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CLIENT'S GRANDSON AND POA SUGGESTS THAT IR MISHANDLED HIS GRANDMOTHER'S ACCOUNT. POA CLAIMS IR RECOMMENDED THE CLIENT PURCHASE AN ANNUITY FOR HIS OWN GAIN. POA ALLEGES THAT CLIENT WAS INTERESTED IN RETAINING THE STOCKS SHE OWNED. POA REQUESTS THE FIRM REIMBURSE THE CLIENT IN THE AMOUNT OF $42,500.
Damage Amount Requested
$42,500.00
Broker Comment
ACCORDING TO THE IR, HE FULLY DISCLOSED THE DETAILS OF THE ANNUITY TO THE POA'S GRANDMOTHER. OUR RECORDS INDICATE THE CONTRACT EFFECTIVE DATE WAS OCTOBER 6, 2000. AT THE TIME THE ANNUITY WAS PURCHASED, THE CLIENT RECEIVED A PROSPECTUS. IN ADDITION, SHE SIGNED A POLICY DELIVERY RECEIPT THAT WOULD INDICATE SHE RECEIVED THE CONTRACT. THE POLICY DELIVERY RECEIPT SUMMARIZED THE CONTRACT INFORMATION INCLUDING THE SUB-ACCOUNT ALLOCATIONS. FURTHERMORE, THE CLIENT RECEIVED CUSTOMER STATEMENTS FROM EDWARD JONES AS WELL AS THE ANNUITY COMPANY, WHICH PROVIDE INFORMATION REGARDING THE ANNUITY TO INCLUDE SUB-ACCOUNT ALLOCATIONS AND VALUES. BASED ON OUR REVIEW, IT APPEARS THE ANNUITY WAS PURCHASED WITH THE CLIENT'S AUTHORIZATION AND WAS WITHIN THE SCOPE OF THE INVESTMENT OBJECTIVES OF THE ACCOUNT. THEREFORE, WE ARE RESPECTFULLY DENYING THE POA'S REQUEST FOR COMPENSATION IN THIS MATTER.
4/25/2001
Customer Dispute
Denied
Allegations
CLAIMS THAT 25000.00 CD WAS REDEEMED THROUGH THE ESTATE FEATURE DUE TO DEATH OF HUSBAND.
Damage Amount Requested
$5,000.00
Broker Comment
IT WAS DENIED.
11/6/1997
Customer Dispute
Denied
Allegations
ATTORNEY FOR CUSTOMER CLAIMS IR ENTERED AN
UNAUTHORIZED ORDER TO PURCHASE THE LORD ABBOTT GOVERNMENT FUND
IN HIS CLIENT'S ACCOUNT. CLAIMS HIS CLIENT LOST $15,000.00 DUE
TO IR'S MISMANAGEMENT OF THE ACCOUNT.
Damage Amount Requested
$15,000.00
Broker Comment
IR CLAIMS THAT THE MUTUAL FUND PURCHASE WAS MADE
WITH THE CUTOMER'S COMPLETE KNOWLEDGE AND AUTHORIZATION.
DENIED THAT IR ACTED IMPROPERLY.
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.