RedFlag, Allegation and/or Complaint against DANIEL SCOTT KNOX
Disclosure #1 for DANIEL KNOX
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- Event Date: 3/7/2014
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: CLIENT STATED THAT SHE TOLD HER ADVISOR THAT SHE DID NOT WANT AN ANNUITY ACCOUNT BUT THAT HER FUNDS WERE PLACED INTO AN ANNUITY IRA NONETHELESS. SHE REQUESTED A WAIVER OF ALL CHARGES TO ALLOW HER TO MOVE FUNDS TO A NON-ANNUITY PRODUCT.
- Damage Amount Requested: $9,179.74
- Arbitration Docket Number:
- Broker Comment: I MET WITH [CUSTOMER AT THE HOSPITAL ON NOVEMBER 18TH, 2013, FOR APPROXIMATELY 2 HOURS. WE DISCUSSED HER 403(B) ACCOUNT AND OPTIONS ON WHAT SHE COULD DO WITH THE FUNDS IN THE ACCOUNT SINCE SHE WAS NO LONGER EMPLOYED AT WAKEMED. WE DISCUSSED THAT SHE WAS GOING TO HAVE TO START TO TAKE REQUIRED MINIMUM DISTRIBUTIONS IN 2014. WE DECIDED THAT A PORTFOLIO DIRECTOR IRA WITH GUIDED PORTFOLIO ADVANTAGE WOULD BE THE BEST OPTION. PD WITH GPA OFFERED ACTIVE TACTICAL MANAGEMENT, FOR A MODERATELY AGGRESSIVE PORTFOLIO. SHE WAS WILLING TO TAKE SOME INCREASED RISK BECAUSE SHE DID HAVE EXISTING GMWB ANNUITIES THAT WERE PROVIDING HER INCOME AND SHE WOULD USE THIS NEW PD IRA ACCOUNT FOR NON ESSENTIAL INCOME NEEDS AND TO LEAVE TO HER BENEFICIARY. WE REVIEWED THAT THE ACCOUNT WAS A VARIABLE ANNUITY WITH A 5 YEAR, 5% SURRENDER CHARGE, BUT SHE WOULD BE ABLE TO TAKE WITHDRAWALS UP TO 10% FREE FOR THE 1ST 5 YEARS IF NEEDED. WE ALSO DISCUSSED THAT EVEN THOUGH PD IS AN ANNUITY PRODUCT, WHICH WOULD PROVIDE A GUARANTEED DEATH BENEFIT FOR HER BENEFICIARY, SHE WAS NOT REQUIRED TO \ANNUITIZE\ THE ACCOUNT TO TAKE WITHDRAWALS. WE COMPLETED THE APPLICATION USING APPS DIRECT AND WE WENT THROUGH EACH ITEM IN SECTION 2 ON THE ATDF, WHICH SHE INITIALED. TO MY KNOWLEDGE SHE NEVER REQUESTED HER ACCOUNT NOT BE INVESTED IN AN ANNUITY.
Should I file a FINRA complaint against brokers like DANIEL SCOTT KNOX?
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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Originally reported on November 17, 2022 @ 9:06 pm
