Customer Sues Wells Fargo For Annuity Misrepresentation
Mary Janice Stockinger of Lenoir North Carolina is a stockbroker currently registered with Wells Fargo Advisors LLC who is the subject of a customer initiated investment related arbitration claim which settled for $20,000.00 in damages founded on accusations that Stockinger made misrepresentations to the customer concerning a fixed annuity by claiming that it would provide lifetime guaranteed income when the annuity only provided guaranteed income for seven years. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03011 (Oct. 24, 2017).
FINRA Public Disclosure also reveals that on September 9, 2009, a customer initiated investment related written complaint involving Stockinger’s conduct was settled for $8,556.37 in damages based upon allegations that the customer’s variable annuity failed to come with a death benefit feature that the customer expected to be included at the time that the purchase was initiated.
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