CHARLES HOWARD FITZPATRICK is currently employed as a Broker and/or Investment Adviser at CAMBRIDGE INVESTMENT RESEARCH, INC. located at 1350 Farrow Parkway, Suite 202-D, Myrtle Beach, SC, 29577.
CHARLES HOWARD FITZPATRICK has worked at CAMBRIDGE INVESTMENT RESEARCH, INC. since December 01, 2017
Disclosure History
CHARLES HOWARD FITZPATRICK has 1 Disclosure Event(s).
Date: June 20, 2000 Category: Customer Dispute Allegations: WITH REGARDS TO A VARIABLE LIFE INSURANCE POLICY PURCHASED IN DECEMBER 1998, THE CUSTOMERS ALLEGE THEY WERE ADVISED BY MR. FITZPATRICK THAT BY "PURCHASING THIS POLICY AND PAYING THE TOTAL PREMIUM AT INCEPTION, (THEY) WOULD HAVE FULL COVERAGE FOR THE REST OF (THEIR) LIVES." THE CUSTOMERS FURTHER ALLEGE THAT UPON REDEMPTION OF AN ANNUITY FROM ANOTHER COMPANY TO PAY THE ENTIRE PREMIUM OF THEIR NEW YORK LIFE POLICY "AT THAT TIME (THEY) WERE ADVISED BY MR. FITZPATRICK THAT THIS AMOUNTED TO A ROLLOVER OF FUNDS WITHOUT ANY TAX CONSEQUENCES." THE CUSTOMERS THEN ALLEGE THE INTERNAL REVENUE SERVICE TREATED THIS TRANSACTION AS A DISTRIBUTION AND NOT AS A ROLLOVER AS THEY WERE LED TO BELIEVE AND ARE NOW SUBJECT TO TAXES AND PENALTIES. CUSTOMER REQUEST RECTIFICATION OF THE SITUATION BY WAY OF "RECOMPENSATION." Damage Amount Requested: $9,081.00 Broker Comment: UPON REVIEW OF POLICY RECORDS AND DATA, NEW YORK LIFE DID NOT FIND SUFFICIENT EVIDENCE TO SUPPORT THE CUSTOMER'S CLAIMS. NO OFFER OF COMPENSATION HAS BEEN MADE TO THE CUSTOMER.
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