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ON 9/28/98 THE CLIENT PURCHASED AN $84,000 15 YEAR DEPOSIT NOTE. THE CLIENT STATES HE WAS
UNDER THE IMPRESSION HE WAS INVESTING IN A CALLABLE CD IN WHICH THE CLIENT HAD THE OPTION
TO TERMINATE THE CD AFTER TWO YEARS. THE CLIENT STATES THE NOTE IS DOWN IN VALUE
APPROXIMATELY $7,000.
Damage Amount Requested
$7,000.00
Broker Comment
O'DELL STATES HE RECOMMENDED INVESTING A PORTION OF THE CLEINT'S PROCEEDS FROM A CD
INTO A DEPOSIT NOTE AT WHICH TIME THE CLIENT INSTRUCTED HIM TO INVEST ALL OF THE PROCEEDS
IN THE DEPOSIT NOTE DUE TO THE HIGHER RATE. O'DELL STATES HE EXPLAINED THE MATURITY DATE
AND THAT THE NOTE WAS CALLABLE BY THE ISSUER PRIOR TO MATURITY. THE CLIENT RECEIVED A
CONFIRM, DISCLOSURE DOCUMENT AND MONTHLY CUSTOMER STATEMENTS FROM 9/98 THROUGH THE
PRESENT WHICH INDICATE THE MATURITY DATE OF THE NOTE. CLAIM DENIED.
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.