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CLIENT'S ATTORNEY ALLEGES THE FINANCIAL CONSULTANT MISLEAD THE CLIENT REGARDING THE SALE OF AN INVESTMENT AND THE SUBSEQUENT PURCHASE OF ANOTHER WITH THE PROCEEDS ON APRIL 14, 1999. IN ADDITION, THE CLIENTS ATTORNEY ALLEGES MISREPRESENTED THE NATURE OF THE NEW INVESTMENT.
Damage Amount Requested
$70,000.00
Settlement Amount
$15,000.00
Broker Comment
BASED UPON AN INVESTIGATION INTO THE ALLEGATIONS, IT APPEARS THE TRANSACTIONS WERE SUITABLE AND FULL AND FAIR DISCLOSURE WAS PROVIDED. HOWEVER, DUE TO A POSSIBLE LANGUAGE BARRIER, THE CLIENT MAY NOT HAVE UNDERSTOOD THE DETAILS OF THE INVESTMENT PRODUCT, THEREFORE, A GOODWILL SETTLEMENT WAS OFFERED TO AVOID THE POTENTIAL COSTS OF LITIGATION/ARBITRATION.
7/31/2002
Customer Dispute
Denied
Allegations
THE ASSET MANAGER FOR THE CLIENT ALLEGES THE FORMER FINANCIAL CONSULTANT MADE UNSUITABLE RECOMMENDATIONS DUE TO ADDED FEES ASSOCIATED WITH THE PURCHASE OF CLASS B SHARES. ALSO ALLEGES THE FINANCIAL CONSULTANT OVER CONCENTRATED THE CLIENTS ASSETS INOT ONE MUTUAL FUND.
Damage Amount Requested
$76,000.00
Broker Comment
THE INVESTIGATION REVEALED THAT ONLY CLASS B SHARES WERE AVAILABLE FOR THE INVESTMENT THE CLIENT PURCHASE. IN ADDITION THE ALLEGED OVER CONCENTRATION OF ASSETS WAS AT THE CLIENTS REQUEST. BASED UPON THE SUITABILITY PROVIDE BY THE CLIENT THE INVESTMENTS WERE SUITABLE AND FULL AND FAIR DISCLOSURE WAS 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.
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.