I signed up for what I thought was a Mutual Fund Account 02/27/04 for myself & my son. This Account was Misrepresented to me. I thought I was signing up for a mutual fund with Pioneer Investments.
It turned out that most all of the money was paying for an expensive Whole Life Insurance policy and very little went into the Mutual Fund. I was instructed to set up electronic transfer.
I paid $1777.74 since February '04 and instructed Ozark to stop bank transfer on 10/13/04. I talked to Ozark National Life Kansas City Office Representative at 816/842-6300. They told me they would stop the transfer but I could not get a Refund for amount already paid.
This is the Broker: Bob Harris, 18 N. Willison Rd., Hutchinson, KS 67501
I told Harris up front I was only interested in a Mutual Fund. There is No Breakdown as to how much money is going where. This Non disclosure is Misleading & Confusing. If I had been informed that I was paying $1777.74 for Life Insurance (less $83.52 for the Mutual Fund), I would never have agreed to this. Out of this, only $83.52 went into the Mutual Fund.
They Hide the Cost of the Life Insurance by including it in a Package with the Mutual Funds and calling it a Balanced Fund. Its very Confusing. I recently got a Response Letter regarding My SEC Complaint from Ozark' Lawyer.
I was Surprised to see a Form I signed which I never received. Harris was in a hurry the Day he had me sign that Form regarding the Choices offered. He said he had another Client Appt. he had to get to. He said he would mail it. I never received this Form. I had since forgotten about that Form until the correspondence from the Ozark Lawyer.
I never wanted Life Insurance in the first place but I was never offered a choice. This Form claims I had Options. I already have Life Insurance which Harris was fully aware of because I showed him the Policy. I was lead to believe that my only option is I had to buy into their Balanced Fund program which I guess included Life Insurance.
I realized there was a problem when the Pioneer statements with the Mutual Funds was not increasing as money was transferred from my bank account to Ozark. I called Harris to inquire why I wasn't receiving updates from Ozark.
I thought that Ozark must be investing the money in other stock elsewhere for me. Harris, impatiently told me to review my paperwork. And to call him later if I had questions. I looked over what I had & came to the shocking Conclusion that My money was gone!!! That's when I called my Bank & Ozark to stop the Transfer.