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Trying to research... our financial advisor put us into

Customer Question
Trying to research... our...

Trying to research... our financial advisor put us into products he misrepresented,mostly verbally, and we cannot afford. He advised us to move quaslofied retirement funds to non-qualified account to then invest with him. Essentially we've lost $50-60k over 2.5yrs.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Indiana

Lawyer's Assistant: Has anything been filed or reported?

No, we just found out, suspended future pmts

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

This is all tied to whole life insurance policies

Submitted: 6 months ago.Category: Legal
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Customer reply replied 6 months ago
Our financial guy works for a large company, well known. Is he bonded/insured and we have any hope of recovering some of our money? He put us into plans paying $1800/mth. We cannot afford that! It was only paid this long because of the money He advised we move to a savings then let automatic withdrawals come out. We didn't watch the account because we didn't want to be tempted to use the money. Just set it and forget it. I'm sick over it. We trusted him. Example, my husband is healthy and yet his life insurance for $450k is $917/mth!! We just realized this..
Customer reply replied 6 months ago
Now,we hear it was illegal for him to advise that, and now that we understand the product-- it isn't going to do what he said, nor would we ever have signed up for it.
Answered in 3 hours by:
12/30/2017
Lawyer: Asad Rahman, Lawyer replied 6 months ago
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2,527
Experience: Practicing Attorney with 10 years experience
Verified

Investment broker liability is growing with lots of fraudulent practices occurring in this industry. If he did not make the proper disclosures and did not protect your interests then you very likely have a strong claim against him.

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Customer reply replied 6 months ago
What do I do Now? We are quickly looking for new life insurance to be covered but what are our next steps? Write letters to the Dept of Insur. SEC. His employer. Find a local attorney to do that with us?
Lawyer: Asad Rahman, Lawyer replied 6 months ago

Yes, a complaint with the Dept of Insurance is a good start. I'd also send a demand letter through an attorney to them as the first step legally.

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Lawyer: Asad Rahman, Lawyer replied 6 months ago

Please let me know if you have any additional questions, otherwise a positive rating would be greatly appreciated.

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Customer reply replied 6 months ago
What kind of attorney helps in this kind of issue? Do I try to go to our financial rep 1st and resolve or skip straight to attorney and Dept of Insur?
Lawyer: Asad Rahman, Lawyer replied 6 months ago

You can talk to him first but that will give him time to cover his tracks. An attorney who specializes in securities litigation or commercial litigation is my recommendation.

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Lawyer: Asad Rahman, Lawyer replied 6 months ago

If you have any additional questions, just let me know. Otherwise a positive rating would be greatly appreciated.

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Lawyer: Asad Rahman, Lawyer replied 6 months ago

Please let me know if you have any additional questions, otherwise a positive rating would be greatly appreciated.

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