RedFlag, Allegation and/or Complaint against Andrew A. Nygard
Disclosure #1 for Andrew Nygard
- Event Date: 7/22/2009
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: 10/14/08; ATTORNEY FOR CLIENT CLAIMS CLIENT RECEIVED THE ANNUITY CONTRACT ON 10/10/08 AND ON 10/14/08 HE DELIVERED THE CONTRACT AND A REQUEST LETTER TO THE FA TO FREE-LOOK THE CONTRACT AS IT WAS NOT WHAT HE THOUGHT OR DO WHAT HE THOUGH IT WOULD DO. THE FA INFORMED HIM HE WOULD INCUR THE LOSS AS WELL AS INCUR A SALES CHARGE OF 4.7%. ATTORNEY CLAIMS AS THE CLIENT IS NOT A SOPHISTICATED INVESTOR OR PURCHASER OF ANNUITY PRODUCTS, HE WAS NOT AWARE OF HIS RIGHTS AND THAT THE FA’S STATEMENTS WERE ERRONEOUS. ATTORNEY IS ASKING FOR THE RETURN OF THE PURCHASE AMOUNT PURSUANT TO HIS CLIENT’S RIGHT TO CANCEL. CLAIM EXCEEDS $5,000
- Damage Amount Requested: $5,000.00
- Settlement Amount: $5,556.12
- Arbitration Docket Number:
- Broker Comment: EDWARD JONES AGREED TO OFFER CLIENT A SETTLEMENT, IN THE AMOUNT OF THE DIFFERENCE BETWEEN THE $50,000 INITIAL INVESTMENT AND THE CONTRACT LIQUIDATION VALUE OF THE PROTECTIVE CONTRACT. THEREFORE, CLIENT WILL RECEIVE THE CONTRACT VALUE AND A SETTLEMENT AMOUNT, WHICH WILL TOTAL $50,000. UPON LIQUIDATION OF THE PROTECTIVE CONTRACT, THE FIRM WILL DETERMINE THE TOTAL SETTLEMENT AMOUNT. A LIQUIDATION LETTER AND SETTLEMENT OF CLAIM FORM IS ENCLOSED. UPON RECEIPT, WE WILL HAVE CLIENTS ACCOUNT CREDITED WITH SAID AMOUNT. IF WE DO NOT RECEIVE A RESPONSE WITHIN 30 DAYS OF THIS LETTER, WE WILL ASSUME CLIENT IS DECLINING OUR OFFER AND IT SHOULD BE CONSIDERED WITHDRAWN. CLIENT ACCEPTED OUR OFFER. ANNUITY WAS LIQUIDATED AND $6,106.12 WAS CREDITED TO ACCOUNT TO MAKE CLIENT WHOLE.
Should I file a FINRA complaint against brokers like Andrew A. Nygard?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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