ZINA DEVASSAL LAUMAN - Investment Adviser at HORNOR, TOWNSEND & KENT, LLC

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Detailed ReportReport

ZINA DEVASSAL LAUMAN

ZINA DEVASSAL

CRD#: 1394266

Investment Adviser

Broker

HORNOR, TOWNSEND & KENT, LLCCRD#: 4031

161 Washington St
Suite 1111
Conshohocken, PA 19428

Registration History

Disclosure(s)

View By:

1/22/2007

Customer Dispute

Settled

Allegations

CUSTOMER COMPLAINT WAS RECEIVED BY JANNEY ON 1/22/2007 AND SETTLED ON 2/22/2007. CLAIMANT ALLEGED THE RECOMMENDATIONS MADE CONCERNING HER IRA ACCOUNT WERE UNSUITABLE AND RISKY.

Damage Amount Requested

$100,000.00

Settlement Amount

$10,000.00

Broker Comment

THIS CUSTOMER COMPLAINT WAS SETTLED BY JANNEY MONTGOMERY SCOTT LLC ("JANNEY") IN FEBRUARY 2007 WITHOUT ANY PAYMENT FROM ME, AND WITHOUT MY KNOWLEDGE OR CONSENT. THAT WAS NEARLY 4 YEARS AFTER I TERMINATED MY EMPLOYMENT RELATIONSHIP WITH JANNEY, AND IT WAS ALMOST 5 YEARS AFTER I CEASED ALL INVOLVEMENT WITH THE CUSTOMER IN QUESTION. IF I HAD BEEN CONSULTED, I WOULD HAVE OPPOSED ANY SETTLEMENT BECAUSE THE CUSTOMER'S COMPLAINT WAS WITHOUT MERIT FOR THE REASONS EXPLAINED BELOW. ALTHOUGH I WAS THE ACCOUNT EXECUTIVE ON RECORD WITH JANNEY WHEN THE CUSTOMER MADE THE INITIAL INVESTMENT IN 1999, I HAD NO INVOLVEMENT WITH HER ACCOUNT WHATSOEVER AFTER MAY 2002. THE CUSTOMER'S ONLY COMPLAINT CONSISTED OF A LETTER TO JANNEY DATED NOVEMBER 10, 2006, FULLY 4 ½ YEARS AFTER I HAD CEASED ALL INVOLVEMENT WITH HER ACCOUNT. THE LETTER NEVER MENTIONED MY NAME. WHEN THE CUSTOMER OPENED HER ACCOUNT IN 1999, I RECOMMENDED A CONSERVATIVE, LARGE CAP VALUE MUTUAL FUND THAT WAS APPROPRIATE FOR THE CUSTOMER BASED ON HER AGE, FINANCIAL SITUATION, AND STATED INVESTMENT OBJECTIVE AT THAT TIME. I GAVE THE CUSTOMER ALL PERTINENT INFORMATION ABOUT THE INVESTMENT BEFORE THE CUSTOMER MADE THE DECISION TO INVEST AND I REGULARLY DISCUSSED THE ACCOUNT WITH HER AS LONG AS I WAS HANDLING THE ACCOUNT. THE ACCOUNT WAS TRANSFERRED TO ANOTHER ACCOUNT EXECUTIVE IN MAY 2002 DUE TO A CHANGE IN MY JOB POSITION AT JANNEY. I CEASED ALL INVOLVEMENT WITH THE ACCOUNT AT THAT TIME. I DON'T KNOW WHAT INVESTMENT CHANGES WERE MADE TO THE CUSTOMER'S ACCOUNT DURING THE 4 ½ YEARS BETWEEN MAY 2002 AND THE DATE OF THE CUSTOMER'S COMPLAINT LETTER IN NOVEMBER 2006, BUT INFORMATION BASED FROM MORNINGSTAR INDICATES THAT IF THE CUSTOMER HAD KEPT THE SAME MUTUAL FUND SHE PURCHASED THROUGH ME IN 1999 THROUGH 2006, SHE WOULD NOT HAVE EXPERIENCED A LOSS, BUT WOULD HAVE EARNED A SIGNIFICANT GAIN.

License(s)

State Registrations

Pennsylvania 8/7/2013

Pennsylvania 10/15/2013

SRO Registrations

FINRA

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Not all jurisdictions require IAR registration or may have an exemption from registration.

Current Registration(s)

HORNOR, TOWNSEND & KENT, LLC (CRD#:4031)

161 Washington St Suite 1111, Conshohocken, PA 19428

Registered with this firm since 10/15/2013

HORNOR, TOWNSEND & KENT, LLC (CRD#:4031)

161 Washington St Suite 1111, Conshohocken, PA 19428

Registered with this firm since 12/7/2012

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	01/18/2005 - 05/15/2006	HORNOR, TOWNSEND & KENT, INC. (CRD#:4031)	HORSHAM, PA
B	08/20/2003 - 05/15/2006	HORNOR, TOWNSEND & KENT, INC. (CRD#:4031)	HORSHAM, PA
B	05/08/1998 - 06/16/2003	JANNEY MONTGOMERY SCOTT LLC (CRD#:463)	PHILADELPHIA, PA
B	03/09/1998 - 05/20/1998	LINSCO/PRIVATE LEDGER CORP. (CRD#:6413)	FORT MILL, SC
B	07/28/1987 - 11/18/1997	DELAWARE DISTRIBUTORS, L.P. (CRD#:14232)	PHILADELPHIA, PA
B	02/17/1987 - 07/31/1987	PHOENIX EQUITY PLANNING CORPORATION (CRD#:3036)

HORNOR, TOWNSEND & KENT, INC. (CRD#:4031)

HORSHAM, PA

01/18/2005 - 05/15/2006

HORNOR, TOWNSEND & KENT, INC. (CRD#:4031)

HORSHAM, PA

08/20/2003 - 05/15/2006

JANNEY MONTGOMERY SCOTT LLC (CRD#:463)

PHILADELPHIA, PA

05/08/1998 - 06/16/2003

LINSCO/PRIVATE LEDGER CORP. (CRD#:6413)

FORT MILL, SC

03/09/1998 - 05/20/1998

DELAWARE DISTRIBUTORS, L.P. (CRD#:14232)

PHILADELPHIA, PA

07/28/1987 - 11/18/1997

PHOENIX EQUITY PLANNING CORPORATION (CRD#:3036)

02/17/1987 - 07/31/1987

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Disclosures

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