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THE CLIENT ALLEGES THAT HIS PAINEWEBBER EA
"LIED" BY STATING THAT HASBRO STOCK SHOULD RISE WHICH CAUSED
CLIENT PURCHASE IN 5/99 DAMAGES UNSPECIFIED BUT EXCEED $5,000.
Broker Comment
PAINEWEBBER DENIED THE CLAIM
THE COMPLAINT LETTER FILED AGAINST ME IS TOTALLY
WITHOUT MERIT. I WAS APPROACHED ON AN UNSOLICITED BASIS BY A
SOPHISTICATED INVESTOR FOR AN OPINION ON A STOCK THAT NEITHER
MY COMPANY, NOR I FOLLOW. PER THE CLIENT REQUEST, I GAVE MY
BEST IMPARTIAL TECHNICAL READ ON THE COMPANY AT THAT TIME. THE
DAY FOLLOWING THE CUSTOMER PURCHASE I WARNED THE CUSTOMER OF A
POTENTIAL INTERIM TOP IN PRICES, TO CONSIDER A POTENTIAL PRICE
PULLBACK AND WHETHER HE COULD LIVE WITH THAT PRICE RISK, THE
NEGATIVE TECHNICAL CONSEQUENCES TO THE OVERALL "UP PATTERN" IF
THE PULLBACK GETS "TOO DEEP", AND THE LIKELIHOOD OF A
CONTINUALLY CHANGING ENVIRONMENT. ALL MY WARNINGS PROVED
ACCURATE. IN ADDITION, THE CUSTOMER WAS ALSO SOLICITING
OPINIONS ON THE SAME COMPANY FROM SOURCES OUTSIDE PAINE WEBBER.
HE HAD AN OPPORTUNITY TO SELL AT COST OR BETTER AFTER HEARING
MULTIPLE OPINIONS BUT CHOSE TO STAY IN, ULTIMATELY LOSING MONEY
AND BLAMING ME.
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.