JOHN ALLEN REESE is currently employed as a Broker and/or Investment Adviser at AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC. located at 7301 West Boulevard, Suite B2, Boardman, OH, 44512.
JOHN ALLEN REESE has worked at AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC. since October 16, 2017
Disclosure History
JOHN ALLEN REESE has 3 Disclosure Event(s).
Date: July 08, 2002 Category: Customer Dispute Allegations: THIS POLICY WAS SOLD TO THE [CUSTOMERS] IN 1993. WHEN NEWS OF A CLASS ACTION LAWSUIT AROSE, I ASSISTED THE CLIENT WITH THIS COMPLAINT PRIOR TO MY LEAVING PRUDENTIAL. I WAS VERY CONCERNED ABOUT THE WAY PRUDENTIAL HAD MISLED ITS AGENTS ON HOW THEIR VARIABLE APPRECIABLE LIFE POLICIES WORKED, AND I WAS CONCERNED THAT THEY WOULD NOT BE TRULY HELPED IN THE CLASS ACTION LAWSUIT THAT WAS PENDING. CLIENT ALLEGED MISREPRESENTATION CONCERNING ABBREVIATED PAYMENT. IN REALITY,THIS IS HOGWASH. ON EVERY SALE I EVER MADE AT PRUCO I DELIVERED AN ILLUSTRATION SHOWING DIFFERENT RETURNS, WHICH EXPLAINED THAT RETURNS ARE NOT GUARANTEED AND MAY AFFECT PREMIUM OUTLAY. I ALSO EXPLAINED THIS IN DETAIL AND DELIVERED THE REQUIRED PROSPECTUS. Damage Amount Requested: $13,629.72 Settlement Amount: $13,629.72
Date: March 05, 2002 Category: Customer Dispute Allegations: THIS POLICY WAS SOLD TO THE [CUSTOMERS] IN 1993. WHEN NEWS OF A CLASS ACTION LAWSUIT AROSE, I ASSISTED THE CLIENT WITH THIS COMPLAINT PRIOR TO MY LEAVING PRUDENTIAL. I WAS VERY CONCERNED ABOUT THE WAY PRUDENTIAL HAD MISLED ITS AGENTS ON HOW THEIR VARIABLE APPRECIABLE LIFE POLICIES WORKED, AND I WAS CONCERNED THAT THEY WOULD NOT BE TRULY HELPED IN THE CLASS ACTION LAWSUIT THAT WAS PENDING. CLIENT ALLEGED MISREPRESENTATION CONCERNING ABBREVIATED PAYMENT. IN REALITY,THIS IS HOGWASH. ON EVERY SALE I EVER MADE AT PRUCO I DELIVERED AN ILLUSTRATION SHOWING DIFFERENT RETURNS, WHICH EXPLAINED THAT RETURNS ARE NOT GUARANTEED AND MAY AFFECT PREMIUM OUTLAY. I ALSO EXPLAINED THIS IN DETAIL AND DELIVERED THE REQUIRED PROSPECTUS. Damage Amount Requested: $10,172.35 Settlement Amount: $10,172.35
Date: July 07, 1999 Category: Customer Dispute Allegations: THIS POLICY WAS SOLD TO [CUSTOMER] IN 1994. WHEN NEWS OF A CLASS ACTION LAWSUIT AROSE, I ASSISTED THE CLIENT WITH THIS COMPLAINT PRIOR TO MY LEAVING PRUDENTIAL. I WAS VERY CONCERNED ABOUT THE WAY PRUDENTIAL HAD MISLED ITS AGENTS ON HOW THEIR VARIABLE APPRECIABLE LIFE POLICIES WORKED, AND I WAS CONCERNED THAT THEY WOULD NOT BE TRULY HELPED IN THE CLASS ACTION LAWSUIT THAT WAS PENDING. CLIENT ALLEGED MISREPRESENTATION CONCERNING ABBREVIATED PAYMENT. IN REALITY,THIS IS COMPLETELY UNTRUE. ON EVERY SALE I EVER MADE AT PRUCO I DELIVERED AN ILLUSTRATION SHOWING DIFFERENT RETURNS, WHICH EXPLAINED THAT RETURNS ARE NOT GUARANTEED AND MAY AFFECT PREMIUM OUTLAY. I ALSO EXPLAINED THIS IN DETAIL AND DELIVERED THE REQUIRED PROSPECTUS.CUSTOMER CLAIMS HE "WAS NEVER INFORMED OF ANY OF THE COSTS ASSOCIATED WITH HIS VARIABLE APPRECIABLE POLICY OR HE NEVER WOULD HAVE INVESTED IN IT." HE PURCHASED A VAL LIFE POLICY FROM ME ON 12/08/1994. I CONTEND THAT I ALWAYS HAVE AND ALWAYS WILL EXPLAIN ALL CHARGES ASSOCIATED WITH A VARIABLE PRODUCT. I ALSO GIVE A PROSPECTUS AND AN ILLUSTRATION WHICH SHOWS & EXPLAINS CHARGES. ALWAYS! Damage Amount Requested: $11,922.00 Settlement Amount: $11,922.00
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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