DALE DOUGLAS SCHACHT is currently employed as a Broker and/or Investment Adviser at FOUNDERS FINANCIAL SECURITIES LLC located at 10484 Citation Dr., Suite 300, BRIGHTON, MI, 48116.
DALE DOUGLAS SCHACHT has worked at FOUNDERS FINANCIAL SECURITIES LLC since October 19, 2006
Disclosure History
DALE DOUGLAS SCHACHT has 2 Disclosure Event(s).
Date: September 30, 2010 Category: Customer Dispute Allegations: [CUSTOMER] IS CLAIMING THE VARIABLE ANNUITY RECOMMENDATIONS WERE UNSUITABLE, UNDER PERFORMED, HE DID NOT KNOW ABOUT FEES OR SURRENDER PENALTIES AND THEY WERE MISREPRESENTED BY REP. JULY 2006 - AFTER A DETAILED FINANCIAL PLAN WAS CREATED, AND EVALUATING [CUSTOMER] GOALS AND OBJECTIVES, IT WAS AGREED THAT A VARIABLE ANNUITY PRODUCT WOULD SUIT HIS NEEDS FOR RETIREMENT. THE CLIENT AGREED TO MOVE HIS IRA IN JULY 2006 TO A HARTFORD VA AND HIS 401(K) ASSETS IN JUNE 2007 INTO A JACKSON NATIONAL VA. WITH THE RECENT TURBULENT MARKETS, CLIENT ALSO WANTED REP TO PROVIDE A SUBSTANTIALLY GREATER RETURN THAN THAT OF THE MARKET. CLIENT INDICATED THAT HIS ASSETS WERE NOT ACTIVELY MANAGED. Damage Amount Requested: $90,000.00 Settlement Amount: $41,500.00 Broker Comment: [CUSTOMER] COMPLETED AND SIGNED ALL VARIABLE ANNUITY APPLICATIONS, VARIABLE ANNUITY ACKNOWLEDGEMENT FORMS AND SWITCH FORMS WHICH DISCLOSED ALL APPROPRIATE FEES, CHARGES AND SURRENDER PENALTIES. [CUSTOMER]'S INVESTMENTS GENERALLY OUT PERFORMED THE S&P 500 INDEX DURING HIS RELATIONSHIP WITH REP. THE REP'S RECOMMENDATIONS WERE COMPLETELY SUITABLE FOR CLIENT AND HIS GOALS AND OBJECTIVES. [CUSTOMER] CLAIMS HE WAS NEVER TOLD ABOUT FEES OR CHARGES ASSOCIATED WITH THE VARIABLE ANNUITY PURCHASES, YET HIS SIGNATURE APPEARS ON ALL THE VARIABLE ANNUITY APPLICATIONS, DISCLOSURE STATEMENTS AND SWITCH FORMS INDICATING HE UNDERSTANDS THE CHARGES AND FEES AND ALSO RECEIVED A PROSPECTUS WITH EACH VARIABLE ANNUITY PURCHASE. PRIOR TO MARCH 2010, [CUSTOMER] HAD NOT MADE ANY INDICATION THAT HE WAS NOT SATISFIED WITH HIS ANNUITIES OR THE MANAGEMENT OR PERFORMANCE OF THE ANNUITY SUB-ACCOUNTS.
Date: December 09, 2004 Category: Customer Dispute Allegations: CLIENT ALLEGES INVESTMENTS WERE UNSUITABLE, EXCESSIVELY CONCENTRATED AND MISREPRESENTED BY THE REPRESENTATIVE. CLIENT ALSO ALLEGES EXCESSIVE AND UNAUTHORIZED FEES WERE CHARGED. ACTIVITY ALLEGEDLY OCCURRED BETWEEN APRIL 1999 AND OCTOBER 2002. Damage Amount Requested: $600,000.00 Settlement Amount: $125,000.00 Broker Comment: THE ARBITRATION WAS SETTLED WITH THE CLIENT.
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