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THE CLIENT ALLEGES THAT PURCHASES ON 7-21-98
AND 7-23-98 WERE UNAUTHORIZED. CLIENT SEEKS REVERSAL OF
TRADES. NO DAMAGES WERE ALLEGED BUT OUR REVIEW SHOWS A NET
UNAUTHORIZED LOSS OF $12,898
Damage Amount Requested
$12,898.00
Settlement Amount
$7,268.25
Broker Comment
PAINEWEBBER SETTLED THIS MATTER IN THE INTEREST
OF CLIENT RELATIONS BY CANCELLING THE TRADES AT A COST OF
$7268.25
MR. WHELAN AND THE CUSTOMER HAD A MISUNDERSTANDING
REGARDING THE EXTENT OF DISCRETION GRANTED BY THE CUSTOMER FOR
TRADING IN HIS ACCOUNT DURING HIS VACATION OUTSIDE THE U.S. MR.
WHELAN UNDERSTOOD THAT BOTH PURCHASES AND SALES OF SECURITIES
WERE AUTHORIZED BY THE CUSTOMER DURING HIS ABSENCE. THE CUSTOMER INTENDED THAT ONLY THE SALE OF SECURITIES WAS PERMITTED AS
NEEDED, WHILE PURCHASES WERE NOT AUTHORIZED. MR. WHELAN
PURCHASED TWO SECURITIES DURING THE CUSTOMER'S ABSENCE IN HIS
ACCOUNT. THE CUSTOMER REQUESTED THESE TRADES BE REVERSED. THE CUSTOMER REMAINS A SATISFIED CLIENT OF BOTH PAINEWEBBER & MR.
WHELAN.
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.