MELVYN HENRY NACHMAN is currently employed as a Broker and/or Investment Adviser at MUTUAL SECURITIES, INC. located at 100 E. THOUSAND OAKS BLVD., SUITE 150, THOUSAND OAKS, CA, 91360.
MELVYN HENRY NACHMAN has worked at MUTUAL SECURITIES, INC. since May 08, 2009
Disclosure History
MELVYN HENRY NACHMAN has 1 Disclosure Event(s).
Date: June 25, 1998 Category: Customer Dispute Allegations: ALLEGED CHURNING OF UNIVERSAL LIFE COVERAGE Damage Amount Requested: $200,000.00 Settlement Amount: $55,000.00 Broker Comment: THIS CASE AROSE ONLY BECAUSE THE CUSTOMER WAS INFLUENCE BY ANOTHER AGENT TO PURCHASE UNNECESSARY TERM LIFE INSURANCE, AND THE CLAIMANT DID NOT WISH TO PAY THE PREMIUMS THEREON HIMSELF. THIS ADVISE DIRECTLY CONFLICTED WITH THE CUSTOMER'S FINANCIAL PLAN. MR. NACHMAN'S INSURER ACKNOWLEDGED THAT THE CUSTOMER AUTHORIZED THE REPLACEMENT OF HIS UNIVERSAL LIFE INSURANCE WHICH WAS DECLINING IN VALUE AND WHICH WOULD HAVE VANISHED IN TEN YEARS, WITH ANOTHER UNIVERSAL LIFE INSURANCE POLICY WHOSE CASH VALUE WOULD INCREASE DUDRING THAT SAME PERIOD. THE INSURER, OVER THE OBJECTIONS OF MR. NACHMAN, ELECT4D TO SETTLE THIS LAWSUIT FOR LESS THAN THE COSTS OF DEFENSE THROUGH TRIAL. AFTER THAT SETTLEMENT WAS REACHED, A PEER REVIEW PANEL OF THREE CERTIFIED FINANCIAL PLANNERS CONCLUDED THAT MR. NACHMAN HAD ACTED RESPONSIBLY IN THIS MATTER.
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