Morgan Keegan & Company, Inc. Broker told investor of his"fuditiary" responsibility and then put this Senior Citizen in a 10 year annuity and did not even offer any other investment alternatives. Now he's stuck with a huge fee to get out of the contract. Gainesville Georgia

The broker at Morgan Keegan told my father of his "fiduciary" responsibility and promised to get him the highest rate possible. He then put Dad into a 10 year annuity, without offering any other investment alternatives, like CD's or Preferred's. Now Dad is having a birthday this month and is turning 73 and still has 5 years to go on his contract. If he cashed it out now, he'd have huge fee's to pay. Plus he's not even making the correct rate because the broker quoted him the APY and not his actual rate or yield.

He was taken atvantage of, because he didn't understand what he was getting into, and trusting the wrong person who was more concerned about making commissions than doing the right thing.

He could have made a higher rate with plain jumbo CD's or Preferred stocks the only reason I see that the broker had for placing Dad into a 10 year annuity was the broker's own commissions going into his pocket!

JSB for D.R. S, Gainesville GA

D.R. s
Knightdale, North Carolina
U.S.A.