The allegations read: The client purchased a va through cfs representative patatian in may 2008. At the time of purchase the client had previous investment experience including variable annuities, and she indicated that she had a growth objective, a medium risk tolerance and a time horizon of 5-10 years with no plans to take withdrawals. The client affirmatively elected to invest in separate accounts rather than invest in the 1-year fixed account until the end of the 30 day right to examine period. She surrendered during the free-look period and alleged an $11,715.00 market loss. On or around july 12, 2008, the client indicated that her sole reason to exercise the free-look was "because the account went down" in value. The purchase of the va was suitable for the client and we deny any wrongdoing.
