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CLIENT COMPLAINED ABOUT CALLABLE CD PURCHASED IN JANUARY 1999. CLAIMED HE WANTED ONE YEAR CDS, NOT CALLABLE CDS. SAID BROKER DID NOT DISCUSS LONG TERM NATURE CDS. UNREALIZED LOSS AT CURRENT TIME WAS $10,705.20
Damage Amount Requested
$10,705.20
Broker Comment
CLIENT PURCHASED EIGHT CALLABLE CDS, BUT ONLY COMPLAINED ABOUT ONE. SEVERAL WERE CALLED, ONE WAS SOLD, AND SOME ARE STILL ACTIVE DUE TO RECENT INTEREST RATE CLIMATE. MS. JONES PROPERLY REPRESENTED INVESTMENTS AS LONG TERM, AND CONFIRMATIONS AND MONTHLY STATEMENTS INDICATED THE SAME. CLAIM DENIED.
7/13/1995
Employment Separation After Allegations
Firm Name
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
Termination Type
Discharged
Allegations
N/A
MS. JONES WAS TERMINATED AFTER SHE ADMITTED
TO MANAGEMENT THAT SHE ENTERED UNAUTHORIZED TRADES IN A
CLIENT'S ACCOUNT. MS. JONES ALSO ADMITTED TO SENDING THE CLIENT
CORRESPONDENCE THAT WAS NOT APPROVED BY BRANCH MANAGEMENT. I
DIDN'T ADMIT TO THAT-I ADMITTED TO A TIME DELAY BETWEEN HIS
VERBAL INSTRUCTIONS AND MY ENTERING THE ORDERS NEXT MORNING. HE
RESIDED IN JAPAN. THE UNAUTHORIZED CORRESPONDENCE WAS ONLY A
FAX CONFIRMING THAT DR. PANUNTO'S TRADES WERE BUSTED.
Broker Comment
TERMINATION. I PURSUED A CIVIL CASE OF SEXUAL
HARRASSMENT AND SEXUAL DISCRIMNATION AGAINST MERRILL. THE SUIT
WAS SETTLED 12/1997. THE MASD INVESTIGATED THE CLAIMS MERRILL
MADE AGAINST ME AT MY REQUEST AND FOUND THEM TO BE WITHOUT
MERIT.
I DO NOT AGREE THAT THE TRADES WERE UNAUTHORIZED.
RATHER, OUT OF SELLER'S REMORSE, THE CLIENT RENEGED ONE MONTH
AFTER THE FACT-CONVENIENTLY AFTER THE STOCK HAD RISEN ANOTHER
15 POINTS. I WAS ASKED BY MY CLIENT TO CONFIRM IN WRITING THE
EVENING OF JULY 12TH THAT THE TRADE WAS BUSTED. THIS WAS AFTER
8 PM-NOTE THE 13 HOUR TIME DIFFERENCE BETWEEN HERE AND JAPAN.
THE FAX ONLY STATED THAT THE TRADES WERE BUSTED. TEHRE WAS NO
ONE IN THE OFFICE TO REVIEW THIS NOTE(I SEARCHED THE
OFFICE-THERE WAS NO ONE ELSE THERE) SO I DON'T AGREE WITH THE
GENERAL STATEMENT "ADMITTED TO SENDING CLIENT
CORRESPONDENCE...: IT DOSEN'T REPRESENT THE SITUATION CLEARLY.
STATE IS CORRECT
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.