ROBERT ALLAN VILLANOVA is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 293 EISEHOWER PKWY STE 310, LIVINGSTON, NJ, 07039.
ROBERT ALLAN VILLANOVA has worked at LPL FINANCIAL LLC since December 16, 1989
Disclosure History
ROBERT ALLAN VILLANOVA has 2 Disclosure Event(s).
Date: January 22, 2015 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT REPRESENTATIVE PROVIDED INACCURATE INFORMATION TO HIM IN 2006 CONCERNING THE MANNER IN WHICH HIS VARIABLE UNIVERSAL LIFE INSURANCE POLICY WOULD WORK, INCLUDING ITS POTENTIONAL PERFORMANCE, INSURANCE COSTS, AND DURATION OF PREMIUM TO SUPPORT THE POLICY. CUSTOMER SURRENDERED THE POLICY IN 2012, AND SEEKS REIMBURSEMENT OF THE PREMIUM PAYMENTS AND INSURANCE COSTS HE INCURRED OVER THE SIX YEARS THAT HIS POLICY WAS IN FORCE. REPRESENTATIVE DENIES ALL ALLEGATIONS, AND MAINTAINS THAT HE PROVIDED DETAILED AND ACCURATE INFORAMTION TO CUSTOMER CONCERNING ALL ASPECTS OF THE PROPOSED INSURANCE POLICY, INCLUDING HYPOTHETICAL POLICY ILLUSTRATIONS, WHICH DEMONSTRATED BOTH THE COSTS AND POTENTIAL PERFORMANCE OVER TIME, AS WELL THE POSSIBLE TIME PERIODS THAT THE INITIAL PREMIUM COULD POTENTIALLY SUPPORT THE POLICY AS ORIGINALLY ISSUED. REPRESENTATIVE FURTHER STATES THAT CUSTOMER ACKNOWLEDGED AND SIGNED ALL DOCUMENTATION, INCLUDING POLICY ILLUSTRATIONS, AND THAT REPRESENTATIVE HAD NUMEROUS DISCUSSIONS WITH HIM OVER THE COURSE OF TIME RELATIVE TO THE POLICY, INCLUDING POSSIBLY LOWERING THE DEATH BENEFIT IN ORDER TO EXTEND THE DURATION OF THE POLICY WITHOUT REQUIRING ADDITIONAL PREMIUMS. AT THE TIME RELEVANT, CUSTOMER INDICATED THAT HE KNEW AND UNDERSTOOD ALL ASPECTS OF THIS POLICY, AND UNILATERALLY CHOSE TO SURRENDER THE POLICY IN 2012. Damage Amount Requested: $103,000.00
Date: May 09, 2013 Category: Customer Dispute Allegations: CLAIMANT ALLEGES UNSUITABLE VARIABLE ANNUITY SALE RESULTING FROM HOME EQUITY LOAN PROCEEDS. ACTIVITY PERIOD 1/12/07-PRESENT Damage Amount Requested: $1,300,685.00 Settlement Amount: $450,000.00 Broker Comment: THE CLIENT WAS REPRESENTED BY HER POA AT ALL MEETINGS. THE POA IS HER SON. THE POA PRESENTED HIMSELF AS A KNOWLEDGEABLE INVESTOR, ENTREPRENEUR AND REAL ESTATE PERSON. I WAS TOLD BY HIM THAT HE WAS ON THE REAL ESTATE PLANNING BOARD FOR THE TOWNSHIP OF BLOOMFIELD. ALL THE DECISIONS REGARDING THE MOTHER AND FAMILY OWNED PROPERTY AND INVESTMENTS WERE MADE BY HIM. THE ONLY RECOMMENDATION I MADE WAS ON THE GENWORTH ANNUITY BECAUSE OF HIS CONCERN OF DEPLETING THE MOTHER'S MONEY. HE MENTIONED IMPROPRIETY FINANCIAL DEALINGS WITH THE MOTHER'S MONEY AMONG THE SIBLINGS. THE GENWORTH ANNUITY GAVE THE MOTHER A GUARANTEED INCOME FOR LIFE WITH ANY REMAINING BALANCE PAID TO THE BENEFICIARIES.
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