ROBERT HERBERT BRITTON is currently employed as a Broker and/or Investment Adviser at CFD INVESTMENTS, INC. located at 140 W. TUSCOLA ST., SUITE E, FRANKENMUTH, MI, 48734.
ROBERT HERBERT BRITTON has worked at CFD INVESTMENTS, INC. since October 01, 2014
Disclosure History
ROBERT HERBERT BRITTON has 3 Disclosure Event(s).
Date: May 19, 2011 Category: Customer Dispute Allegations: CUSTOMER COMPLAINT LETTER ADDRESS TO JACKSON NATIONAL LIFE RELATED TO TWO INSURANCE CONTRACTS PURCHASED BY CLIENT DURING THE TIME REP WAS LICENSED WITH OPPENHEIMER. JNL FORWARDED COMPLAINT TO OPPENHEIMER. CLIENT ALLEGES FUNDS ARE UNSUITABLE BASED ON FINANCIAL OBJECTIVES OF FULL LIQUIDITY BY APRIL 2012 TO PAY OFF HER ENTIRE REMAINING MORTGAGE BALANCE OF 19 YEARS. CLIENT ALSO ALLEGES THERE WERE NO DISCUSSIONS, EXPLANATIONS OR REVIEWS OF THE CONTRACT BY THE REP PRIOR TO THE CLIENT SIGNING THE APPLICATION. CLIENT IS REQUESTING THE REMOVAL OF SURRENDER CHARGES OR CONVERSION TO OTHER SUITABLE OPTIONS WITHIN NJL THAT WOULD BE SUITABLE TO THESE OBJECTIVES. SURRENDER CHARGES ARE CURRENTLY $10,395.00. Damage Amount Requested: $10,395.00 Broker Comment: COMPLAINANT HAS BEEN A CLIENT OF THIS REP SINCE 2002 AND HAS FINANCIAL EXPERIENCE WITH MUTUAL FUNDS, LIFE INSURANCE, FIXED ANNUITIES AND VARIABLE ANNUITIES. HER INVESTMENT HORIZON HAS ALWAYS BEEN LONG TERM. CLIENT'S NEEDS FOR FUTURE INCOME WERE DISCUSSED AT LENGTH, AS WERE THE PRODUCT FEATURES OF THE ANNUITIES INCLUDING GUARANTEED WITHDRAWAL RIDERS. ALL OF THESE THINGS WERE EXPLAINED PRIOR TO CLIENT SIGNING THE APPLICATION FOR THE ANNUITIES. THE REP'S BROKER/DEALER AT THAT TIME WAS OPPENHEIMER AND THEY DENIED THE CLIENT'S COMPLAINT ON 6/16/2011.
Date: July 16, 2010 Category: Customer Dispute Allegations: IN 2002, CLIENT [CUSTOMER] CAME TO ROBERT BRITTON AT THRIVENT FOR INVESTMENT ADVICE AND WITH A REQUEST TO ESTABLISH A MEANS TO MAKE CHARITABLE GIFTS OF CERTAIN OF HER ASSETS UPON HER DEATH. IN 2005 CLIENT PURCHASED A NON-VARIABLE UNIVERSAL LIFE INSURANCE POLICY AS A VEHICLE WHICH WOULD MAKE SUCH CHARITABLE GIFTS UPON HER DEATH. CLIENT HAD OTHER INCOME TO LIVE ON AND WITH WHICH TO PAY POLICY PREMIUMS WHICH WERE FULLY TAX DEDUCTIBLE FROM HER CURRENT INCOME AS CHARITABLE CONTRIBUTIONS. AFTER FIVE YEARS IN MAY 2009 WHEN BRITTON MOVED HIS REGISTRATION TO OPPENHEIMER, THE CLIENT CHOSE TO FOLLOW HIM AND MOVED HER ACCOUNTS TO RETAIN HIM AS HER ADVISOR. SEVEN MONTHS LATER IN JAN. 2010, CLIENTS'S ATTORNEY WROTE A LETTER TO THE ORIGINAL BD (THRIVENT) AND CHARGED THIS PRODUCT WAS UNSUITABLE FOR CLIENT, THAT THE AGENT MISREPRESENTED TO HER THAT IT WOULD ENABLE HER TO GIVE MORE TO HER CHARITY THAN OTHERWISE AND THAT HE TOOK ADVANTAGE OF THE CLIENT'S AGE AND TRUST. THERE IS A DEMAND FOR A RESCISSION OF THE POLICY AND FULL REFUND OF ALL POLICY PREMIUMS PLUS INCIDENTAL COSTS/DAMAGES.LAWSUIT RECEIVED 04/14/2011.SETTLED MARCH 26, 2012. CASE DISMISSED WITH PREJUDICE APRIL 19. 2012. Damage Amount Requested: $355,000.00 Settlement Amount: $14,999.00 Broker Comment: IN LATE 2004, BRITTON RECOMMENDED A LIFE INSURANCE POLICY TO (CUSTOMER). THE PURPOSE OF THE POLICY PURCHASED IN 2005 AND OWNED BY THE LUTHERAN COMMUNITY FOUNDATION WAS CHARITABLE ESTATE PLANNING. THE FACE AMOUNT OF THE POLICY WAS $374,455. [CUSTOMER] SIGNED AN ILLUSTRATION INDICATING ANNUAL PREMIUMS OF $55,000. DURING THE PLANNING PHASE, [CUSTOMER] INDICATED THAT SHE HAD UNEARNED ANNUAL INCOME OF $144,916 AND ANNUAL EXPENSES OF $24,000, MEANING THAT THE PREMIUMS AMOUNTED TO LESS THAN HALF OF HER SUPLUS CASH FLOW. IN 2007, SHE ANNUITIZED TWO ANNUITIES, PROVIDING HER WITH INCOME OF $79,000 FOR THE REST OF HER LIFE, IN ADDITION TO SOCIAL SECURITY AND HER PENSION. ON JANUARY 21, 2010, ATTORNEY [ATTORNEY] WROTE A PRE-ARBITRATION LETTER TO THRIVENT COMPLAINING ABOUT THE SUITABILITY OF THE INSURANCE POLICY. ATTORNEY [ATTORNEY] WAS ENGAGED BY THRIVENT'S E&O CARRIER TO REPRESENT THEM AND SOON AFTER, HE BEGAN INFORMAL DISCUSSIONS ABOUT THE CASE WITH [ATTORNEY]. [ATTORNEY] HAS RECENTLY REQUESTED THE FILE MATERIALS FROM THE ISSUER (JOHN HANCOCK) AND EXPECTS TO RECEIVE THOSE MATERIALS SHORTLY.APPLICATION FOR REGISTRATION RECEIVED FROM REPRESENATIVE ON 07/16/2010. DISCOVERY OF COMPLAINT LETTER IN APPLICATION DOCUMENTS OCCURRED ON 08/03/2010. NO RECORD OF THIS COMPLAINT DATED JAN. 21, 2010 CAN BE FOUND IN THE REPRESENTATIVE'S U-4 OR U-5 RECORDS.ON APRIL 14,2011, ATTORNEY WAS SERVED WITH THE LAWSUIT NAMING BRITTON, THRIVENT AND JOHN HANCOCK AND LUTHERAN COMMUNITY FOUNDATION AS DEFENDANTS.CLAIM SETTLED 3/26/2012. LITIGATION DISMISSED WITH PREJUDICE 4/19/2012
Date: April 30, 2010 Category: Customer Dispute Allegations: CUSTOMERS ALLEGE THEY WERE MISLED BY THEIR RR AND AS A RESULT, THEY INCURRED SUBSTANTIAL MARKET LOSSES WHEN THEY WERE ADVISED TO SURRENDER TWO JOINT MUTUAL FUNDS (IN FEB. 2009) AND IRS PREMATURE DISTRIBUTION PENALTIES WHEN THEY WERE ADVISED TO SURRENDER A NON-QUALIFIED FIXED ANNUITY (IN FEB. 2009). Damage Amount Requested: $26,640.00
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