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WISCONSIN RESIDENT WRITES THAT HIS FA MISREPRESENTED THE FEES ASSOCIATED WITH HIS CUSTOM CHOICE WRAP ACCOUNT, NAMELY, THAT HE WAS TOLD THERE WOULD BE NO FEES TO HIM, BUT WAS CHARGED $23,000 FOR ONE YEAR OF FEES IN LIEU OF COMMISSIONS.
Damage Amount Requested
$23,000.00
Broker Comment
CLIENT SIGNED FEE AGREEMENT IN 1997, AND CLIENT INITIALLY INVESTED IN BOND FUND IN 7/03 BUT WITHDREW 10 DAYS LATER. FA REPEATEDLY SENT INVESTMENT PROPOSALS TO CLIENT AND CLIENT EXPRESSED INTEREST IN PROPOSALS, BUT DID NOT ACT. FA SHUT DOWN FEE ACCOUNT IN 08/05. NO WRONGDOING FOUND.
3/16/2001
Customer Dispute
Denied
Allegations
OTHER CUSTOMER, ON BEHALF OF THE CUSTOMER'S TRUST, COMPLAINS OF UNSUITABLE INVESTMENT RECOMMENDATIONS. ALSO, ALLEGED IS THAT TRANSACTIONS WERE ENTERED WITHOUT PRIOR AUTHORIZATION.
Damage Amount Requested
$5,000.00
6/19/1995
Customer Dispute
Settled
Allegations
CLAIMANT ALLEGES THAT INVESTMENTS IN AMERICAN
ADJUSTABLE RATE TERM TRUST (FDJ) AND AMERICAN STRATEGIC INCOME
PORTFOLIO III (CSP) WERE MISREPRESENTED AND UNSUITABLE. DAMAGES
SOUGHT ARE UNSPECIFIED BUT ARE IN EXCESS OF $10,000.00
Settlement Amount
$270,000.00
Broker Comment
THE FIRM AND THE CLAIMANT AGREED TO A SETTLEMENT
OF $270,000.00 MEANWELL WAS ASKED TO CONTRIBUTE $100,000.00
TOWARD THIS SETTLEMENT.
NOT PROVIDED
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.
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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.