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**ARBITRATION ALLEGATIONS: BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, NEGLIGENCE, BREACH OF GEORGIA LAW FOR NEGLIGENT PERFORMANCE OF CONTRACT, SUITABILITY, OMISSION OF FACTS, MISREPRESENTATION - FROM 1985 UNTIL NOVEMBER 2001, FA MANAGED THE ASSETS IN A MANNER INCONSISTENT WITH THE STATED OBJECTIVES; SECURITY AND LONG-TERM STABILITY WITH MODERATE GROWTH. FA ALSO FAILED TO PROVIDE ADEQUATE DIVERSIFICATION AND APPROPRIATE RISK CONTROLS OR PROTECTION IN THE EVENT OF ADVERSE MARKET CONDITIONS.** SUITABILITY - CLIENT ALLEGE INAPPROPRIATE INVESTMENTS. REQUESTING REIMBURSEMENT OF FEES AND EXPENSES INCLUDING ATTORNEY'S FEE. ESTIMATED LOSS IS IN EXCESS OF $300,000.
Damage Amount Requested
$400,000.00
Settlement Amount
$205,000.00
Broker Comment
**UPDATE - THIS COMPLAINT WENT INTO ARBITRATION AFTER IT WAS ARCHIVED** I HAVE BEEN WORKING WITH THE CLIENT SINCE 1985, UTILIZING A SIMILAR STYLE AND STRATEGY THROUGHOUT THE YEARS AND I HAVE ALWAYS KEPT THE CLIENT INFORMED OF THE PORTFOLIO AND THE RESULTS. AT NO POINT IN THE 17 YEARS DID THEY EXPRESS ANY CONCERN ABOUT THE INVESTMENTS OR THE STYLE OR THE ASSET ALLOCATION UNTIL OCTOBER 17, 2001, SHORTLY AFTER THE SEPTEMBNER 11, 2001 TRAGEDY. THE CLIENT NOW ALLEGES INAPPROPRIATE INVESTMENTS AFTER ONE OF THE WORST BEAR MARKETS IN HISTORY. THE INVESTMENT OBJECTIVE, AS STATED IN MY 1/20/89 LETTER, WAS TO ACHIEVE A 12% - 15% RETURN AND TO KEEP UP WITH INFLATION.
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.