- Report: #857643
Complaint Review: Merrill Lynch (financial advisor: Shaun Cosby) - Birmingham Alabama
Reported By:
ginger -
birmingham, Alabama, United States of America
Submitted:
Updated:
-
Author Confirmed
Why?
Merrill Lynch (financial advisor: Shaun Cosby)
420 20th st south Suite 2600 Birmingham, 35203 Alabama, United States of America
Phone:
205-326-9742
Web:
Categories:
Business Rating:
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Merrill Lynch ,financial advisor: Shaun Cosby cheat,fraud,lied Birmingham, Alabama
I went to Merrill Lynch to purchase some annuities, investments, if you will. I was directed to financial advisor, Mr. Shaun Cosby to whom I explained my situation that I needed to purchase 2 FIXED annuities, at 6%, earning approximately$3,575.54 per year at a monthly distribution of $297.96 for one and on the other annuity approximately $12,600 per year or 1,050.00 per month.
Due to a court order I was ordered by a judge to purchase these investments, not allowing them to drop below $250,000.00 on my death bnifits, AT ANY TIME, which I immediately gave a copy of this order to my financial advisor to avoid ANY confusion at any time on what I not only needed, wanted BUT BY COURT ORDER WAS INSTRUCTED TO OBTAIN, AND MAINTAIN!
Unfortunately, within 3-6 months later I FINALLY recieved the contracts of the purchased "FIXED 6% annuities" purchased through Shaun Cosby, everything seeming to be on one accord with my wishes and also for my order from a local judge on behalf of my former spouse. Again, UNFORTUNATELY approximately 2 years later after date of purchase, I was informed, AFTER MY INQUIREE that my total in fact HAD DROPPED BELOW THE COURT ORDERED $250,000.00 all the way to $30,000.00 less than the specified, agreed upon with signatures, previously stated-$250,000.00. ALSO IN ADDITION TO THIS HORRIFYING INFORMATION I RECIEVED AT THIS TIME, I ALSO LEARNED THAT MR. SHAUN COSBY SOLD ME, TO HIS DISCRETION AND FOR HIS BENIFIT, 2 VARIABLE ANNUITIES SO THAT THE AMOUNT ACTUALLY FLUCTUATES WITH THE MARKET ENDING IN LESS MONIES THAN ONE WOULD NEED OR HAVE TO MAINTAIN IF FIXED ANNUITIES WERE NEEDED. SO AS YOU SEE, MR. SHAUN COSBY AT MERRILL LYNCH NOT ONLY LIED TO ME, BUT CHEATED ME BECAUSE UPON MANY, MANY INQUIREES TO OTHER BROKERS I WAS INFORMED THAT MR. COSBY IN FACT MADE MORE MONEY FOR EACH VARIABLE ANNUITY HE DID PURCHASE AS OPPOSED TO THE FIXED ANNUITIES OF WHICH I ASKED FOR, AND AGREED UPON THINKING I DID PURCHASE, UNTIL I WAS INFORMED 2 YEARS LATER.
AT THAT TIME I WAS ACTUALLY ON THE BRINK OF INCARCERATION DUE TO CONTEMPT, ALL BECAUSE MR. SHAUN COSBY CHOSE TO INVEST MY MONEY INTO 2 VARIABLE ANNUITIES SO HE COULD MAKE MORE MONEY RATHER THAN DOING AS I ASKED FROM HIM.
HERE I AM, ABOUT 6 YEARS LATER, SINKING INTO POVERTY DUE TO THIS MISHAP, and due to no fault of my own, while Mr. Shaun Cosby is wealthy and prosperous due to these "mistakes."
I need some help to retrieve my $75-80,000.00 back IMMEDIATELY.
Due to a court order I was ordered by a judge to purchase these investments, not allowing them to drop below $250,000.00 on my death bnifits, AT ANY TIME, which I immediately gave a copy of this order to my financial advisor to avoid ANY confusion at any time on what I not only needed, wanted BUT BY COURT ORDER WAS INSTRUCTED TO OBTAIN, AND MAINTAIN!
Unfortunately, within 3-6 months later I FINALLY recieved the contracts of the purchased "FIXED 6% annuities" purchased through Shaun Cosby, everything seeming to be on one accord with my wishes and also for my order from a local judge on behalf of my former spouse. Again, UNFORTUNATELY approximately 2 years later after date of purchase, I was informed, AFTER MY INQUIREE that my total in fact HAD DROPPED BELOW THE COURT ORDERED $250,000.00 all the way to $30,000.00 less than the specified, agreed upon with signatures, previously stated-$250,000.00. ALSO IN ADDITION TO THIS HORRIFYING INFORMATION I RECIEVED AT THIS TIME, I ALSO LEARNED THAT MR. SHAUN COSBY SOLD ME, TO HIS DISCRETION AND FOR HIS BENIFIT, 2 VARIABLE ANNUITIES SO THAT THE AMOUNT ACTUALLY FLUCTUATES WITH THE MARKET ENDING IN LESS MONIES THAN ONE WOULD NEED OR HAVE TO MAINTAIN IF FIXED ANNUITIES WERE NEEDED. SO AS YOU SEE, MR. SHAUN COSBY AT MERRILL LYNCH NOT ONLY LIED TO ME, BUT CHEATED ME BECAUSE UPON MANY, MANY INQUIREES TO OTHER BROKERS I WAS INFORMED THAT MR. COSBY IN FACT MADE MORE MONEY FOR EACH VARIABLE ANNUITY HE DID PURCHASE AS OPPOSED TO THE FIXED ANNUITIES OF WHICH I ASKED FOR, AND AGREED UPON THINKING I DID PURCHASE, UNTIL I WAS INFORMED 2 YEARS LATER.
AT THAT TIME I WAS ACTUALLY ON THE BRINK OF INCARCERATION DUE TO CONTEMPT, ALL BECAUSE MR. SHAUN COSBY CHOSE TO INVEST MY MONEY INTO 2 VARIABLE ANNUITIES SO HE COULD MAKE MORE MONEY RATHER THAN DOING AS I ASKED FROM HIM.
HERE I AM, ABOUT 6 YEARS LATER, SINKING INTO POVERTY DUE TO THIS MISHAP, and due to no fault of my own, while Mr. Shaun Cosby is wealthy and prosperous due to these "mistakes."
I need some help to retrieve my $75-80,000.00 back IMMEDIATELY.
1 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
Ginger, Feel free to 'Google' this- FRONTLINE: BREAKING THE BANK, and watch that video....
#2Consumer Comment
Mon, April 09, 2012
on the web.
It appears that the big banks in America are doing everything in their power to financially injure as many innocent and unsuspecting people as possible, in order for the employees and executives at these banks to continue making their millions of dollars in compensation, wouldn't you agree?
Feel free to contact all of your Local TV News stations in your city and send them a copy of your Ripoff Report. If this happened to you, it could be happening to others, right? Exposing your story on TV would be a good way to alert others, and it might help you in your quest to retrieve the money that you lost, correct? Make sure to send a copy of your Ripoff Report to all of your Local News stations and put it to the attention of 'Investigative Reporter'.
Good luck to you.
***NATIONWIDE BANK ALERT: Make sure to stay at this site and type in- BANK, and read the Ripoff Reports from people all over America for important information if you have a bank account, money invested in a CD, or a mortgage in the USA.
