RedFlag, Allegation and/or Complaint against RICHARD ALLEN PHILLIPS
Disclosure #1 for RICHARD PHILLIPS
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- Event Date: 8/3/2015
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Closed-No Action
- Disclosure Detail :: Allegations: Policyholder states policy did not perform as presented. He also states that he was allowed to pay the premium rather than the trustee of his trust and believes this could have caused a tax issue upon his death. he also states that I used high pressure sales tactics to sell this policy.
- Damage Amount Requested: $300,000.00
- Arbitration Docket Number:
- Broker Comment: Sometime after this Variable life policy was issued the policyholder called and said he had become ill and had to stop working and wanted to reduce the policy premium. It was reduced from the original $5,500 per month to either $1,000 or $!,500 per month. Since moving to California he has increase through the agent there but it is my understanding that it is still nowhere near the original $5,500 per month. This reduction of premium is, in my opinion, why he is not happy with the policy performance. He was very interested in how this policy worked and thought it would be a great way to provide his daughter with $2,000,000 of death benefit proceeds. he bought the policy and was not pressured in any way. My best memory of the premium payment issue was that he was reluctant to have his sister handle the premium, she was the trustee, and stated he wanted to handle it himself.
Should I file a FINRA complaint against brokers like RICHARD ALLEN PHILLIPS?
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 @ 8:59 pm
