Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on April 6, 2017 indicate that Florida-based Merrill Lynch broker/adviser James Bach has been the subject of a customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Bach (CRD# 2857544).
James Bach has spent eleven years in the securities industry and has been registered with Merrill Lynch in Jacksonville, Florida since 2013. Previous registrations include Cuna Brokerage Services in Sunrise, Florida; Cuna Brokerage Services in West Palm Beach, Florida; and Morgan Stanley DW in Purchase, New York. He has passed three securities industry examinations: Series 66 (Uniform Combined State Law Examination); Series 31 (Futures Managed Funds Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 52 US states and territories.
According to his BrokerCheck report, James Bach has been the subject of one customer complaint and one unsatisfied civil judgment or lien.
In 2014 Great Lakes Higher Education Guarantee Corporation filed a civil judgment or lien totaling $51,784.05 against James Bach. The lien remains outstanding.
In 2011 a customer alleged James Bach, while employed at Cuna Brokerage Services, was not properly informed about the surrender charges associated with a variable annuity product. The complaint settled for a refund of the contract investment amounts without surrender charges.
Variable annuities are similar to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with brokers who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a variable annuity product may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with James Bach, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.