TREVOR SHAWN SUTTERFIELD is currently employed as a Broker and/or Investment Adviser at PURSHE KAPLAN STERLING INVESTMENTS located at 501 SE FOURTH STREET, Suite 205, BARTLESVILLE, OK, 74003.
TREVOR SHAWN SUTTERFIELD has worked at PURSHE KAPLAN STERLING INVESTMENTS since December 13, 2007
Disclosure History
TREVOR SHAWN SUTTERFIELD has 6 Disclosure Event(s).
Date: May 25, 2016 Category: Customer Dispute Allegations: The clients allege the failure to design a fully insured defined benefit plan, and the inappropriate use of whole life insurance and a fixed annuity to fund the plan. Damage Amount Requested: $256,527.00 Broker Comment: The fully insured defined benefit plan was properly designed based upon the information provided by the clients, along with their CPA/attorney. Following the comprehensive meetings and ongoing consulting, no objections or concerns were raised by the clients or their CPA/attorney. Only after the clients consulted with their new advisor did the clients change their perspective.
Date: April 14, 2016 Category: Customer Dispute Allegations: clients allege the inappropriate use of variable universal insurance policies within a captive insurance company for tax purposes. Damage Amount Requested: $282,791.00 Broker Comment: The clients engaged us to implement a comprehensive plan regarding their business operations that utilized various advanced concepts. The concepts were developed after numerous meetings with their accountant, attorney and banker. Following the comprehensive meetings and ongoing consulting, no objections or concerns were raised for nearly two years. Only after the clients consulted with their new advisor did the clients change their perspective.
Date: January 02, 2013 Category: Customer Dispute Allegations: The Complainant made allegations against eight various entities throughout the United States for broad theories of wrongdoing, including errors, omissions, negligence, negligent supervision of the sale of stock, fraud, mismanagement, replacement of an unsuitable life insurance policy. The Complainant contended certain stock that was sold at her request in August 2010 should not have been sold due to her "deep emotional attachment to the stock". The Complainant further contended that the creation of an LLC for the purpose of serving as the owner of an insurance policy was "negligent and irresponsible" in that the Complainant believed it would create a taxable event. A number of the entities, including Sutterfield Financial Group, Inc., filed a Motion to Dismiss and Counterclaims against the Complainant, including for breach of contract, defamation, and expungement pursuant to FINRA rule 2080. The counterclaims against the Complainant highlighted the fact that the Complainant has a history of filing claims regarding the same stock. In addition to damages related to breach of contract and defamation, Sutterfield Financial Group, Inc. requested reimbursement of attorney fees to defend against the Complainant's frivolous claim. Damage Amount Requested: $2,652,998.04 Settlement Amount: $43,750.00 Broker Comment: The frivolous suit was settled for litigation costs . As a result of the settlement, Sutterfield Financial Group, Inc. waived the right to pursue damages related to the Claimant's frivolous claims. Sutterfield Financial Group, Inc. strongly believes that in the event that the case would have proceeding to a hearing on the merits, the case would have resulted in a decision in favor of Sutterfield Financial Group, Inc., including damages for defamation and attorney fees . The Respondents Purshe Kaplan Sterling Investments (PKS) settled for the litigation costs of $38,750 and American General paid $5,000. Sutterfield Financial Group, Inc. did not receive any funds for damages from the Claimant nor did the Claimant receive any funds from Sutterfield Financial Group, Inc.
Date: July 13, 2009 Category: Customer Dispute Allegations: CLIENTS COMPLAIN THAT THE WHOLE LIFE POLICY SOLD TO THEM IN NOT APPROPRIATE BECAUSE IT DOES NOT GENERATE THE EXPECTED INCOME. Damage Amount Requested: $688,499.87 Broker Comment: WE WORKED WITH THE [CUSTOMERS] TO DEVELOP A COMPREHENSIVE FINANCIAL PLAN THATINCLUDED LONG TERM INVESTMENT, TAX, RETIREMENT AND ESTATE PLANNING. AS A RESULT OF OUR ANALYSIS, THEY ENGAGED US TO IMPLEMENT AND MANAGE THE PLAN INCLUDING INVESTMENT MANAGEMENT, INSURANCE POLICIES, A PENSION PLAN FOR THEIR BUSINESS AS WELL AS TAX PLANNING AND PREPARATION. WE HAVE MANAGED AND SERVICED THE PLAN SINCE ITS INCEPTION AT OR ABOVE THE CLIENTS' EXPECTATION (BASED ON FEEDBACK FROM THE CLIENTS THEMSELVES). RECENTLY, [CUSTOMER] HAD QUESTIONS ABOUT THE LIFE INSURANCE PORTION OF THE PLAN CONCERNING THE SOLVENCY OF THE INSURER (AIG) AND THE POSSIBILITY OF ACCESSING THE CASH VALUES EARLY. THE ORIGINAL PLAN WAS TO LEAVE ALONE THE CASH VALUES OF THE INSURANCE POLICY FOR THE FIRST TEN (10) YEARS OF THE PLAN, WHICH IS WHY THE CLIENTS ELECTED A WHOLE LIFE POLICY CONTAINING SOME BASE GUARANTEES. ONCE THE [CUSTOMERS] EXPRESSD INTEREST IN RECEIVING MONEY FROM THE POLICIES, WE OBTAINED POLICYPROJECTIONS DIRECTLY FROM THE INSURER ILLUSTRATING THE EFFECT THIS EARLY ACCESS TO THE POLICY CASH VALUES WOULD HAVE. WE PROMPTLY FORWARDED THESE PROJECTIONS TO THE CLIENT WITH THE EXPECTATION THAT WE WOULD REVIEW WITH THE CLIENT AND EXPLAIN THE ILLUSTRATIONS AND IMPACT TO THE OVERALL FINANCIAL PLAN WHICH HAD BEEN IMPLEMENTED. THE CLIENTS NEVER RESPONDED TO OUR REPEATED ATTEMPTS TO ADDRESS THEIR CASH NEEDS WITH ALTERNATIVE PROPOSALS. WE BELIEVE THAT WITH SOME DIRECT EXPLANATION AND CORRESPONDENCE WITH THE [CUSTOMERS], WE COULD ADEQUATELY ADDRESS THEIR CASH NEEDS. THE COMPLAINT CONTAINS MANY FACTUAL MISSTATEMENTS AND OMISSIONS. DESPITE THE [CUSTOMER]' REQUEST FOR A RETURN OF THEIR PREMIUMS, THEY HAVE MADE NO ACTUAL CLAIM FOR DAMAGES. THE INSURER HAS EVALUATED THE COMPLAINT LETTER AND SUMMARILY REJECTED THE[CUSTOMER]S' REQUEST FOR A RETURN OF PREMIUMS. THE INSURER'S OWN INTERNAL INVESTIGATION HAS CONCLUDED WITH NO FINDING OF WRONGDOING ON MY PART AND NO FINDING OF MERIT OF THE CLAIMS MADE BY THE [CUSTOMERS]. WE HAVE SINCE MET WITH THE CLIENT TO CLARIFY THE QUESTIONS RAISED IN THEIR WRITTEN COMPLAINT AND THEY SEEM TO BE SATISFIED.
Date: July 17, 2008 Category: Customer Dispute Allegations: CLIENT ALLEGED MISREPRESENTATIONS WITH REGARD TO THE SUITABILITY OF MODIFIED WHOLE LIFE INSURANCE POLICY. Damage Amount Requested: $95,000.00 Settlement Amount: $12,500.00 08-02496
Date: December 22, 2004 Category: Customer Dispute Allegations: ALLEGES RECOMMEDATION TO PURCHASE TWO WHOLE LIFE INSURANCE POLICIES ON OR ABOUT 11/27/2003 WITH ANNUAL PREMIUMS TOTALING $60,000.00 IS UNSUITABLE BASED ON CLIENT'S STATED RETIREMENT OBJECTIVES. Damage Amount Requested: $60,000.00 Broker Comment: THE POTENTIAL CLAIM AROSE FROM EXTREMELY BAD INFORMATION FROM INCOMPENTENT LEGAL AND TAX REPRESENTATION ON THE WASKOW'S PART. THERE IS NO BASIS FOR THIS CLAIM AS THE FINAL RESULTS WILL REVEAL. THIS ACTION AROSE AS ME ACTING IN THE CAPACITY OF OFFICER OF A CORPORATION WHO WAS THE THIRD PARTY ADMINISTRATOR TO THE PENSION PLAN.
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