RedFlag, Allegation and/or Complaint against EDGAR VEGA
Disclosure #1 for EDGAR VEGA
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- Event Date: 12/16/2014
- Disclosure Type: Customer Dispute
- Resolution: Denied
- Allegations: [FAMILY MEMBER HAS FILED A COMPLAINT ON BEHALF OF HER MOTHER, [CUSTOMER. ON NOVEMBER 24, 2014, [CUSTOMER SIGNED PAPERWORK TO TRANSFER HER CUSTODIAL IRA WITH MERRILL LYNCH TO NORTHWESTERN MUTUAL. DUE TO THE 6% SURRENDER FEE IN THE AMOUNT OF $10,105.72 CHARGED BY MERRILL LYNCH AND THE FRONT LOAD FEE IN THE AMOUNT OF $7,000 CHARGED BY NORTHWESTERN MUTUAL, [FAMILY MEMBER BELIEVED THE ROLLOVER TO BE UNSUITABLE AND COMMUNICATED THIS TO MR. VEGA ON DECEMBER 2, 2014. HOWEVER, [FAMILY MEMBER ALLEGES THESE INSTRUCTIONS WERE IGNORED AND AN UNAUTHORIZED LIQUIDATION OF HER MOTHER’S CUSTODIAL IRA WITH MERRILL LYNCH OCCURRED MOVING $196,400.84 TO NORTHWESTERN MUTUAL AND CHARGING HER MOTHER WITH A SURRENDER FEE OF $10,105.72. NORTHWESTERN MUTUAL HAS NOT RECEIVED THE FUNDS.
- Damage Amount Requested: $10,105.72
- Arbitration Docket Number:
Should I file a FINRA complaint against brokers like EDGAR VEGA?
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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