Terry Craig Sandvold, of Saint Louis Park, Minnesota, a stockbroker currently registered with Questar Capital Corporation, has been named in a customer initiated investment related written complaint on February 12, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Sandvold made misrepresentations to the customer concerning the step-up figures on an annuity’s guaranteed income benefit feature, and neglected to apprise the customer of the calculations used to determine the customer’s guaranteed income stream.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sandvold has been identified in fifteen additional customer initiated investment related disputes containing allegations of his misconduct while employed with Pruco Securities. Specifically, on April 30, 2009, a customer filed an investment related written complaint regarding Sandvold’s activities, based upon allegations of misrepresentation by Sandvold in reference to the customer’s insurance premium payment obligations. On June 15, 2011, another customer filed an investment related written complaint involving Sandvold’s conduct, founded upon allegations that Sandvold failed to explain the process of annuitizing a variable annuity, omitted information regarding the guarantees associated with the policy, and failed to apprise the customer about fees and charges that the customer was responsible for.
Further, on May 9, 2012, a customer initiated investment related written complaint involving Sandvold’s conduct was settled for $28,344.58 in damages based upon allegations that Sandvold made unsuitable investment recommendations to the customer and utilized unauthentic customer account documentation. On May 9, 2013, another customer filed an investment related written complaint regarding Sandvold’s activities, based upon allegations that he failed to properly detail the living benefit rider attached to the customer’s annuity policy, and the annuity purchased pursuant to Sandvold’s recommendation resulted in the customer’s inability to generate necessary income.
Subsequently, on July 1, 2014, a customer initiated investment related civil action regarding Sandvold’s activities was resolved for $33,000.00 in damages based upon allegations that Sandvold made unsuitable investment recommendations concerning the replacement of the customer’s variable life insurance contract. Moreover, on April 19, 2016, another civil action involving Sandvold’s misconduct was settled for $71,339.56 in damages based upon allegations that he induced the customer’s investment in two variable annuities by misstating the policies’ terms, guarantees, and withdrawal amounts available to the customer.
Guiliano Law Group
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