When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
CLAIMS ALLEGED UNSUITABILTY.
MISREPRESENTATIONS BREACH OF FIDUCIARY DUTY, RULE 10-8-5 AND
VIOLATIONS OF THE PA SECURITIES LAWERS. ALLEGED DAMAGES AND
CLAIMS TOTAL $416,000
Damage Amount Requested
$415,800.00
Settlement Amount
$115,000.00
Broker Comment
WITHOUT ADMITTING ANY WRONG DOING AND FOR THE
RELEASE OF CLAIMS AND DISMISSAL WIHT PREJUDICE, THIS RESPONDENT
AGREED TO PAY THE CLIAMANTS A SETTLEMENT OF $65,000 AND TO
PURCHASE SHARES OF AN INVESTMENT FOR THE ORGINAL PURCHASE
AMOUNT OF $50,000. THIS SETTLED ALL ISSUES.
OUR DEFENSES AGAINST THE ALLEGED CLAIMS ARE VERY
STRON FACTUALLY AND WE HAVE SOME ADDITIONAL PROCEDURAL ISSUES
THAT ALSO SHOULD HAVE DISPOSED OF THESE CLAIMS IN OUR FAVOR.
HOWEVER AFTER SPENDING $50,000 IN LEGAL FEES IN THE PRELIMINARY
ASPECTS OF THE ARBITRATION AND WITH THE PROSPECT OF SPENDING AT
LEAST ANOTHER $50,000 DURING THE ACTUAL PROCEEDING, WE SETTLED
THE COMPLAINT. SUBSEQUENTLY AN INDEPENDENT THIRD-PARTY ENTERED
INTO A DEFINITIVE AGREEMENT TO PURCHASE THE SHARES OF THE
INVESTMENT THAT WE PURCHASED AS PART OF THE SETTLEMENT FOR
$73,100.
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.