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RICHARD BANCROFT CAMMACK

RICHARD BANCROFT CAMMACK is currently employed as a Broker and/or Investment Adviser at VALMARK SECURITIES, INC. located at 706 SECOND AVENUE SOUTH, SUITE 600, MINNEAPOLIS, MN, 55402.

RICHARD BANCROFT CAMMACK has worked at VALMARK SECURITIES, INC. since January 02, 2001

Disclosure History

RICHARD BANCROFT CAMMACK has 1 Disclosure Event(s).

Date: October 16, 2009
Category: Customer Dispute
Allegations: AGENT HAD BEEN WORKING WITH INSURED FOR 22 YEARS WITH OTHER INSURANCE NEEDS. IN JUNE 2004 THE INSURED'S TRUST PURCHASED A NEW 15 YR TERM LIFE POLICY, NAMING WIFE AS TRUSTEE AND BENEFICIARY. IN FEBRUARY 2008 THE INSURED REQUESTED REDUCTION OF INSURANCE COVERAGE/FACE AMOUNT FROM 1 MILLION TO 600,000. THE INSURED WROTE TO THE INSURANCE COMPANY TO REQUEST THIS CHANGE, HOWEVER THE AGENT WAS NOTIFIED THE INSURED'S WIFE WOULD NEED TO MAKE THE REQUEST AND SIGN A FORM. UPON THE AGENT NOTIFYING THE INSURED OF THE REQUIREMENT, THE INSURED INDICATED HIS WIFE AGREED AND INSTRUCTED THE AGENT TO SIGN THE FORM FOR THE WIFE AND PROCESS ASAP. THE INSURED PASSED AWAY JULY 2009. THE WIFE NOW CLAIMS SHE HAD NOT APPROVED OF THE REDUCTION IN FACE AMOUNT. NO FORMAL COMPLAINT RECEIVED FROM THE WIFE. THE FIRM IS DISCIPLINING THE AGENT FOR HIS ACTIONS, INCLUDING HEIGHTENED SUPERVISION, SUSPENSION AND FINE.NO CUSTOMER COMPLAINT RECEIVED, MATTER CONSIDERED CLOSED.

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