Charles William Vella is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 20 SUSIE WILSON RD UNIT C, ESSEX JUNCTION, VT, 05452.
Charles William Vella has worked at EDWARD JONES since February 29, 2008
Disclosure History
Charles William Vella has 2 Disclosure Event(s).
Date: June 23, 2010 Category: Customer Dispute Allegations: 04/20/10-05/16/10: CLIENT CLAIMS, DURING AN APPOINTMENT WITH THE FA, HE WAS SHOWN A PROPOSAL FOR WHAT HE THOUGHT WAS A FIXED ANNUITY. THE CLIENT STATES HE THOUGHT HE WAS AGREEING A TO A CONTRACT THAT WOULD ALLOW HIM TO TAKE WITHDRAWALS WITHOUT PENALTY. THE CLIENT CLAIMS HE HAS CONFERED WITH OTHER FINANCIAL ADVISORS AND FOUND OUT HE WAS SOLD A VARIABLE ANNUITY CONTRACT. THE CLIENT STATES THERE ARE NO FEES FOR WITHDRAWALS BECAUSE THEY WERE ALL TAKEN OUT WHEN HE MADE THE PURCHASE, IMMEDIATELY, WITHOUT HIS KNOWLEDGE. THE CLIENT ALSO STATES HE HAS NOT FOUND OUT HE CAN ONLY WITHDRAW 5-7% PER YEAR. CLIENT WANTS THE CONTRACT VOIDED AND HIS FULL AMOUNT OF $134,735.07 REFUNDED TO HIM. THE CURRENT VALUE OF THE CONTRACT IS $120,101.68. Damage Amount Requested: $5,000.00 Broker Comment: THE FA STATES HE MET WITH THE CLIENT IN MARCH 2010 TO DISCUSS HIS INVESTMENT NEEDS. DURING THE MEETING THE CLIENT INDICATED TO THE FA HE HAD SUFFICIENT FUNDS FOR HIS STANDARD OF LIVING AND DID NOT NEED ADDITIONAL FUNDS FOR INCOME, BUT WANTED THE OPTION IN THE FUTURE. THE FA CLAIMS HE DISCUSSED VARIOUS OPTIONS, INCLUDING MUTUAL FUNDS, BONDS AND THE ANNUITIES WITH A DEATH BENEFIT AND INCOME RIDER. ACCORDING TO THE FA THE CLIENT STATED HE WAS INTERESTED IN THE GUARANTEES PROVIDED WITH A DEATH BENEFIT RIDER AND DID NOT NEED THE INCOME FROM THE ANNUITY. THE FA STATES HE RECOMMENDED THE PROTECTIVE VARIABLE ANNUITY AND DISCUSSED THE VARIOUS SHARE CLASSES AND FEES ASSOCIATED WITH THE CONTRACT. THE FA STATES HE PROVIDED THE CLIENT WITH AN HISTORICAL ILLUSTRATION WHICH REFLECTED THE CONTRACT WOULD BE VARIABLE VS. FIXED, PROVIDED INFORMATION REGARDING THE UPFRONT SALES CHARGE, FEES AND HISTORICAL PERFORMANCE. THE FA STATES HE ALSO PROVIDED THE CLIENT WITH THE PROSPECTUS ASSOCIATED WITH THE ANNUITY. ACCORDING TO THE FA HE MET WITH THE CLIENT AGAIN A FEW DAYS LATER TO REVIEW THE INFORMATION AGAIN. THE FA CLAIMS, AT THIS TIME THE CLIENT AUTHORIZED THE SURRENDER OF THE CURRENT FIXED CONTRACT HE HAD ONCE THE SURRENDER PERIOD WAS OVER AND THE SUBSEQUENT PURCHASE OF THE VARIABLE CONTRACT. OUR RECORDS INDICATE THE CLIENT SIGNED ALL THE PERTINENT PAPERWORK NEEDED TO PROCEED. THE FA STATES HE PERSONALLY DELIVERED THE CONTRACT TO THE CLIENT IN APRIL 2010. THE FIRM FEELS THE CLIENT RECEIVED THE APPROPRIATE DISCLOSURES TO ALLOW THE CLIENT TO MAKE AN INFORMED DECISION.
Date: December 31, 2001 Category: Criminal Charges: 1. 1 FELONY COUNT POSSESION OF MARIJUANNA WITH INTENT TO DISTRIBUTE - DISMISSED 2. 1 FELONY COUNT POSESSION OF CONTROLLED DRUG - REDUCED TO CLASS A MISDEMEANOR. PLED GUILTY TO MISDEMEANOR. 3. 1 CLASS A MESDEMEANOR COUNT LICENSE PROHIBITIONS/FALSE IDENTITY - DISMISSED. Charge Type: FELONY Disposition: POSESSION OF MARIJUANN WITH INTENT TO DISTRIBUTE - DISMISSED 12/13/2001. POSESSION OF CONTROLLED DRUG - CONVICTED CLASS A MISDEMENAOR 12/13/2001, 12 MONTHS IN THE HOUSE OF CORRECTIONS SUSPENDED FOR 2 YEARS ON THE CONDITION OF NO FELONIES OR MISDEMEANORS.$1000 FINE PAIDLICENSE PROHIBITIONS 0 FALSE IDENTITY - DISMISSED 12/13/2002 Broker Comment: I INITIALLY DID NOT DISCLOSE THAT I HAD BEEN CHARGED WITH A FELONY BECUASE ANY FELONY CHARGES WERE EITHER DROPPED OR REDUCED TO A MISDEMEANOR. I HAVE HAD NO OFFENSED OF ANY KIND SINCE THIS INCIDENT.
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