Facts

Brent Pine was a portfolio manager that worked for Voya Financial Advisors, Inc., before disaffiliating with the company. In 2000, a customer purchased a ReliaStar six-year variable annuity through Pine, which comprised of approximately 10% percent of the customer's portfolio. The customer signed a Variable Annuity Acknowledgement acknowledging potential surrender charges in the event of early surrender. In 2004, the customer surrendered the annuity and the parties went to arbitration over the annuity.

CLAIMANT'S CONTENTIONS: Claimant contended that respondent's claims were clearly erroneous. Claimant also contended that he was entitled to expungement of the underlying claims.

RESPONDENT'S CONTENTIONS: Respondent denied the contentions.

Result

The arbitrator found for the claimant and recommended expungement relief.

Other Information

ARBITRATOR: Roger A. Geddes.