismissed

WITH REGARD TO A VARIABLE ANNUITY PURCHASED IN JULY 2004, CUSTOMERS ALLEGE THAT THE POLICY DID NOT MEET THEIR NEEDS AND REQUEST A FULL REIMBURSEMENT.

$50,000.00

CUSTOMER ALLEGES MISREPRESENTATION BY ME WITH REGARD TO THE PURCHASE OF A VARIABLE ANNUITY, SPECIFICALLY CLAIMING THAT I ADVISED HIM THAT HIS WHOLE LIFE POLICIES WERE "OVER-INSURED" AND RECOMMENDED CANCELLATION OF THE WHOLE LIFE POLICIES AND ROLLING THE MONIES INTO A VARIABLE ANNUITY. THE CLIENT CLAIMS I INFORMED HIM THAT "THE VARIABLE HAD A $10,000 MINIMUM", WHICH THE CLIENT HAS FOUD OUT IS NOT TRUE. CUSTOMER IS REQUESTING RESTORATION OF HIS ORIGINAL WHOLE LIFE POLICIES AND CANCELLATION OF THE VARIBLE LIFE POLICY (WHICH I ALSO RECOMMENDED) AND TRANSFERRING THE FUNDS INTO HIS VARIABLE ANNUITY. NO SPECIFIC AMOUNT OF DAMAGES WERE ALLEGED.

UPON REVIEW, THE COMPANY DID NOT FIND SUFFICIENT EVIDENCE TO SUPPORT THE CLIENT'S CLAIMS. NO RESTITUTION WAS MADE.