CURTIS ROSCO MONDAY at STATE FARM VP MANAGEMENT CORP. – View Complaints, Disclosures, Scams and Audit Report (Updated 2023)

Disclosure #1 for CURTIS MONDAY

• • Event Date: 8/7/2008
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Denied
  • Disclosure Detail :: Allegations: THE CUSTOMER EXPRESSED DISSATISFACTION WITH THE SALES CHARGES ASSESSED AND ALLEGED THAT HE HAD NOT BEEN ADVISED OF THE RISK ASSOCIATED WITH THE PARTICULAR FUND HE INVESTED IN AND ITS EXPOSURE TO THE STOCK MARKET. CUSTOMER WAS PROVIDED A PROSPECTUS AS PART OF THE SALES PRESENTATION AND HAD SIGNED THE APPLICATION AND SUITABILITY FORMS INDICATING THAT HE HAD RECEIVED, READ AND AGREED TO THE TERMS FOR THE FUNDS HE INVESTED IN AND THE PRODUCT SELECTED WAS CONSISTENT WITH HIS RISK PROFILE AND INVESTMENT OBJECTIVES.
  • Damage Amount Requested: $7,112.00
  • Arbitration Docket Number:
  • Broker Comment: [CUSTOMER CONTACTED MY AGENCY IN THE FALL OF 2007. [CUSTOMER REQUESTED A MEETING WITH ME TO DISCUSS A ROLLOVER OF HIS RETIREMENT FUNDS. HE INFORMED ME THAT HE WAS GOING TO ACCEPT AN EARLY RETIREMENT FROM HIS EMPLOYER. OUR INITIAL MEETING OCCURRED IN THE FALL OF 2007 AT A LOCAL BORDER’S BOOK STORE. AT THIS MEETING I MET WITH [CUSTOMER AND SPOUSE TO DETERMINE THEIR NEEDS AND TO DISCUSS THE ROLLOVER PROCESS. I PRESENTED THE CLIENT WITH A PROSPECTUS, DISCUSSED APPLICABLE SALES CHARGES, COMPLETED A SUITABILITY FORM, THE IRA APPLICATION AND THOROUGHLY DISCUSSED THE ROLLOVER PROCESS. I CONDUCTED A FOLLOW UP APPOINTMENT WITH [CUSTOMER AT A LOCAL LIBRARY NEAR HIS HOME. [OTHER FIRM EMPLOYEE, STATE FARM FSPA, ATTENDED THIS MEETING WITH ME AND WE PROCEEDED WITH REVIEWING THE ROLLOVER PROCESS, INVESTMENT SELECTION, APPLICABLE FEES, PROSPECTUS, SUITABILITY AND RELEASING CUSTODIAN PAPERWORK, ETC. THERE WAS A HEIGHTENED SENSE OF DETAIL, CARE AND AWARENESS TAKEN WITH THIS CLIENT BECAUSE OF THE AMOUNT OF THE ROLLOVER. I SPECIFICALLY REQUESTED THE PRESENCE OF [OTHER FIRM EMPLOYEE AS A FORM OF CHECKS AND BALANCE TO ENSURE THAT WE WERE SERVICING THE CLIENT APPROPRIATELY. THE IRA WAS SUCCESSFULLY FUNDED IN SUMMER OF 2008. I HAD SEVERAL CONVERSATIONS WITH [CUSTOMER PRIOR TO THE FUNDING OF THE ACCOUNT REGARDING ADDITIONAL INSURANCE AND FINANCIAL SERVICE NEEDS. I SPOKE WITH [CUSTOMER ABOUT POTENTIAL COST SAVINGS THAT COULD BE ACHIEVED IF HE ROLLED OVER ADDITIONAL FUNDS. [CUSTOMER INFORMED ME THAT HE HAD ADDITIONAL FUNDS WITHIN AN EXISTING 401K AND THAT HE WOULD ROLL THOSE FUNDS OVER TO STATE FARM ALSO. WE THEN PROCEEDED WITH COMPLETING THE LETTER OF INTENT FOR $500,000. PER REQUEST FROM [CUSTOMER I ATTEMPTED TO CONTACT HIM IN JULY 2008 REGARDING HIS ACCOUNT AND THE ROLLING OVER ADDITIONAL FUNDS EXISTING WITHIN HIS 401K. I WAS UNSUCCESSFUL IN MY ATTEMPTS AND SHORTLY DISCOVERED THAT HE HAD TRANSFERRED HIS FUNDS OVER TO ANOTHER COMPANY. I ATTEMPTED TO CONTACT [CUSTOMER