Michael Jump—Misrepresented Fees Associated with Variable Annuities He Was Selling
Michael 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 Jason Kane 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 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 Jason Kane 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 Jason Kane and Joe Peiffer.
Securities Rights Lawyers Investigating
The Peiffer 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 Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.
Broker: Michael A Jump
Status: INVESTIGATED by Peiffer Wolf.
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