ANIL R PATEL

ANIL R PATEL is currently employed as a Broker and/or Investment Adviser at LINCOLN FINANCIAL SECURITIES CORPORATION located at 17100 NORWALK BLVD, SUITE 115, CERRITOS, CA, 90703.

ANIL R PATEL has worked at LINCOLN FINANCIAL SECURITIES CORPORATION since November 21, 2003

Disclosure History

ANIL R PATEL has 2 Disclosure Event(s).

Date: July 26, 2003
Category: Employment Separation After Allegations
Firm Name: NYLIFE SECURITIES INC.
Termination Type: Discharged
Allegations: MR. PATEL WAS TERMINATED BY THE COMPANY FOR FAILING TO MEET UNDERWRITING RESPONSIBILITIES WITH REGARD TO THE ACCURACY OF THE COMPLETION OF A NUMBER OF TRADITIONAL WHOLE LIFE INSURANCE APPLICATIONS. AT THE TIME OF HIS TERMINATION, THE COMPANY DETERMINED THAT MR. PATEL FAILED TO PROVIDE KNOWN INFORMATION ON THE APPLICATIONS AT ISSUE.
Broker Comment: I WAS TERMINATED BY MY PREVIOUS EMPLOYER, NEW YORK LIFE, FOR INDUSTRY STANDARD OF CONDUCT VIOLATIONS.

Date: February 19, 1997
Category: Customer Dispute
Allegations: THE PLAINTIFFS CONTEND THAT OTHER DEFENDANTSNAMED IN THE SUIT AND I INDUCED THEM TO PURCHASE LIFE INSURANCEPOLICIES BY MISLEADING THEM ABOUT THE COMPANY'S PREMIUM OFFSETPROPOSALS AND FRAUDULENTLY CONCEALING THE FACT THAT THEPREMIUMS ON THE POLICIES WOULD NOT "VANISH" AS ILLUSTRATED.THEY FURTHER ALLEGE THAT THEY WERE INDUCED TO REPLACED ALREADYVALUABLE, STABLE WHOLE LIFE POLICIES WITH NEW POLICIES BASED ONHIGHLY VOLATILE AND INTEREST-SENSITIVE PAYMENT CONCEPTS.
Damage Amount Requested: $10,000,000.00
Settlement Amount: $10,000,000.00
Broker Comment: WE WERE ASKED QUESTIONS ABOUT SELLING INSURANCE TO CLIENTS.

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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