Complaint / review text:
In March 2006 I was told and sold three Annuities called the Allianz High 5 Bonus by Seth Chadwick, employee of NBC Securities, Inc, a wholly owned subsidiary of Alabama National Bank dba Community Bank of Naples. Mr Chadwick explained these Allianz products as having the best of both worlds, when the interest rates drop, the owner could choose to invest the sums in the equity markets or when intrest rates were higher, the funds could be moved to interest rate products. The fact is the initial sum invested has grown to $92,000 or minus, from an initial investment of 82,000 or minus but that has come after 7 years. The Allianz took control of the funds in the second year and I have not been able to invest in any of my own choices to any apprecicable amount (well less than 10% of the initial deposit. I feel their representatives misrepresentation has caused me to lose significant equity and debt investment opportunities provided in their portfolio. Furthermore they now wish to impose a 5% penalty if i choose to withdraw the funds after 7 years of lackluster performance on their part. I was told the funds would become availalble for removal with no fee on the 7th anniversary which is common in the Annuity business. Alt a minimum I want my initial investment plus an imputed return equal to the DJIA gain over the same period or approximate 30% over 7 years whihc is about $20,000 based on my initial investment.