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HATEM BEN DHIAB

HATEM BEN DHIAB is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 2716 OCEAN PARK BLVD #2020-2022, SANTA MONICA, CA, 90405.

HATEM BEN DHIAB has worked at LPL FINANCIAL LLC since October 22, 2012

Disclosure History

HATEM BEN DHIAB has 1 Disclosure Event(s).

Date: August 16, 2012
Category: Customer Dispute
Allegations: THE COMPLAINT ALLEGES THAT THE REPRESENTATIVE RECOMMENDED THAT THE PLAINTIFFS EXCHANGE THEIR EXISTING MASS MUTUAL VARIABLE LIFE POLICIES FOR AVIVA UNIVERSAL LIFE CONTRACTS, CAUSING THE PLAINTIFFS TO LOOSE THE ACCUMULATED CASH VALUE OF THEIR EXISTING POLICIES AS WELL AS CAUSING ADVERSE TAX CONSEQUENCES. THE COMPLAINT ALSO ALLEGES THAT THE REPRESENTATIVE MISREPRENTED THE ANNUAL PREMIUMS OF THE NEW POLICIES AS $40,000, WHEN THE PREMIUMS WERE ACTUALLY $80,000. FURTHERMORE, THE COMPLAINT ALLEGES THAT THE REPRESENTATIVE FORGED THE SIGNATURE OF ONE OF THE PLAINTIFFS ON AN AVIVIA LIFE INSURANCE ILLUSTRATION. THE COMPLAINT CONTAINS CAUSES OF ACTION FOR BREACH OF CONTRACT, BREACH OF GOOD FAITH AND FAIR DEALING, AND PROFESSIONAL NEGLIGENCE. THE REPRESENTATIVE DENIES ALL ALLEGATIONS AND MAINTAINS THAT HE ACTED APPROPRIATELY IN ALL OF HIS DEALING WITH THE PLAINTIFFS, THAT HIS RECOMMENDATIONS TO THE PLAINTIFFS WERE AT ALL TIMES SUITABLE AND APPROPRIATE, THAT THE AVIVA UNIVERSAL LIFE CONTRACTS AT ISSUE WERE PROPERLY DISCUSSED WITH AND DISCLOSED TO THE PLAINTIFFS, THAT THE PREMIUMS FOR THE AVIVA CONTRACTS WERE NOT MISREPRESENTED, AND THAT HE DID NOT FORGE THE SIGNATURE OF ONE OF THE PLAINTIFFS ON AN ILLISTRATION.
Settlement Amount: $390,000.00
Broker Comment: THE CLAIMANTS OWNED INSURANCE POLICIES ISSUED BY MASSMUTUAL, WHICH DUE TO THE MARKET CRISIS OF 2008 AND FAILURE TO PAY PREMIUMS, HAD DECLINED IN VALUE. CLAIMANT THEN SOUGHT ADVICE FROM MR. DHIAB REGARDING THEIR POLICIES WITH THE PRIMARY GOAL OF PRESERVING A DEATH BENEFIT. MR. DHIAB CREATED A PLAN DESIGNED TO ACHIEVE THIS AND PROVIDE CLAIMANTS WITH FINANCIAL FLEXIBILITY; HOWEVER, DUE TO UNFORSEEN CIRCUMSTANCES THAT WERE OUT OF MR. DHIAB'S CONTROL, THE POLICY WAS ALLOWED TO LAPSE. THE MATTER WAS SETTLED AS A BUSINESS DECISION TO AVOID THE TIME AND EXPENSE OF CONTINUED LITIGATION AND WITHOUT ANY ADMISSION OF LIABILITY WHATSOEVER ON THE PART OF MR. DHIAB WHO CONTINUES TO DENY ANY WRONGDOING. NO FINDING OF FAULT WERE MADE AGAINST MR. DHIAB. THE COURT ACTION WAS DISMISSED ON NOVEMBER 18, 2013. THE ARBITRATION WAS FILED ON MARCH 7, 2014. AFTER AN INVESTIGATION, THE COMPLAINT WAS DETERMINED TO BE WITHOUT MERIT AND DENIED.

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