Melvin Elwood Case of Jacksonville, Florida, a stockbroker registered with LPL Financial LLC, was fired on May 2, 2017, based upon allegations that he had exploited an elderly individual after converting that individual’s funds for Case’s personal gain.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Case is referenced in five customer initiated investment related disputes pertaining to accusations of Case’s wrongdoing during the time he was associated with Prudential Insurance Company of America and Pruco Securities, LLC. In particular, on June 26, 1998, a customer filed an investment related written complaint involving Case’s conduct, in which the customer requested $9,105.35.00 in damages supported by allegations of misrepresentation relating to a variable appreciable life insurance contract.
Afterward, a customer initiated investment related arbitration claim pertaining to Case’s conduct was settled for $100,000.00 in damages founded on allegations that unsuitable investment recommendations had been made to the customer, misrepresentations were made concerning the servicing and sale of an insurance contract, and that the customer’s assets were never adequately allocated. National Association of Securities Dealers (NASD) Arbitration No. 04-07276 (Jan. 13, 2006).
On April 23, 2009, another customer filed an investment related written complaint involving Case’s conduct, alleging that the risks and guarantees of three annuities had been misrepresented, and that surrender penalties had not been disclosed. Further, on June 1, 2009, a customer filed an investment related written complaint pertaining to Case’s activities which contained accusations that the risks of fixed annuities and related guarantees were not accurately represented to the customer.
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