What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 31, 2015

Stoltmann Law Offices is investigating Michael Jump and Investment Planners investor losses. Jump entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, Jump was registered with Investment Planners between April 2013 and April 2014. He allegedly prepared Variable Annuity Transmittal and Disclosure forms (also known as VA switch forms) in connection with 32 variable annuity transactions. The switch forms contained information explaining the basis for replacing one with another and the fees associated with the replaced policy. Examples of such were mortality and expense fees. The switch forms were signed and acknowledged by each of the customers and submitted to Investment Planners for review. Jump then provided incorrect information associated with the fees of the switches. On the 32 occasions, he claimed the fees were higher than they actually were. Jump also failed to make reasonable assessments of the advantages and disadvantages of the recommended exchanges described. These transgressions were against FINRA rules and regulations. For them, he was suspended for two months from the industry and fined $10,000. He was also ordered to pay disgorgement of commissions in the amount of $6,889.

Michael Jump was associated with Pruco Securities Corporation from September 1983 until June 1985, and Pruco in Newark, New Jersey from August 1986 until March 2005. He was also associated with American General Securities in Somonauk, Illinois from April 2005 until July 2008. He is currently registered with Investment Planners in Somonauk and has been since June 2008. He has one customer dispute against him. If you invested money with Michael Jump, you may be able to bring a claim against Investment Planners, for failing to properly supervise him. They had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 for a free consultation with an attorney.


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltmann Law Securities Investment Fraud Attorneys