The allegations read: [customer] alledges recommendation of unsuitable variable annuities, failure to disclose material facts about the investments and charging excessive fees. [customer]actually requested the change in investments, and was provided with an explaination of the surrender charges, as well as a prospectus for each new annuity contract. She also signed disclosure documents, including prospectus receipt and switch investment forms. The nasd, having reviewed the matter, closed its investigation having determined it would not take action, subject to any new information developing. [customer] also requested mediation which is scheduled for july 18, 2005.
