Bill Munn Subject of a Variable Annuity Dispute
Bill Munn (CRD #: 2250062), a broker registered with Ameriprise Financial Services, is the subject of his second investor dispute. This disclosure appears on his BrokerCheck record, accessed on May 10, 2024. Keep reading for more information.
Investor Allegations
On April 11, 2024, an investor alleged that Bill Munn sold her and her minor son unsuitable RiverSource Retirement Advantage variable annuity contracts. The investor sought $200,000 but the dispute was denied by the firm.
Investors should know that firms can deny disputes without any external review. You can still recover losses following a denial.
There is a similar dispute on his record. An investor alleged that Bill Munn sold a VUL insurance policy that he said would have a guaranteed death benefit of $400,00 as long as he paid the $400 monthly premium. The investor alleges that he later learned the policy would lapse unless he paid an increased premium. This dispute was denied by the firm.
What is a Variable Annuity?
Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors.
Variable Universal Life Insurance Policies
Unlike other forms of life insurance, Variable Universal Life insurance policies (VULs) invest a portion of investors’ premiums. These investments determine whether the policy’s value increases or decreases, so investors’ returns are not guaranteed.
Background Information
Bill Munn has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 24 General Securities Representative Examination
He is a registered broker in 42 states, Puerto Rico, D.C. He is a registered investment adviser New Jersey, New York, and Texas.
Bill Munn has registered with three firms:
- Ameriprise Financial Services (CRD #: 6363)
- IDS Life Insurance Company (CRD #: 6321)
- American Express Service Corporation (CRD #: 10518)
Kurta Law Can Help
If you have worked with Bill Munn and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.