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Merrill Lynch, Pierce, Fenner & Smith Incorporated
Termination Type
Voluntary Resignation
Allegations
Conduct inconsistent with Firm standards related to prospecting new clients.
7/8/2013
Customer Dispute
Settled
Allegations
TIME FRAME: JANUARY 2, 2013 TO JULY 8, 2013
CLIENT ALLEGES HIS FINANCIAL ADVISOR MISTREATED THEIR CONFIDENCE IN TRUST BY WHAT APPEARS TO BE A DESIGNED MANIPULATION OF HIS INVESTMENTS TO FOSTER HIS INCOME. THE CLIENT IS BEING REIMBURSED FOR FEES. THE DAMAGES ARE ESTIMATED TO BE IN EXCESS OF $5,000.
Settlement Amount
$196,845.73
Broker Comment
I DENY THE ALLEGATIONS AS STATED BY THE CLIENT. IN 2011, AS THE CLIENT WAS INTRODUCING ADDITIONAL CAPITAL INTO THE ACCOUNTS, I GAVE INSTRUCTIONS THAT THE FEE STRUCTURE SHOULD BE ADJUSTED FOR ALL OF HIS MANAGED ACCOUNTS TO REFLECT A REDUCTION OF .35%; THOSE CHANGES DID NOT OCCUR. UNDER NO CIRCUMSTANCES WOULD I HAVE ENGAGED IN A PLOY TO MANIPULATE THE FEE PERCENTAGES FOR MY ON BEHALF AND THIS IS CATEGORICALLY FALSE. THIS SETTLEMENT DOES NOT REFLECT ANY LIABILITY OR WRONG DOING ON MY PART WHATSOEVER AND I WAS NOT ASKED TO CONTRIBUTE ANY MONIES TOWARD THE SETTLEMENT OF THIS MATTER. THE CLIENT AND I ENJOYED A 17 YEAR BUSINESS RELATIONSHIP THAT WAS CHARACTERIZED BY A HIGH LEVEL OF TRUST, COLLABORATION, AND CONSISTENT PORTFOLIO PERFORMANCE AND I WORKED WITH MANAGEMENT TO MAKE SURE THAT THE CLIENT'S CONCERNS WERE ADDRESSED.
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.