Soreide Law Group issued the following announcement on July 26.
According to the customer between December 2017 and February 2018, Lattz improperly liquidated the customer’s variable annuity account, causing the customer to experience losses and penalties. The customer has alleged $150,000 in damages.
Customer Files suit against Gradient for Annuity Liquidation
Three more customer disputes have been disclosed by Lattz on FINRA BrokerCheck where customers have collectively alleged sales practice violations including misrepresentation and unsuitability. Here’s a closer look at the nature of those disputes:
-On February 3, 1997, a customer’s written complaint settled for damages totaling $17,739.00. The customer contented that when Lattz was employed by Premier Financial Resources, Inc., a funding proposal on a variable appreciable life insurance policy had been misrepresented.
-On February 23, 2010, a customer brought a written complaint alleging that when Lattz was associated with Legacy Financial Services, the customer had been induced into surrendering a long-term care policy and purchasing a universal life insurance policy after being advised that the customer would not require to make any premium payments beyond an initial purchase. The customer was apparently provided false information, and has alleged $9,229.66 in damages.
-On June 11, 2012, a written complaint was filed by a customer who alleged that it was unsuitable for the customer’s AXA variable annuity to have been replaced. The customer apparently lost out on the benefits of an existing annuity’s income stream, and sustained unnecessary surrender penalties as a result of the replacement $7,200.00 in damages were sought by the customer.
Original source can be found here.