Wachovia Securities, LLC n/k/a Wells Fargo Advisors, LLC.

FINRA arbitration claim:

Wachovia Securities, LLC n/k/a Wells Fargo Advisors, LLC.

An 82 year old retired woman was convinced by a mortgage broker to take out a substantial mortgage on her primary residence which in and of itself was bad enough. But it gets worse. Part of the proceeds that the 82 year old woman received, from the mortgage, she wanted to deposit into a bank account. Before she was able to deposit the money into her bank account, a representative of Wachovia Securities led her to believe that it would be more beneficial for her financially if she took $500,000 from the mortgage proceeds and purchased a single premium immediate annuity from AIG. which she did.

It was not until recently that the relatives of the woman discovered what had happened to her. They discovered that she is exposed to the very real potential of losing her home through a mortgage foreclosure and next year the annuity will mature and the $500,000 will be gone. Based upon this the woman determined to file a claim against Wachovia Securities for the sale to her of this unsuitable annuity.

This matter has not yet been scheduled for final hearing.