CUSTOMER CLAIMS THAT FROM FEBRUARY 2009 TO JANUARY 2010, THE FINANCIAL ADVISOR DID NOT ADVISE HIM OF AN ALTERNATE PROCESS FOR FOREIGN BOND CONVERSIONS RESULTING IN LOSSES.

$25,473.38

I HAVE REVIEWED THE CLIENT'S ALLEGATIONS AND STRONGLY DISAGREE WITH HIS CLAIMS. WHEN THE CLIENT INQUIRED ABOUT FOREIGN BONDS BEING CONVERTED TO A CURRENCY OTHER THAN U.S. DOLLARS, I DISCUSSED THE ALTERNATE PROCESSES FOR FOREIGN BOND CONVERSIONS WITH HIM. FURTHERMORE, THE ACCOUNTS WERE U.S. ACCOUNTS AND FOREIGN BONDS WERE THEREFORE AUTOMATICALLY CONVERTED TO U.S. DOLLARS. THE FIRM HAS DENIED THE COMPLAINT ON MY BEHALF.

CUSTOMER ALLEGED FINANCIAL ADVISOR MADE UNSUITABLE INVESTMENT RECOMMENDATIONS.

$15,000.00

$54,900.00

IN ORDER TO AVOID THE COSTS AND EXPENSES OF FURTHER LITIGATION, MORGAN STANLEY AND PAUL A. CHAVENSON, WITHOUT ADMITTING LIABILITY OF ANY KIND, DECIDED TO SETTLE THE CLAIMS ASSERTED. LEGG MASON SETTLED FOR $45,000.

CUSTOMER ALLEGES FINANCIAL ADVISOR MADE UNSUITABLE INVESTMENTS IN HIS ACCOUNT FOR AN UNSPECIFIED TIME PERIOD.

$100,000.00

THE FIRM FOUND THE ALLEGATIONS TO BE WITHOUT MERIT AND THE FACT OF THIS COMPLAINT SHOULD NOT CAUSE THE FA TO BE VIEWED NEGATIVELY.

CLAIMANT ALLEGES INVESTMENTS WERE UNSUITABLE BASED ON HIS FINANCIAL OBJECTIVES.

$300,000.00

$41,611.15

MEDIATION WAS HELD IN PHILADELPHIA ON JULY 8, 2005, AT WHICH TIME BOTH PARTIES AGREED TO SETTLE THIS MATTER. AS PART OF THE SETTLEMENT, THE PARTIES AGREED TO PRESENT A STIPULATED AWARD TO THE PANEL PROVIDING FOR THE EXPUNGEMENT OF MR. CHAVENSON'S CRD RECORD.

CLIENT ALLEGES THAT FA WAS NEGLIGENT IN MANAGING THE CLIENT'S ACCOUNT AND DID NOT MAKE SUITABLE RECOMMENDATIONS.

$110,479.00

THE CLIENT ALELGED THAT THE STOCKS PURCHASED IN HIS ACCOUNT WERE NOT SUITABLE GIVEN HIS INVESTMENT OBJECTIVE. DAMAGES ESTIMATED IN EXCESS OF $5,000.