SII Accused By Customer Of Annuity Misrepresentation

Joel Howard Weber of Saint Cloud Minnesota a stockbroker formerly registered with SII Investments, Inc. is the subject of a customer initiated investment related written complaint on April 2, 2018 where the customer requested $69,220.00 in damages based upon accusations that misrepresentations had been made to the customer concerning a variable annuity income benefit.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Weber has been identified in four more customer initiated investment related disputes containing allegations of Weber’s wrongdoing while employed by SII Investments and Franklin Financial Services Corporation. Particularly, on March 5, 2008, a customer initiated investment related complaint concerning Weber’s conduct was resolved for $54,000.00 in damages founded on accusations that Weber was misled in reference to the liquidation of mutual funds and investment of the proceeds in a fixed indexed annuity.

On June 4, 2009, another customer filed an investment related complaint pertaining to Weber’s conduct in which the customer sought $100,000.00 in damages based upon allegations that the customer was placed into a variable universal life insurance policy by being led to believe that the policy would not require the customer to make additional premium payments to keep the policy in force.

Then, on October 17, 2012, a customer brought an investment related complaint involving Weber’s activities where the customer requested $87,094.02 in damages founded on accusations of misrepresentation in reference to a variable annuity purchased by the customer. Another customer initiated investment related complaint regarding Weber’s activities was settled on March 23, 2015 for $339,049.69 in damages based upon allegations that Weber misrepresented the guaranteed minimum income benefit on the customer’s variable annuity.

Weber’s employment with SII Investments Inc. was terminated on October 19, 2017. Since then, he has been employed by Securities America, Inc.

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