TAMMY TENNEY PAQUETTE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 280 W MAIN ST, SAFFORD, AZ, 85546-2349.
TAMMY TENNEY PAQUETTE has worked at LPL FINANCIAL LLC since April 19, 2012
TAMMY TENNEY PAQUETTE has 1 Disclosure Event(s).
Date: February 18, 2009 Category: Customer Dispute Allegations: 4/08-1-10/09; THE CLIENT STATED THAT THE FA RECOMMENDED A VARIABLE ANNUITY TO HER AND THE CLIENT CLAIMS SHE ASKED IF PURCHASING A MUTUAL FUND WAS A GOOD IDEA AND STATES THAT THE FA SAID THIS WAS A NEW TYPE OF INVESTMENT AND THAT A MUTUAL FUND COULD BE PURCHASED BUT A GUARANTEE COULD BE PUT ON THE INVESTMENT. THE CLIENT SAID SHE WAS TOLD THAT PRINCIPAL COULD BE WITHDRAWN AT ANYTIME. THE CLIENT STATES SHE TALKED THE INVESTMENT OVER WITH HER HUSBAND AND THE CLIENT TOLD THE FA TO "GO AHEAD AND PURCHASE THIS VARIABLE ANNUITY AS LONG AS IT WAS NOT AN ANNUITY". THE CLIENT STATES THE FA WAS TOLD THAT SHE DID NOT WANT AN ANNUITY AND CLAIMS THE FA ASSURED HER THIS WAS NOT AN ANNUITY. THE CLIENT WAS CONCERNED THAT HER FIRST HANCOCK STATEMENT DID NOT SHOW DIVIDENDS BEING PAID AND CLAIMS THE FA EXPLAINED IT WAS AGAINST THE LAW FOR THEIR STATEMENT TO SHOW A DIVIDEND WAS BEING PAID. THE CLIENT STATES THAT SHE CONTACTED JOHN HANCOCK IN JANUARY AND WAS TOLD THAT THEY ONLY HAD A DEATH BENEFIT AND THE INVESTMENT WAS NOT INSURED. THE CLIENT CLAIMS THAT THE FA EXPLAINED JOHN HANCOCK GOT THE WRONG INFORMATION AND THE CONTRACT WAS RE-DONE TO INCLUDE A LIFE RIDER WHICH GUARANTEED 7% PER YEAR. THE CLIENT STATES THAT IF THEY WANTED THEIR MONEY BACK THAT JOHN HANCOCK OFFERED $4,800 PLUS THE FACE VALUE (APPROX. $30,000). THE CLIENT STATES SHE DID NOT WANT AN ANNUITY AND IS REQUESTING ALL OF THEIR MONEY BACK. THE DECREASE IN THE VALUE OF THE INVESTMENT AT THE TIME OF SURRENDER EXCEEDS $5,000. *** ARBITRATION:CLAIMANT CLAIMS NEGLIGENCE, MISREPRESENTATION, UNSUITABILITY, AND BREACH OFFIDUCIARY DUTY REGARDING THE SALE OF AN ANNUITY. (AMOUNT CLAIMED: $25,000 IN COMPENSATORY DAMAGES PLUS DISGORGEMENT OF COMMISSIONS, ATTORNEY FEES, COSTS AND INTEREST.) Damage Amount Requested: $5,000.00 Settlement Amount: $3,000.00 Broker Comment: THE FA STATED THAT SEVERAL OPTIONS WERE OFFERED TO THE CLIENT FOR INVESTING THEIR FUNDS AND THE CLIENT LIKED THE IDEA OF INVESTING IN A VARIABLE ANNUITY. THE CLIENT ALSO OWNED A FIXED ANNUITY AND CONSIDERED DOING A 1035 EXCHANGE, HOWEVER, DECIDED TO WAIT. THE CLIENT AGREED WITH THE PURCHASE AND THE POLICY WAS DELIVERED ON 5/7/08. AT THIS TIME THE FA STATED THAT THE DETAILS OF THE INVESTMENT WERE DISCUSSED AGAIN AND THE APPROPRIATE DOCUMENTATION WAS COMPLETED AND A CURRENT PROSPECTUS WAS PROVIDED. IT WAS LATER DISCOVERED THAT THE INCOME RIDER WAS NOT PLACED ON THE CONTRACT SO THE FA WORKED TO GET THE RIDER ADDED AND WAS WILLING TO ABSORB THIS COST HERSELF. THE FA NOTIFIED THE CLIENT ON 2/12/09 THAT THE NEW POLICY WITH THE RIDER HAD BEEN RECEIVED AND IT WAS AT THAT TIME THE FA STATED THE CLIENT INDICATED THEY WANTED THE POLICY CANCELLED. IT APPEARS AS THOUGH APPROPRIATE INFORMATION WAS PROVIDED TO THE CLIENT TO MAKE THE CLIENT AWARE OF THE DETAILS OF THE INVESTMENT, THE CONTRACT WAS DELIVERED AND SIGNED BY THE CLIENT. THE CLIENT'S CLAIM THAT THEY WERE NOT AWARE THEY WERE PURCHASING AN ANNUITY WAS DENIED. ***ARBITRATION SETTLED FOR $3,000.00
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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