Jim King Mui (CRD#: 1007131), a registered representative with Purshe Kaplan Sterling Investments in Boca Raton, Florida, has been involved in a recent dispute involving unsuitability, according to his BrokerCheck record accessed on August 23, 2019. His firm, Purshe Kaplan Sterling, recently settled a customer complaint in which a client alleged that their advisor “made an unsuitable recommendation to surrender annuity.” In the broker comment, Mui claims that the dispute was over the loss of the annuity’s death benefit for the client’s husband. The client, who filed the claim on July 10, 2019, originally requested $87,743.97 in damages, but the firm settled for $50,000. Annuities, particularly variable annuities, are complex securities products and are not suitable for every investor. Annuities contain mutual funds and can carry high fees (including surrender fees), so investors may find that it is better to invest in mutual funds directly. For more information about variable annuities, see our article “What Are Variable Annuities?”
On July 26, 2011, Jim King Mui became involved in a customer dispute after a client alleged misrepresentation between February 2006 and February 2007. The matter was settled for $275,019.67. According to the broker comment, “This settlement is the result of a firm wide agreement to repurchase auction rate securities (ARS) that experienced failed auctions and limited liquidity throughout the industry. The settlement repurchase of the ARS was executed at par and the Financial Advisor was not asked to contribute to the settlement.”
On November 2, 2004, he became involved in a dispute over a variable annuity. According to BrokerCheck, “Client alleges that Financial Advisor ‘sold investments [to fund IRA distribution] and made the withdrawal without talking to me.’ Client also alleges that FA failed to advise her of penalties she would incur on distribution from an IRA.” The client requested $18,500, and the matter was settled for $17,000.
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