Michael Jump—Misrepresented Fees Associated with Variable Annuities He Was Selling

investment fraud lawyersMichael Jump Allegedly Misrepresented Fees Associated with Variable Annuities Which He Sold

Michael Jump, who was registered with Investment Planners from April 2013 to April 2014, allegedly prepared Variable Annuity Transmittal and Disclosure forms (also known as VA switch forms) in connection with 32 variable annuity transactions, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently under review by attorneys Alan Rosca and Joe Peiffer.

Said switch forms contained information explaining the reason for replacing one with another and the fees associated with the replaced policy, which might include mortality and expense fees, the AWC notes.

The Peiffer Rosca Wolf securities rights lawyers are currently investigating Michael Jump for allegedly misrepresenting fees associated with variable annuities. Michael Jump was registered with Investment Planners in Somonauk since June 2008, the AWC reports.

Michael Jump Allegedly Provided Incorrect Information Associated with Switch Fees, and on 32 Occasions, Allegedly Claimed Fees Were Higher than in Actuality

Michael Jump allegedly provided incorrect information associated with the fees of said switches, and he allegedly claimed the fees were higher than they actually were on 32 occasions, according to the aforementioned AWC presently under review by attorneys Alan Rosca and Joe Peiffer.

What is more, Jump also allegedly failed to make reasonable assessments of the advantages and disadvantages of the recommended exchanges described, actions which violated FINRA rules and regulations.

Hence, Michael Jump has been suspended for two months from the industry by FINRA, fined $10,000, and was also ordered to pay disgorgement of commissions in the amount of $6,889, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently under review by attorneys Alan Rosca and Joe Peiffer.

Securities Rights Lawyers Investigating

The Peiffer Rosca Wolf securities rights lawyers often represent investors who lose money as a result of alleged misrepresented fees. They are currently investigating Michael Jump for allegedly misrepresenting fees. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Michael Jump for his alleged misrepresentation of fees may contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Michael A Jump
Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1168 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.