ALEX MICHAEL FONTANA is currently employed as a Broker and/or Investment Adviser at BB&T SECURITIES, LLC located at 4414 SW COLLEGE ROAD SUITE 1450, OCALA, FL, 34474.
ALEX MICHAEL FONTANA has worked at BB&T SECURITIES, LLC since October 12, 2015
Disclosure History
ALEX MICHAEL FONTANA has 2 Disclosure Event(s).
Date: December 14, 2015 Category: Customer Dispute Allegations: Client alleges the disputed securities are inconsistent with her investment objectives. The client further alleges the former financial advisor did not properly disclose the risks and penalties associated with the disputed securities. (06/25/2015) Damage Amount Requested: $7,000.00 Settlement Amount: $4,825.69 Broker Comment: I met with the customer and after doing a thorough assessment of her risk tolerance I recommended a Unit Investment Trust as part of her portfolio as I believe she had other outside investments and was familiar with market volatility. Although she had invested in the past I still went over the concept of market risk. After describing ALL costs associated with the investment and the fashion in which they would be charged, she consented to the strategy. She fully understood that the investment could lose value because I reemphasized the possibility on more than one occasion.
Date: November 16, 2015 Category: Customer Dispute Allegations: Client alleges she was talked into purchasing an investment that was not suitable for her.(06/12/2014) Damage Amount Requested: $7,000.00 Broker Comment: After being referred to me by a banker, the customer and I sat down on several different occasions to go over her risk tolerance and her long term goals over a period of several months. After determining her suitability I presented the Sunamerica (AIG) Polaris Preferred with income option 3 DB to her once on my own, and again in a separate meeting with another financial advisor about 3 weeks later as well as several phone calls. On all occasions we reviewed the benefits, fees/expenses, surrender charge schedule and risks associated with the contract in extraordinary detail. I recommended she only invest less than 50% of her cash in her Wells Fargo Bank accounts in order to provide plenty of liquidity. She was in complete agreement that this would be a suitable investment for her and really liked all of the benefits of the contract. About 9 months after establishing the contract she called to surrender the contract. I recommended that she remain in the contract and reminded her that she would pay a penalty to surrender the contract. I recommended taking the 10% free withdrawal and taking another 10% free withdrawal after the anniversary instead of surrendering the entire contract if she really wanted cash from the contract. After continuing to disregard my advice I told her I would do whatever she wished to do since it was her money, but reminded her that she is acting against my recommendation.
More Information
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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
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