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CLIENT IS QUESTIONING IF HER LORD ABBETT MUTUAL FUND IS INSURED AS SHE CLAIMS SHE LOST
$6,524.80. CLIENT CLAIMS SHE HAD INSTRUCTED ROSBY SHE DID NOT WANT ANY INVESTMENT
THAT COULD LOSE PRINCIPAL. LOSS CLAIMED IS $6,524.80
Damage Amount Requested
$6,524.80
Broker Comment
ROSBY STATED HE DISCUSSED THE POTENTIAL FOR MARKET FLUCTUATION WITH THE CLIENT AT
THE TIME OF PURCHASE IN JANUARY, 1996. ROSBY STATED HE DID NOT INFORM THE CLIENT THE
FUND WAS INSURED NOR DID HE GUARANTEE THE CLIENT AGAINST LOSS OF PRINCIPAL. ROSBY
STATED HE REVIEWED THIS INVESTMENT WITH THE CLIENT SEVERAL TIMES AND BELIEVED THE
CLIENT UNDERSTOOD THE ASSOCIATED RISKS; THE CLIENT WOULD HAVE RECEIVED A PROSPECTUS
AT THE TIME OF PURCHASE AS WELL AS CUSTOMER STATEMENTS FROM THE DATE OF PURCHASE
INDICATING THE APPROX. VALUE OF THE FUND; THE CLIENT SOLD THE FUND ON 9/6/00. CLAIM DENIED
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.