MARK ANDREW GIESTING is currently employed as a Broker and/or Investment Adviser at CFD INVESTMENTS, INC. located at 4A EAST BOEHRINGER, BATESVILLE, IN, 47006.
MARK ANDREW GIESTING has worked at CFD INVESTMENTS, INC. since January 16, 2004
MARK ANDREW GIESTING has 1 Disclosure Event(s).
Date: December 18, 2008 Category: Customer Dispute Allegations: IT IS ALLEGED THAT IN CONNECTION WITH A VARIABLE ANNUITY PURCHASE IN MARCH OF 2008, THAT A RIDER TO THE POLICY THAT HAD BEEN INTENDED TO BE PURCHASED BY THE COMPLAINANT DID NOT GET SELECTED ON THE ANNUITY APPLICATION. THE CLIENT SIGNED THE APPLICATION NOTWITHSTANDING THE FACT THAT THE RIDER HAD NOT BEEN SELECTED. THE ALLEGATIONS GO ON TO STATE THAT THE FINANCIAL ADVISER DID NOT RECOGNIZE THE ERROR. ADDITIONALLY, THE ALLEGATIONS STATE THAT AN INTERNAL WHOLESALER OF THE ISSUER (HARTFORD LIFE) REVIEWED THE DOCUMENTATION PRIOR TO THE SUBMISSION TO THE ISSUER FOR PROCESSING, AND DID NOT NOTE THAT THE RIDER WAS NOT SELECTED, THOUGH THE INTERNAL WHOLESALER KNEW THAT THE RIDER HAD BEEN INTENDED. THE RIDER AT ISSUE WAS A GUARANTEED INCOME RIDER, AND AT THE TIME THE ERROR WAS IDENTIFIED, MARKET CONDITIONS WERE SUCH THAT THE CLIENT WOULD NOT RECEIVE LIFETIME INCOME AT THE SAME LEVEL AS THE CLIENT WOULD HAVE RECEIVED HAD THE RIDER BEEN ON THE CONTRACT AT INCEPTION. THEREFORE, THE PARTIES (CLIENT, HARTFORD AND CFD INVESTMENTS) MUTUALLY AGREED TO AN ARRANGEMENT WHEREBY HARTFORD AND CFD INVESTMENTS SHARED THE COSTS OF ENSTATING THE RIDER AT THAT APPROPRIATE CONTRACT VALUE LEVEL, AS WOULD HAVE BEEN THE CASE IF THE RIDER WAS ELECTED AT INCEPTION. Broker Comment: THE SETTLEMENT REFERENCED HEREIN INVOLVED A SETTLEMENT BETWEEN THE COMPLAINANT AND THE ISSUER. THE CONTRACT WAS REINATATED AS HAD BEEN INTENDED BY THE CLIENT. THERE WAS NO MONETARY PAYMENT MADE TO THE CLIENT. THE SETTLEMENT DID NOT INCLUDE ANY ADMISSION OF THE CLIENT'S ALLEGATIONS. THE SETTLEMENT WAS MADE BECAUSE OF THE COSTS AND UNCERTAINTY OF LITIGATION, AND AN ATTEMPT TO RETAIN THE GOOD WILL OF THE CLIENT. AS OF THE DATE OF THIS FILING, THE COMPLAINANT REMAINS A CLIENT OF THE FIRM.
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