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THE CUSTOMER ALLEGES THAT THE REGISTERED REPRESENTATIVE RECOMMENDED AN UNSUITABLE INVESTMENT IN A MANAGED ACCOUNT.
Damage Amount Requested
$19,856.86
Settlement Amount
$6,494.00
Broker Comment
THE ARBITRATOR MADE THE FOLLOWING FINDINGS:
"THIS IS A CASE OF BUYER'S REMORSE AS RESPONDENTS CLAIM, BUT REMORSE THAT SHOULD HAVE BEEN ANTICIPATED GIVEN CLAIMANT'S ULTRACONSERVATIVE FINANCIAL PHILOSOPHY AND INVESTMENT HISTORY. ALTHOUGH PORTFOLIO ADVISORY SERVICES ("PAS") MAY HAVE BEEN A GOOD PRODUCT AND RESPONDENT BENEDICT SINCERE IN HIS RECOMMENDATION, IT WAS PREDICTABLE THAT CLAIMANT NEEDED MORE SUPPORT AND CONTACT FROM FIDELITY TO BE COMFORTABLE WITH HIS DECISION- THOUGH CERTAINLY NOT THE IRRATIONAL "STOP/LOSS" PROTECTION HE ENVISIONED THAT COULD HAVE RESULTED IN MULTIPLE DAILY PHONE CALLS FOR MINOR $100.00 PAPER LOSSES.
ON THE OTHER HAND, CLAIMANT BEARS A LARGE SHARE OF RESPONSIBILITY FOR HIS LOSS. HE INVITED A LESS CONSERVATIVE RECOMMENDATION BY COMPLAINING ABOUT INTEREST RATES AND INVESTIGATING MUTUAL FUNDS; HE READ THE PAS MATERIAL BEFOREHAND AND UNDERSTOOD THERE COULD BE FLUCTUATIONS IN PRINCIPAL; HE BAILED OUT OF THE FUND IMMEDIATELY."
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.