Jon Reppert (CRD#: 1474315), formerly a broker with Madison Avenue Securities, LLC (CRD#: 23224) in Addison, Texas, is currently involved in an $18 million customer dispute over a variable life insurance policy, according to his BrokerCheck record accessed on January 17, 2020.
On December 13, 2019, a client alleged that Jon Reppert misrepresented the variable life insurance policy that the client purchased. When the customer purchased the variable life insurance policy in 1994, Jon Reppert worked at MML Investors Services.
What is variable universal life insurance? Variable universal life insurance (VUL) is an alternative to traditional whole life insurance. It allows for the cash-value component of the insurance to be invested in sub-accounts, which work similarly to mutual funds. This type of insurance is “variable” because the value of these investments can fluctuate, potentially leading to large returns—but also significant losses. As such, they can be risky for investors. It is also worth noting that a broker’s commission for recommending a variable universal life insurance policy can be as high as 70% to 100% of the first-year premium. Thus, some unscrupulous investment advisors may try to convince investors to take out VULs so that they can generate generous commissions for themselves.
This dispute over VULs is not the only disclosure on Jon Reppert’s BrokerCheck record. In 1999, the Texas State Securities Board reprimanded and fined Jon Reppert $15,0000 for acting as an investment adviser and agent without being registered with the Texas State Securities Board.
Jon Reppert is not currently registered as a broker. Over his 28-year career as a broker, he has worked for several firms:
- Madison Avenue Securities, LLC
- Kalos Capital
- MML Investors Services
- Southmark Financial Services, Inc.
- Protective Equity Services, Inc.
Jon Reppert has passed the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, and the Series 7 – General Securities Representative Examination.
If Jon Reppert was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.