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Client alleges fees were not disclosed. (6/20/2013-10/22/2014)
11/15/2002
Customer Dispute
Award / Judgment
Allegations
ARBITRATION CASE DESCRIPTION: ALLEGATIONS OF BREACH OF FIDUCIARY DUTY, NEGLIGENCE, EXCESSIVE MARGIN, VIOLATIONS OF NEBRASKA SECURITIES ACT, VIOLATION OF NASD RULES OF SUPERVISION AND SUITABILITY, MISREPRESENTATION, NEGLIGENT SUPERVISION AND BREACH OF CONTRACT IN RECOMMENDING INVESTMENTS FOR CLAIMANT'S REQUEST AND IN MARGIN. (AMOUNT CLAIMED: NOT SPECIFIED WITH ATTORNEYS' FEES, COSTS AND EXPERT FEES)
Damages Granted
$24,907.48
Broker Comment
AWARD AGAINST JONES (FIRM) AND ARKFELD JOINTLY AND SEVERALLY OF $24,907.48 AS COMPENSATORY DAMAGES PLUS $4,000 IN ATTORNEYS' FEES.
1/23/2002
Customer Dispute
Denied
Allegations
CLIENT SAID ARKFELD TOLD HIM THE ANNUITIES WOULD EARN NO LESS THAN 27% OVER A THREE
YEAR PERIOD. THE CLIENT STATES A PROSPECTUS WAS NOT GIVEN ON ONE OF THE ANNUITIES
UNTIL AFTER THE FACT AND WAS NOT TOLD OF THE 7% WITHDRAWAL PENALTY. CLIENT ALSO
STATES ARKFELD TOLD HIM THERE WAS NO WAY TO CHANGE THE INVESTMENT STRATEGY IN ONE
OF THE ANNUITIES.
Damage Amount Requested
$5,000.00
Broker Comment
ACCORDING TO ARKFELD, HE PROVIDED A PROSPECTUS TO THE CLIENT PRIOR TO THE
TRANSACTION AND ALSO DISCUSSED THE DETAILS OF THE ANNUITIES, INCLUDING WITHDRAWAL
PENALTY. IN REGARDS TO THE PERFORMANCE OF THE ANNUITIES, ARKFELD EXPLAINED HOW
THE STOCK MARKET MAY AVERAGE 9-10% PER YEAR. ARKFELD ALSO DISCUSSED MARKET
FLUCTUATION AND THAT THE VALUE OF THE CLIENTS ACCOUNT COULD INCREASE AND
DECREASE. ACCORDING TO ARKFELD, HE DID NOT STATE THE CLIENT COULD NOT CHANGE HIS
INVESTMENT STRATEGY. ARKFELD ADVISED THE CLIENT HE COULD MAKE CHANGES TO THE
ANNUITY, BUT ARKFELD BELIEVED THE CLIENT HAD A GOOD MIX OF INVESTMENTS. CLAIM DENIED.
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IA
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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.