The allegations read: Arizona resident claimed that he was not aware of the details regarding surrender penalties that he incurred when the fa recommended that he exchange various variable annuity contracts that he had purchased from time to time in his ira account. The client claimed that he purchased and/or exchanged various varibale annuity contracts in march 1995, february 1996, may 1997, june 1998, may 1999, and january 2000. The client further claimed that when he transferred his account to mcdonald investments with the fa in march 2001, the fa moved the funds that he had invested in an american skandia variable annuity in and out of various sub-accounts to time the market on an almost daily basis. The client claimed that from march 2001 through the present, due to the fa's investment strategy while the account was at mcdonald investments, his ira account declined in value by $160,000.00 further that in june 2002, he incurred surrender charges of $36,000.00 when he surrendered his american skandia annuity contract. The client seeks damages in the amount of $196,000.00
