Michael Anthony Jump of Somonauk Illinois is a stockbroker formerly registered with Investment Planners Inc. who has been fined by the State of Wisconsin Office of the Commissioner of Insurance based upon consenting to findings that he failed to make required disclosures to the Commissioner relating to an administrative action that Jump was the subject of. Case No. 16-C41380 (Dec. 12 2016).
Particularly, Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Jump has been has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he made misrepresentations to customers concerning fees of annuities being replaced by customers as part of Jump’s investment recommendations; and made unsuitable variable annuity exchange recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2014039222501 (Aug. 25, 2015).
Apparently, the fees of customers’ existing annuities had been misstated by Jump. FINRA also noted that Jump failed to reasonably assess the benefits and drawbacks of the exchanges he recommended to customers, and failed to consider the surrender penalties of the annuities customers would replace. Evidently, Jump recommended that customers switch their existing annuities with those he recommended even though he lacked an adequate foundation to believe that the annuity replacements were appropriate. FINRA found Jump’s conduct violative of FINRA Rules 2010, 2330(b)(1) and 2111.
FINRA Public Disclosure reveals that Jump has been referenced in four customer initiated investment related disputes concerning allegations of Jump’s misconduct while employed with American General Securities Incorporated and Investment Planners, Inc. In particular, on February 16, 2016, a customer filed an investment related written complaint pertaining to Jump’s conduct where the customer sought $26,964.19 in damages based upon accusations that Jump made misrepresentations to the customer in reference to the surrender of the customer’s variable annuity issued by Prudential and fixed annuity issued by Sentinel Life.
Subsequently, a customer initiated investment related written complaint regarding Jump’s activities was resolved for $9,534.00 in damages founded on allegations that the customer was placed into a fixed index annuity that was not suitable for the customer given the fees and financial status of the insurance company, and the customer was not made aware of the terms and conditions of fixed index annuity and variable annuity products.
Additionally, on November 1, 2016, a customer filed an investment related written complaint involving Jump’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon accusations that the customer was placed into a variable annuity that was not appropriate for the customer, and the customer’s signature was forged on an annuity application. Apparently, the forged signatures of the customer were placed on three American Skandia documents. Moreover, the customer alleged that mutual fund trades were executed without the customer’s consent.
Investment Planners, Inc. fired Jump on January 15, 2016, based upon allegations that discretion had been exercised by Jump in customers’ mutual fund accounts without Jump having procured authorization. Since August 5, 2016, Jump has been associated with Chelsea Financial Services.
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