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Paul J Von Merveldt

Paul J Von Merveldt is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 926 SEBRING SQUARE, SEBRING, FL, 33870.

Paul J Von Merveldt has worked at EDWARD JONES since January 01, 1997

Disclosure History

Paul J von Merveldt has 1 Disclosure Event(s).

Date: August 16, 2007
Category: Customer Dispute
Allegations: CLIENT CLAIMS THE OPERATION OF THE ANNUITY AND THE VARIOUS FEES WERE NOT EXPLAINED TO HER. SHE FURTHER STATES SHE DID NOT RECEIVED THE PROSPECTUS, SUPPLEMENTAL PROSPECTUS, DISCLOSURE STATEMENTS, TRUST PROESPECTUS, ETC. UNTIL AFTER THE PRODUCT HAD BEEN SOLD TO HER. SHE CLAIMS SHE IS NOT A SOPHISTICATED INVESTOR AND IS UNABLE TO UNDERSTAND THIS INVESTMENT AND DUE TO HER PRESENT RETIRED STATUS BELIEVES THIS INVESTMENT IS COMPLETELY UNSUITABLE FOR HER. SHE ALSO BELIEVES SHE IS INVESTED IN HIGH-TECH STOCKS WHICH SHE IS LOSING MONEY ON. CLAIM EXCEEDS $5,000
Damage Amount Requested: $5,000.00
Broker Comment: FA STATED THE ROLLOVER AMOUNT WAS APPROX $170,000 OF WHICH $140,000 WAS RECOMMENDED FOR THE VARIABLE ANNUITY AND REMAINDER WOULD BE KEPT IN THE IRA MONEY MARKET ACCOUNT FOR ANY IMMEDIATE CASH NEEDS AND TO COVER HOUSE PAYMENTS UNTIL ABLE TO SELL HOME. WHILE $140,000 IS INVESTED IN THE ANNUITY, THESE FUNDS ARE STILL CONSIDERED QUALIFIED. HE FURTHER STATED RECOMMENDATION TOOK INTO CONSIDERATION ADDITIONAL FUNDS WHICH WOULD BE MADE AVAILABLE ONCE SOLD HOME. FA STATED HE DISCUSSED ALL ASPECTS OF THE VARIABLE ANNUITY AND RECOMMENDED THE VARIABLE ANNUITY DUE TO SOME OF THE FEATURES IT WOULD PROVIDE SPECIFICALLY THE MARKETLOCK WITHDRAWAL BENEFIT. FA STATED CLIENT DID NOT INTEND TO ACCESS FUNDS UNTIL AFTER AGE OF 65 AT WHICH TIME THE MARKETLOCK BENEFIT WOULD BE INITIATED. FA STATED HE BELIEVED CLIENT WAS SATISFIED. FA STATED HE DELIVERED THE CONTRACT AND PROSPECTS ON 6/7/07 VERIFIED BY CLIENTS SIGNATURE ON DELIVERY RECEIPT. THE VARIABLE ANNUITY DOES HAVE RIGHT TO CANCEL PROVISION WHICH CLIENT DIDNT ELECT TO EXERCISE. CLIENT EXECUTED TIME OF PURCHASE LETTER ON 5/2/07 AND VARIABLE ANNUITY; PURCHASE TAX QUALIFIED ACCOUNT/PLAN 5/29/07. THESE DOCUMENTS REFLECT CLIENT ACKNOWLEDGES THIS INFORMATION WAS PRESENTED TO HER AND SHE UNDERSTANDS THE INFORMATION AS IT RELATES TO THE ANNUITY PURCHASE. FA STATED HE DID HAVE A CONVERSATION WITH CLIENT ON 8/20/07 AT WHICH TIME, DUE TO CONCERNS, HE SUGGESTED MOVING FUNDS INTO THE CASH MANAGEMENT FUND TO AVOID ADDITIONAL VOLATILITY AND CLIENT AGREED TO SAID CHANGE. ACCORDING TO AIG SUNAMERICA THERE HAS BEEN A RESTRICTION PLACED ON THE ACCOUNT AS A RESULT OF POTENTIAL DIVORCE. AIG STATED THEY RECEIVED A CALL FROM CLIENT ON 9/12/07 AT WHICH TIME CLIENT CONFIRMED THE DIVORCE. BASED ON OUR REVIEW, CLAIM DENIED

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