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CLIENT ALLEGES THAT HIS 05/11/2005 SALES OF RESTRICTED CLICK COMMERCE STOCK WAS REJECTED BY THE ISSUER, BUT WAS ASSURED BY HIS FINANCIAL ADVISOR THAT THE TRADE WOULD BE REVERSED WITHOUT COST TO HIM. CLIENT FURTHER ALLEGES THAT HE LATER LEARNED THAT A LOSS RELATED TO THE CANCELLED TRADE HAD BEEN JOURNALED TO HIS ACCOUNT, DESPITE ASSURANCE FROM MR. ROBERTS (THE FINANCIAL ADVISOR'S SUPERVISOR) THAT NO ACTION WOULD BE TAKEN FOR TWO WEEKS TO RESOLVE THE ISSUE TO EVERYONE'S MUTUAL SATISFACTION. CLIENT SEEKS DAMAGES AGAINST HIS FINANCIAL ADVISOR, MR. ROBERTS AND BANC OF AMERICA INVESTMENT SERVICES FOR THE FIRM'S NEGLIGENCE AND INTENTIONAL MISCONDUCT.
Damage Amount Requested
$31,203.57
Settlement Amount
$14,250.00
Broker Comment
MR. ROBERTS DENIES CLIENT'S ALLEGATIONS OF NEGLIGENCE AND INTENTIONAL MISCONDUCT. CLIENT RELIED UPON FAULTY ADVICE FROM HIS OWN COUNSEL AND BEARS RESPONSIBILITY FOR ANY LOSSES ATTRIBUTED TO THE REJECTED SALE OF HIS RESTRICTED STOCK. A REVIEW COMPLETED BY THE FIRM'S COMPLIANCE DEPARTMENT VALIDATES MR. ROBERT'S ASSERTION THAT THE DEMANDS MADE AGAINST HIM IS WITHOUT MERIT.
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.