MICHAEL CURT EDELMAN is currently employed as a Broker and/or Investment Adviser at FIDELITY BROKERAGE SERVICES LLC located at 350 5TH AVENUE SOUTH, STES 100 & 201, NAPLES, FL, 34102.
MICHAEL CURT EDELMAN has worked at FIDELITY BROKERAGE SERVICES LLC since October 26, 2015
MICHAEL CURT EDELMAN has 2 Disclosure Event(s).
Date: September 30, 2003 Category: Employment Separation After Allegations Firm Name: NFP SECURITIES, INC Termination Type: Permitted to Resign Allegations: THE REPRESENTATIVE ENGAGED IN UNDISCLOSED OUTSIDE BUSINESS ACTIVITIES AND/OR UNAPPROVED PRIVATE SECURITIES TRANSACTIONS INVOLVING PERSONAL AND FAMILY INVESTMENTS. HE ALSO ALLOWED OTHER REPRESENTATIVES UNDER HIS SUPERVISION TO ENGAGE IN SIMILAR ACTIVITIES. THE REPRESENTATIVE COOPERATED FULLY IN BROKER/DEALER/S INVESTIGATION OF THIS MATTER AND FURTHER COOPERATED IN THE OFFICE CLOSING PROCESS.
Date: July 19, 2001 Category: Customer Dispute Allegations: DEFENDANT MADE PRESENTATION OF SPLIT DOLLAR CONCEPT. ON OR ABOUT DECEMBER 1999 THE PLAINTIFF LEARNED THAT THE FEDERAL GOVERNMENT MADE THE PARAGON PLAN (SPLIT DOLLAR CONTRACT) INVESTMENT IMPOSSIBLE. PLAINTIFF LOST MONEY PLACED IN THE PARAGON PLAN, AND HAS BEEN DAMAGED. Damage Amount Requested: $45,000.00 Settlement Amount: $16,500.00 Broker Comment: CASE WAS DISMISSED WITH PREJUDICE. PER M. EDELMAN: [CUSTOMER] CAME TO OUR OFFICE AND ONE OF OUR FIRMS ADVANCED CONCEPT SALES PEOPLE MADE THE PRESENTATION. I WAS PRESENT AT THE MEETINGS SINCE MY RESPONSIBILITY WAS TO EXPLAIN HOW HIS DONATED DOLLARS WOULD BE INVESTED IF THEY WENT INTO A VARIABLE UNIVERSAL LIFE POLICY. THE ACCOUNTANT RECOMMENDED HE USE THE STRATEGY AND [CUSTOMER] WENT TO AN ATTORNEY AND RECEIVED AN OPINION LETTER ON THE STRATEGY. OUR PRESENTATION SPELLED OUT RISKS AND WE HAVE A DOCUMENT STATING HTE RISKS WHICH [CUSTOMER] SIGNED. IN DECEMBER 1999 [CUSTOMER] DONATED $45,000 TO THE CHARITY. THE CHARITY WAS WAITING FOR [CUSTOMER] TO RETURN THE SPLIT DOLLAR AGREEMENT WHENIN MARCH 2000 A BILL WAS INTRODUCED INTO THE HOUSE WHICH WOULD REPEAL THIS STRATEGY. PER THE CHARITY'S LEGAL COUNSEL THE CHARITY DID NOT SEND THE MONEY TO THE INSURANCE COMPANY (THEY WERE NOT REQUIRED TO AS STATED IN THE PRESENTATION). THEREFORE [CUSTOMER] RECEIVED A TAX DEDUCTION BUT NEVER BECAME PART OWNER OF AN INSURANCE POLICY. WE NEVER RECEIVED ANY FORM OF COMPENSATION IN THIS CASE. [CUSTOMER] THOUGHT WE SHOULD HAVE KNOWN BEFORE THE BILL WAS INTRODUCED INTO THE HOUSE THAT A BILL WAS BEING INTRODUCED INTO THE HOUSE. HE THEREFORE DECIDED TO SUE OUR FIRM, THE CHARITY AND THE ACCOUNTANT. UNFORTUNATELY I WAS INCLUDED IN THE SUIT. WE WERE ADVISED THAT IT WOULD BE BEST FOR OUR FIRM TO SETTLE AND HAVE THE ERRORS AND OMMISSION INSURANCE PAY THE SETTLEMENT. THE TOTAL SETTLEMENT FOR OUR FIRM, THE MAIN SALS PERSON, AND ME CAME TO $16500.
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