ROBERT E JARRAS is currently employed as a Broker and/or Investment Adviser at COMMONWEALTH FINANCIAL NETWORK located at 880 WINTER STREET, SUITE 310, WALTHAM, MA, 02451.
ROBERT E JARRAS has worked at COMMONWEALTH FINANCIAL NETWORK since January 24, 2014
ROBERT E JARRAS has 2 Disclosure Event(s).
Date: February 27, 2004 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE THAT IN JANUARY 1999 THEIR ADVISOR'S RECOMMENDATION TO LIQUIDATE VARIABLE ANNUITY AND PURCHASE A LIFE INSURANCE POLICY THAT REQUIRED NO ADDITIONAL PREMIUMS CAUSER HER LOSSES OF AT LEAST $60,000.00. CLAIMANTS FURTHER ALLEGE MISREPRESENTATION, FRAUD AND BREACH OF FIDUCIARY DUTY. Damage Amount Requested: $60,000.00 Broker Comment: IN ORDER TO AVOID COSTS WITH ARBITRATION, AEFA AGREED TO PURCHASE FROM ITS AFFILIATE COMPANY IDS LIFE INSURANCE COMPANY, TERM LIFE INSURANCE FOR CUSTOMER WITH A FIXED DEATH BENEFIT OF $190,000. JARRAS DID NOT CONTRIBUTE TO THE SETTLEMENT AMOUNT. CUSTOMERS IN TURN RELEASED AEFA AND JARRAS FROM ALL CLAIMS IN THIS MATTER
Date: May 15, 2003 Category: Customer Dispute Allegations: THE CLIENT ALLGED I STATED WHEN I SOLD THE LIFE INSURANCE POLICY IN 1998 THAT NO ADDITIONAL PREMIUMS WOULD BE NECESSARY TO MAINTAIN THE POLICY. Damage Amount Requested: $5,000.00 Broker Comment: THE EXCHANGE OF THE ANNUITY INTO THE VARIABLE UNIVERSAL LIFE POLICY WAS SUITABLE AT THE TIME OF THE SALE BASED UPON THE CLIENT'S OBJECTIVES AND THE SUITABILITY INFORMATION PROVIDED BY THE CLIENT. THE CLIENT RECEIVED VERBAL AND WRITTEN DISCLOSURE OF THE VUL INVESTMENT ACCOUNTS WERE VARIABLE AND WOULD FLUCTUATE WITH THE MARKET. FURTHER, THE ALLEGATIONS FELL WITH THE CLASS ACTON LAWSUIT AND THE CLIENT RECEIVED COMPENSATION PER THE SETTLEMENT.
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