RedFlags, Allegations and Complaints against SANTIAGO VARGAS
Disclosure #1 for SANTIAGO VARGAS
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- eventDate: 6/30/2016
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: Customer inquired to the RR about the feasibility of transferring her two fixed annuities into her Variable Annuity (VA). After the RR informed the customer that it was possible, the customer contacted the insurance company and liquidated her policies, with the proceeds going into her VA. Thus, causing a taxable event. The RR neglected to inform the customer that her request should have been processed as a 1035 Exchange to avoid creating a taxable event.
- Damage Amount Requested: $9,978.00
- Settlement Amount: $1,625.00
- Arbitration Docket Number:
- Broker Comment: The RR filed an Errors & Omissions (E&O) claim with his insurance carrier. The customer declined the E&O settlement and elected to resolve the matter with the IRS, reversing the tax liability. On June 9, 2017, the customer withdrew her request for taxes incurred and the difference in net social security benefits. The Firm settled the complaint by reimbursing the customer for the additional tax advice and filing an amended 2015 tax return. In addition, the customer accepted a settlement from the Firm for the time taken to resolve the matter on her own.
Should I file a FINRA complaint against brokers like SANTIAGO VARGAS?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
Update – 2022.11.15If you have suffered investment losses that may have been caused by SANTIAGO VARGAS’s negligence or fraud, contact a FINRA lawyer today. Most FINRA lawyers work on a contingency fee basis, meaning that you will not be charged for their services unless they successfully collect money for you. Kindly add a comment, or contact us directly if you have any query, or want to be contacted by a FINRA lawyer today!
Frequently Asked Questions About SANTIAGO VARGAS
What is SANTIAGO VARGAS’s Central Registration Depository (CRD) Number?
Which firm is SANTIAGO VARGAS associated with?
FARMERS FINANCIAL SOLUTIONS, LLC
Where is SANTIAGO VARGAS located?
5555 TECH CENTER DR ST.E 112, COLORADO SPRINGS, CO, 80919
Where can I find more details about SANTIAGO VARGAS’s Investment Firm?
Visit https://brokercheck.finra.org/firm/summary/103863 to read a detailed report for FARMERS FINANCIAL SOLUTIONS, LLC
Are there any disclosures, allegations or complaints filed against SANTIAGO VARGAS?
Where can I download a detailed FINRA report for SANTIAGO VARGAS?
Is it safe to do business with SANTIAGO VARGAS?
We’re not sure. Please research SANTIAGO VARGAS’s disclosures, allegations and complaints before taking a decision
Originally reported on November 15, 2022 @ 11:33 pm
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