When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
CLIENT ALLEGED RISKS WERE NOT DISCLOSED,
MISREPRESENTATIONS WERE MADE, AND SECURITIES WERE UNSUITABLE.
CLAIMED LOSS OF APPROXIMATELY $127,000.
Damage Amount Requested
$127,000.00
Settlement Amount
$50,000.00
Broker Comment
JURY FOUND IN FAVOR OF THE PLAINTIFF AND AWARDED
THE CLIENT APPROXIMATELY $1,000,000. AN APPEAL WAS SUBSEQUENTLY
FILED, BUT IN LIEU OF THE APPEAL PROCEEDING THE CUSTOMER CHOSE
TO SETTLE FOR $50,000.
CLIENT INITIATED PROCEEDING IN MAY 1993-CASE WENT
TO TRIAL IN JANUARY 1995-JURY FOUND IN FAVOR OF THE
PLAINTIFF-AN APPEAL WAS FILED TO REVERSE AND DISMISS AWARD AS
WELL AS TO HAVE EVIDENCE PROPERLY EVALUATED-BEFORE APPEAL COULD
GO BEFORE THE COURT THE CLIENT CHOSE TO SETTLE FOR $50,000-
APPLICANT DENIES ANY WRONGDOING AS STATED IN THE SETTLEMENT AND
CONTENDS EVIDENCE DOES NOT SUPPORT PLAINTIFF'S CASE OR AWARD
HOWEVER SETTLEMENT OPTION WAS IN APPLICANTS BEST INTEREST FROM
AN ECONOMIC STANDPOINT IN LIEU OF THE EXPENSE OF THE APPEAL.
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.
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.