MEL ROBERT HERTZ

MEL ROBERT HERTZ is currently employed as a Broker and/or Investment Adviser at THE STRATEGIC FINANCIAL ALLIANCE, INC. located at 237 KUUMELE PLACE, KAILUA, HI, 96734.

MEL ROBERT HERTZ has worked at THE STRATEGIC FINANCIAL ALLIANCE, INC. since October 31, 2003

Disclosure History

MEL ROBERT HERTZ has 4 Disclosure Event(s).

Date: April 02, 2018
Category: Customer Dispute
Allegations: Client alleges that representative made unsuitable recommendations and that the risks associated with products were not fully explained. Client also alleges representative failed to properly monitor third party managed account. Period: 04/2013 - 04/2018
Damage Amount Requested: $133,000.00
Broker Comment: In addition to damages, attorney's letter demands disgorgement of commissions and repurchase of non-traded holdings. Our books and records indicate that while certain investments incurred losses, overall the portfolio has a significant profit for the time period.

Date: May 03, 2017
Category: Customer Dispute
Allegations: CLIENT ALLEGES THAT MR. HERTZ DID NOT EXPLAIN THE COSTS (INCLUDING HIS COMPENSATION) AND WITHDRAWAL PENALTIES ASSOCIATED WITH HER SECURITY BENEFIT 403B POLICY AND DID NOT INQUIRE INTO HER FINANCIAL SITUATION APPROPRIATELY. CLIENT CHOSE TO WITHDRAW THE FULL CONTRACT VALUE AT RETIREMENT BASED ON RECOMMENDATION OF NON-AFFILIATED FINANCIAL ADVISOR WHICH RESULTED IN A SURRENDER CHARGE. CLIENT WISHES FOR MR. HERTZ TO PAY FOR THE SURRENDER CHARGE.
Damage Amount Requested: $11,062.09
Broker Comment: CLIENT COMPLETED A CLIENT ACCOUNT FORM UPDATING HER PROFILE AT THE TIME THE SECURITY BENEFIT ACCOUNT WAS OPENED. IN ADDITION TO THE ACCOUNT FORM SHE COMPLETED A VARIABLE ANNUITY DISCLOSURE FORM WHICH PROVIDED INFORMATION CONCERNING THE ANNUITY TRANSACTION, INCLUDING SPECIFICALLY THE COSTS AND SURRENDER FEE SCHEDULE ASSOCIATED WITH THE SECURITY BENEFIT ANNUITY. IN THIS FORM CLIENT REPRESENTS SHE RECEIVED THE VARIABLE ANNUITY PROSPECTUS WHICH ALSO EXPLAINS ASSOCIATED COSTS. THE DECISION TO WITHDRAW THE FULL CONTRACT VALUE WAS MADE BASED ON GUIDANCE PROVIDED BY NON-AFFILIATED FINANCIAL ADVISOR WHICH TRIGGERED THE SURRENDER CHARGE. NO SURRENDER CHARGES WOULD HAVE BEEN INCURRED HAD THE CLIENT TAKEN THE ANNUAL PENALTY FREE WITHDRAWALS AS RECOMMENDED BY MR. HERTZ.

Date: April 15, 2013
Category: Customer Dispute
Allegations: CLIENTS ALLEGE THAT THE INVESTMENTS WERE NOT SUITABLE BASED ON THEIR RISK TOLERANCE AND MATERIAL MISREPRESENTATIONS AND OMMISSIONS IN/FROM THE PRIVATE PLACEMENT MEMORANDUM.
Settlement Amount: $150,000.00

Date: January 01, 1984
Category: Civil Bond
Disposition: Payout Payout Detail: $4000; 01/01/1984 Broker Comment: N/ASTATE INSURANCE COMMISSION WAS PAID AMOUNT DUEAFTER INSURER WENT INTO BANKRUPTCY.NOT PROVIDED

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.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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