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Time Frame: January 02, 2003 to September 09, 2020
Client alleges he was told investment purchased in 2003 would last for ten (10) years at which time he would get distribution of funds. Now, seven (7) years after end, told that investment is illiquid and unable to get final distribution yet is still being charged fees.
2/24/2014
Customer Dispute
Denied
Allegations
TIME FRAME: 1/3/2005 TO 10/30/2009 - THE BENEFICIARY ALLEGES THE FINANCIAL ADVISOR HAD COMPLETE DISREGARD FOR INVESTMENT REQUIREMENTS FOR ELDERLY CLIENT WISHING TO MINIMIZE RISK.
Broker Comment
I ESTABLISHED A CLIENT RELATIONSHIP DATING BACK TO 2002 WITH A MOTHER AND HER DAUGHTER; THE DAUGHTER HAD AUTHORITY OVER HER MOM'S ACCOUNT FOR MOST OF THAT TIME, UNTIL MY DEPARTURE FROM UBS IN 2009. UNDER ALL BELIEFS, THE DIVERSIFIED MUTUAL FUND PORTFOLIO RECOMMENDED WAS SUITABLE AND CONSISTENT WITH THE CLIENT'S OBJECTIVES AND RISK TOLERANCE IN DIRECT COMMUNICATION WITH THIS CLIENT AND HER DAUGHTER AND AS MUTUALLY AGREED.
4/27/2010
Customer Dispute
Denied
Allegations
TIME FRAME: DECEMBER 21, 2006 TO JUNE 30, 2009 CLIENT ALLEGES HIS FINANCIAL ADVISOR FAILED TO PLACE STOP ORDERS ON HIS ACCOUNT AS REQUESTED.
Damage Amount Requested
$36,000.00
Broker Comment
[CUSTOMER] INDICATES THAT I DID NOT PLACE STOP ORDERS ON HIS ACCOUNT AS REQUESTED. AT NO TIME DURING MY ENTIRE 12+YEAR RELATIONSHIP DID I EVER NOT PLACE AN ORDER, MARKET OR STOP ORDERS, THAT HE REQUESTED. MOST OF THE ENTIRE POSITIONS THAT WERE IN THE VARIOUS [CUSTOMER] ACCOUNTS WERE EITHER UNSOLICITED TRADES ON STOCKS OR FEE-BASED MUTUAL FUNDS WHERE NO STOPS WERE AVAILABLE. FOR ANY OF THE SOLICITED POSITIONS FOR [CUSTOMER], I.E., DWS RREEF (SYMBOL SRO), AT NO TIME DID [CUSTOMER] PROVIDE ME WITH ANY STOP ORDERS ON THESE POSITIONS.
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.