According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Jack Alan Quick was accused of issuing a check to settle the complaint of two firm customers without sufficient funds to cover the check. Allegedly, in June 2012, Quick recommended that his long-time customers, a married couple, each purchased a RiverSource Indexed Universal Life Insurance Policy (IUL). The surrender period for both of them was 10 years. In July 2013, the customers told Quick that they were displeased with the IUL and ask that he surrender it. Quick then told them about the surrender charge. Quick offered to reimburse them for the surrender charge. The cost was $5,448.00. The clients accepted a check from Quick, who did not notify his member firm, Ameriprise, of his actions. This is against securities rules and regulations. He was fined $5,000 and suspended for ten business days.
According to Quick’s FINRA BrokerCheck report, he was registered with IDS Life Insurance Company in Minneapolis, Minnesota from May 1993 until July 2006 and Ameriprise Financial Services in New Hope, Minnesota from May 1993 until July 2015. He has three customer disputes against him and is not licensed within the industry. Call us today for a free consultation with one of our attorneys. 312-332-4200.
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