MICHAEL JAMES MONAGHAN

MICHAEL JAMES MONAGHAN is currently employed as a Broker and/or Investment Adviser at ROYAL ALLIANCE ASSOCIATES, INC. located at 6546 N UNION ROAD, CLAYTON, OH, 45315.

MICHAEL JAMES MONAGHAN has worked at ROYAL ALLIANCE ASSOCIATES, INC. since January 09, 2017

Disclosure History

MICHAEL JAMES MONAGHAN has 2 Disclosure Event(s).

Date: May 15, 2002
Category: Customer Dispute
Allegations: CLIENT WISHES TO CANCEL POLICY AND HAS REQUESTED A REFUND OF PREMIUMS PAID. CLIENT ALLEDGES THAT THEY INFORMED MR. MONAGHAN THEY WANTED A PAID-UP POLICY AND DID NOT WANT TO PAY ANY ADDITIONAL FUNDS TO KEEP THE POLICY ACTIVE. CLIENT JUST BECAME AWARE THAT MORE PREMIUMS MAY BE REQUIRED TO KEEP THE POLICY IN FORCE, AND TO MAINTAIN A GUARANTEED DEATH BENEFIT.
Damage Amount Requested: $17,523.00
Broker Comment: OHIO NATIONAL LIFE RESPONDED TO THE CUSTOMER COMPLAINT. STEVEN TRUMBO ASSISTANT COUNSEL RESPONDED; TO O.N. CONSERNING THE COMPLAINT. WE ARE TRYING TO NEGOTIATE THE POSSIBLITY OF A 50,000 PAYED UP POLICY.

Date: July 30, 1997
Category: Employment Separation After Allegations
Firm Name: O.N. EQUITY SALES COMPANY
Termination Type: Permitted to Resign
Allegations: SHARED RENEWAL OVERRIDES AND EXPENSE ALLOWANCES ATTRIBUTABLE TO REGISTERED PRODUCTS WITH ANON-REGISTERED LIFE INSURANCE AGENT
Broker Comment: AN INTERNAL FINE OF $2500.00 PLUS RECISSION OFALLEGED SHARE RENEWAL OVERRIDES AND EXPENSE ALLOWANCE IN THEAMOUT OF $4883.07. TERMINATED AS A REGISTERED REPRESENTATIVE OF THE O.N. EQUITY SALES COMPANY... SEE ATTACHED ADDENDUM (ALREADY ON FILE.)MY ACCOUNTANT WAS RESPONSIBLE FOR SPLITTING OUT OVERRIDE COMISSIONS ON VARIABLE PRODUCTS REGARDING RENEWALS & EXPENSE ALLOWANCES-DID NOT RECOGNIZE DIFFERENCE BETWEEN VARIABLE & TRADITIONAL LIFE INSURANCE. THIS WAS COMPLETELY A MISTAKE WHICH APPEARED ON THE AGENCY COMP STATEMENTS WHICH SHOULD NOT HAVE BEEN THERE. THEY SHOULD HAVE APPEARED ON MY PERSONAL STATEMENT ONLY.

More Information

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