ANTHONY RUSSELL LYON

ANTHONY RUSSELL LYON is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 120 W. CENTER STREET, CONRAD, IA, 50621.

ANTHONY RUSSELL LYON has worked at LPL FINANCIAL LLC since March 02, 2006

Disclosure History

ANTHONY RUSSELL LYON has 1 Disclosure Event(s).

Date: February 22, 2005
Category: Customer Dispute
Allegations: WIFE CLAIMS HER HUSBAND CANCELLED HIS VOLUNTARY EMPLOYER LIFE INSURANCE WITH HIS COMPANY ON THE ADVICE OF IR AS THEY WERE INFORMED IT COULD BE OBTAINED CHEAPER. WIFE CLAIMS THE VOLUNTARY EMPLOYER LIFE POLICY WAS CANCELLED AT HER HUSBAND'S INSTRUCTION AND AN APPLICATION WAS COMPLETED TO OBTAIN LIFE INSURANCE WITH PROTECTIVE LIFE THROUGH IR. THE APPLICATION WAS COMPLETED 6/3/04 AND HER HUSBAND WAS KILLED IN AUTO ACCIDENT ON 7/7/04 BEFORE THE POLICY WAS APPARENTLY IN EFFECT. WIFE CLAIMS THEY SHOULD HAVE BEEN GIVEN A CONDITIONAL RECEIPT ON THE LIFE INSURANCE. AS A RESULT OF THEM NOT BEING INFORMED OF THE NEED FOR A CONDITIONAL RECEIPT THEY LOST $200,000 IN LIFE INSURANCE BENEFITS. WIFE IS REQUESTING THE PAYMENT OF THE $200,000.FILING REQUIRED; CLAIM EXCEEDS $5,000
Damage Amount Requested: $5,000.00
Broker Comment: IR STATED HE HAD BEEN SPEAKING WITH [CUSTOMER] REGARDING LIFE INSURANCE AND HAD PROVIDED A QUOTE ON PREMIUMS FOR LIFE INSURANCE ON BOTH [CUSTOMER'S] ON 3/23/04. ACCORDING TO THE INFORMATION PROVIDED TO US FOR REVIEW, IT APPEARS [CUSTOMER] REQUESTED THE CANCELLATION OF HIS LIFE INSURANCE POLICY TAKEN THOUGH HIS EMPLOYER ON 3/30/04, HOWEVER, DID NOT APPLY FOR THE PROTECTIVE POLICY UNTIL 6/3/04. IR INDICATED HE DID NOT ADVISE [CUSTOMER] TO ALLOW HIS CURRENT POLICIES TO LAPSE. HE STATED WHEN HE DISCUSSED CHANGING POLICIES, HE INSTRUCTED [CUSTOMER] TO KEEP HIS CURRENT POLICIES UNTIL THE NEW POLICY WAS IN PLACE. HE FURTHER STATED WHEN THE PROTECTIVE APPLICATION WAS COMPLETED IN JUNE 2004, HE DISCUSSED ATTACHING A CHECK FOR THE FIRST MONTH PREMIUM. ADDITIONALLY, HE STATED HE INFORMED [CUSTOMER] THIS WOULD PROVIDE HIM WITH COVERAGE, ASSUMING HE WAS IN GOOD HEALTH, AS SOON AS PROTECTIVE RECEIVED THE CHECK. ACCORDING TO IR, [CUSTOMER] DECLINED TO WRITE A CHECK AT THAT TIME. WHILE WE UNDERSTAND DISSATISFACTION REGARDING THIS MATTER, IT DOES APPEAR THE LIFE INSURANCE POLICY THROUGH [CUSTOMER'S] EMPLOYER WAS CANCELLED MONTHS PRIOR TO APPLYING FOR THE PROTECTIVE INSURANCE. FURTHER, IT APPEARS [CUSTOMER] WAS INFORMED TO MAINTAIN HIS EXISTING POLICIES UNTIL THE NEW PROTECTIVE POLICY WAS IN EFFECT AND THAT A CHECK FOR THE FIRST MONTH PREMIUM COULD BE ATTACHED TO THE APPLICATION (WHICH [CUSTOMER] DECLINED TO PROVIDE). EDWARD JONES RESPECTFULLY DENIES REQUEST FOR THE PAYMENT OF $200,000 TOWARDS A LIFE INSURANCE POLICY WHICH HAD NOT GONE INTO EFFECT PRIOR TO THE DEATH OF [CUSTOMER]. CLAIM DENIED

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