Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Wendell Verdell (Verdell), currently associated with Woodmen Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Verdell recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $20,700.00 on December 04, 2024.
The customer purchased a Lincoln Financial Variable Annuity and submitted a complaint in late 2024 that she was not receiving the interest rate she expected for the guaranteed payout rate. After review, it appears there May have been confusion at the point of sale regarding whether the issue date or withdrawal date triggered the interest rate value. Because of this confusion, the Firm elected to honor the higher interest rate and worked with Lincoln Financial to provide the customer with the interest rate in alignment with her expectations. The $20,700 is the estimated cost from Lincoln Financial for the breakage in the interest rates.