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CUSTOMER ALLEGES THAT SHE WAS GIVEN AN INVESTMENT RECOMMENDATION THAT WAS UNSUITABLE AND AS A RESULT SHE HAS HAD MARKET LOSSES.
Damage Amount Requested
$15,000.00
Settlement Amount
$30,000.00
Broker Comment
THE FIRM SETTLED THE COMPLAINT WITH THE CUSTOMER.
2/12/2003
Customer Dispute
Denied
Allegations
CUSTOMER ALLEGES THAT PFSI REPRESENTATIVE DAVID RABENOLD FAILED TO CALL HIM WHEN THE MARKET FLUCTUATED TO SUGGEST INVESTMENT STRATEGIES CAUSING MARKET LOSSES.
Damage Amount Requested
$26,000.00
Broker Comment
THE FIRM DENIED CUSTOMER'S CLAIM FOR DAMAGES.
3/25/2002
Customer Dispute
Closed-No Action
Allegations
THE CLIENT ALLEGES THAT I DID NOT FULLY EXPLAIN THE MARKET RISKS ASSOCIATED WITH HER INVESTMENTS.
Damage Amount Requested
$25,000.00
Broker Comment
I MET WITH THE CLIENT AND WE RESOLVED HER COMPLAINT BY REALLOCATING HER INVESTMENT TO FIT CURRENT MARKET CONDITIONS. SHE ALSO AGREED THAT HER INVESTMENT OBJECTIVE WAS GROWTH AND INTENDED TO BE LONG TERM AND THAT I DISCLOSED THE RISKS ASSOCIATED WITH THE INVESTMENTS.
3/29/2000
Customer Dispute
Settled
Allegations
CUSTOMER ALLEGED THAT I DID NOT FULLY ADVISE HER REGARDING THE TAX IMPLICATIONS OF HER INVESTMENT.
Damage Amount Requested
$7,582.00
Settlement Amount
$5,600.00
Broker Comment
PFS INVESTMENTS, INC. SETTLED CUSTOMER'S COMPLAINT BY PAYING HER 5600.00. I WAS CHARGEDBACK MY COMMISSIONS OF 956.58 THAT I EARNED ON CUSTOMER'S INVESTMENTS.
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.