Wells Fargo Advisors, Laguna Beach, Michael H. Urner CRD#2642438 Annuity Fraud - The broker lied about features and liquidity Laguna Beach California

My wife and I had a long relationship wtih the Senior VP Investment Broker, Mr. Michael H. Urner  CRD# 2642438 at Wells Fargo Advisors, Laguna Beach.  We moved our portfolio to another brokerage after several instances in which Mr. Urner displayed irresponsible actions with our investments.  He inexplicably purchased a significant amount of silver at the absolute top of that market.  Really stupid.  Also, he flatly stated that other investments had "No Penalties" for borrowing against the fund. We learned that there was, indeed, a loss of valuable features with such a move.  Also he sold a personally selected stock without our knowledge or permission.  

I believe these issues were not necesssarily illeagal...but they were certainly unethical and also beyond Mr. Urner's fiduciary responsibility.  

HOWEVER, we learned later that he totally misrepresented the features and terms of a Lincoln Financial Annuity that he strongly recommended.  Mr. Urner flatly LIED. That certainly IS illegal.  There was no misunderstanding.  He clearly and repeatedly stated that the annuity guaranteed 5% compounded interest that was completely liquid and payable in full, principal and interest, after 7 years.  Witihdrawing any portion of the annuity or closing the account in less than 7 years would be subject to penalties.  

During one of our in-person meetings, Urner strongly recommended the $100,000 annuity. I made it crystal clear, several times, that we were not interested in the long term features of such annuities.  I plainly told him we did NOT want to draw the proceeds from the annuity "over time".  I repeatedly made it clear that our goal was to "park" the $100,000 in a "safe place" for the 7 year term he described...and then cash-out all principal and interest; more than $140,000!  I was later told by a Lincoln Financial representative that such a result was just not possible.  Lincoln Financial seemed embarrassed by the deceit.

After considerable aggravation, including a number of very candid conversations with Lincoln Financial, we liquidated the annuity after several years, losing considerable growth associated with the annuity.  

We recognize that there are always risks associated with any financial investment.  However, our loss in this case is not related to any misunderstanding or market change.  Our loss is directly the result of egregious, bare-faced lies made by Mr. Urner.  

We would like compensation and an apology from Mr. Urner and Wells Fargo Advisors