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THE ATTORNEY FOR THE CUSTOMERS CLAIMS HIS CLIENTS DID NOT AUTHORIZE AN ORDER ENTERED IN THERE ACCOUNT TO SELL 300 SHARES OF WALMART STOCK IN JUNE OF 1997. THE ATTORNEY INDICATES HIS CLIENTS CONTACTED MR. BELL SHORTLY AFTER THE TRADE WAS ENTERED TO QUESTION THE TRADE. THE POSITION WAS NOT REINSTATED AT THE TIME AND THE ATTORNEY STATES THAT WALMART STOCK HAS RISEN IN VALUE AND THEY ARE DISCUSSING THE POSSIBILITY OF FILING A LEGAL ACTION TO HAVE THE POSITION REINSTATED AT THIS TIME.
Damage Amount Requested
$5,000.00
Broker Comment
THE CLIENTS SHARES WERE SOLD IN MID- JUNE, 1997. THE PROCEEDS REMAINED IN THE DPCT ACCOUNT AUGUST, 1997, WHEN THEY ELECTED TO PURCHASE TWO STOCKS WITH THESES FUNDS. THE CLIENTS DID NOT CONTACT CUSTOMER RELATIONS UNTIL MARCH, 1998, WHEN THE STOCK PRICE HAD MOVED FROM $33 1/2 TO $51.50. THE CLIENT'S CLAIM WAS DENIED.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
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.