JOSHUA R TOMEONI is currently employed as a Broker and/or Investment Adviser at PARK AVENUE SECURITIES LLC located at 11850 SW 67TH AVENUE, SUITE 100, PORTLAND, OR, 97223.
JOSHUA R TOMEONI has worked at PARK AVENUE SECURITIES LLC since September 26, 2011
Disclosure History
JOSHUA R TOMEONI has 2 Disclosure Event(s).
Date: April 29, 2014 Category: Customer Dispute Allegations: CLIENT ALLEGED THAT SHE DID NOT KNOW THAT SHE WAS AUTHORIZING A TRANSFER OF FUNDS BASED UPON THE DOCUMENTS SHE SIGNED. Damage Amount Requested: $76,754.80 Broker Comment: I STARTED WORKING WITH MY CLIENT, [CUSTOMER], ON OCTOBER, 2012. SHE WAS ORIGINALLY TRANSFERRED TO ME BECAUSE OF MY STRONG FINANCIAL PLANNING BACKGROUND IN MY OFFICE. SHE WAS A GUARDIAN ORPHAN FOR HER VARIABLE ANNUITY AND WHOLE LIFE INSURANCE POLICY. SINCE THAT TIME, WE HAVE SPENT EXTENSIVE TIME DOING FINANCIAL PLANNING: BUILDING HER LIVING BALANCE SHEET WEBSITE, REVIEWING HER INSURANCE & INVESTMENT PORTFOLIO, IMPLEMENTING LIFE INSURANCE AND INVESTMENT OPTIONS AND OPENING A NEW VARIABLE ANNUITY CONTRACT.[CUSTOMER] AND I HAVE BEEN DISCUSSING INVESTMENT STRATEGIES AND BEST OPTIONS FOR DIVORCE PROCEEDS FROM HER EX-HUSBAND SINCE MARCH, 2013 INCLUDING MULTIPLE PHONE CALLS AND ALSO IN PERSON MEETINGS ON 8/13/13, 10/17/13, 11/19/13, 2/13/14, & 5/1/14. THE FULL VARIABLE ANNUITY APPLICATION, INCLUDING TRANSFER FORMS AND PROSPECTUS, WERE PRESENTED TO THE CLIENT DURING OUR MEETING ON 2/21/14. AT THAT TIME, [CUSTOMER] COMPLETED THE NECESSARY PAPERWORK FOR THE VARIABLE ANNUITY, INCLUDING ALL APPROPRIATE TRANSFER FORMS TO MOVE MONEY FROM THE EXISTING CHARLES SCHWAB, COLUMBIA FUNDS, & GUARDIAN ACCOUNTS INTO A NEW IRA WITHIN A GUARDIAN VARIABLE ANNUITY. WE DISCUSSED THE TRANSFER PROCESS AND CALLED CHARLES SCHWAB TO INITIATE THE FUNDS TRANSFER. I SENT HER A SIGNATURE PAGE NEEDED TO FOLLOW UP WITH THE FORMS ON 2/27/14 AFTER A PHONE CONVERSATION WHERE I ASKED HER IF SHE WOULD LIKE THE OTHER PAGES THAT I PROVIDED TO HER BEFORE OR JUST TO SEND THE SIGNATURE PAGES. SHE EXPRESSED THE NEED FOR JUST THE SIGNATURE PAGE AS SHE WAS EXTREMELY BUSY AND DID NOT NEED TO RECEIVE EVERYTHING AGAIN. [CUSTOMER] E-MAILED ME ON APRIL 29, 2014 AND I PROMPTLY CALLED HER ON THE PHONE TO DISCUSS THE QUESTIONS SHE HAD. SHE WAS TOO BUSY TO DISCUSS BY PHONE SO E-MAILS CONTINUED UNTIL WE WERE ABLE TO CONNECT BY PHONE TO MAKE SURE HER CONCERNS WERE VALIDATED AND RESOLVED ON MAY 1. I ADDRESSED HER ORIGINAL CONCERN OF NOT KNOWING WHICH SIGNATURE PAGES COMBINED WITH THE REST OF THE APPLICATION PACKAGE AND I CONFIRMED WITH HER THAT ANY OUTSTANDING ISSUES HAD BEEN RESOLVED. DURING MY CONVERSATION WITH HER SHE AGREED TO ALL OF OUR ORIGINAL PLANNING THAT WAS DONE TO CONTINUE TO OPEN THE ACCOUNT WITH GUARDIAN. [CUSTOMER] HAS NEVER COMPLAINED ABOUT OPENING THE ANNUITY AND I MADE THE ANNUITY FREE LOOK PERIOD VERY CLEAR TO HER IN CASE SHE CHANGED HER MIND. [CUSTOMER] HAS NEVER CHANGED HER MIND ABOUT OPENING THE ANNUITY BECAUSE OF CONCERNS OF FUTURE GUARANTEED INCOME, MARKET POTENTIAL, SAFETY OF A STRONG MUTUAL COMPANY, DEATH BENEFIT AND MANY OTHER UNKNOWNS IN OUR ECONOMY AND WITH HER OWN RETIREMENT PICTURE. THE IDEA WAS, AND IS, TO GET SOME GUARANTEED INCOME WITH THIS ANNUITY AND PUT THE MAJORITY OF HER MONEY COMING FROM DIVORCE PROCEEDS AND SALE OF A HOUSE INTO AN ACCOUNT TO KEEP UP WITH ALL OF THE COSTS OF LIVING BY OPENING UP A NONQUALIFIED LIQUID INVESTMENT ACCOUNT IN THE FUTURE FOR MARKET POTENTIAL AND TO COMBAT INFLATION & OTHER RISKS. THE LANGUAGE ON THE U4 IS NOT ACCURATE AS TO WHAT HAPPENED. THERE WAS NO CLAIM FOR COMPENSATORY DAMAGES. IF THE PARTIAL SIGNATURE PAGES FALLS UNDER "ALLEGED THAT YOU WERE INVOLVED IN ONE OR MORE SALES PRACTICE VIOLATIONS", NOTHING FALLS IN THE SECOND PART OF THE SENTENCE THAT STARTS WITH AND (NOT "OR"): (A) ALLEGED THAT YOU WERE INVOLVED IN ONE OR MORE SALES PRACTICE VIOLATIONS AND CONTAINED A CLAIM FOR COMPENSATORY DAMAGES OF $5,000 OR MORE. ANY SORT OF COMPLAINT REVOLVES AROUND [CUSTOMER] BEING UNSURE OF WHEN THE FUNDS WERE BEING TRANSFERRED. ALL CORRESPONDENCE CLEARLY STATES THAT [CUSTOMER] KNEW SHE WAS OPENING THE ANNUITY AND WANTED TO CONTINUE TO DO SO, BUT DIDN'T KNOW WHEN THE TRANSFERS WOULD BE PROCESSED. SHE IS STILL OPENING THE ANNUITY BECAUSE OF THE STRONG PLANNING AROUND THIS DECISION. OUR BUSINESS RELATIONSHIP IS STILL VERY STRONG WITH MY CLIENT AS SHE CONTINUES TO HOLD MULTIPLE INSURANCE, INVESTMENT, AND ANNUITY BUSINESS WITH ME. PARK AVENUE SECURITIES INVESTIGATED THE CLIENT'S ALLEGATION AND FOUND IT TO BE MERITLESS.
Date: October 11, 2011 Category: Financial Type: Compromise Disposition: Direct Payment Procedure
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