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CLIENTS' (MINNESOTA RESIDENTS) CLAIMED THROUGH THEIR COUNSEL THAT THE FAS RECOMMENDED UNSUITABLE INVESTMENTS FOR THE HUSBAND'S KEOGH PSP ACCOUNT BEGINNING IN 2000 AND CONTINUING THROUGH 2003. THE CLIENTS' FURTHER CLAIMED THAT BEGINNING IN 2000 THE FAS CONCENTRATED THE ACCOUNT'S PORTFOLIO IN UNSUITABLE HIGH TECH, HIGH RISK INDIVIDUAL SECURITIES AND BEGAN MAKING TRADES WITH A FREQUENCY THAT WAS UNWARRANTED GIVEN THE CLIENTS' NET WORTH AND MODERATE RISK TOLERANCE. THE CLIENTS' SEEK COMPENSATORY DAMAGES IN THE AMOUNT OF $150,000 PLUS INTEREST AND ATTORNEYS FEES.
Damage Amount Requested
$150,000.00
Broker Comment
THE COMPLAINT WAS DENIED ON JULY 30, 2004. AN ANALYSIS OF THE KEOGH PSP ACCOUNT INDICATED THAT THE INVESTMENTS RECOMMENDED BY THE FA WERE CONSISTENT WITH THE CLIENTS' INVESTMENT OBJECTIVES AND RISK TOLERANCE FOR THE ACCOUNT DURING THE PERIOD OF TIME IN QUESTION. THE ANALYSIS FURTHER INDICATED THAT THE KEOGH PSP ACCOUNT WAS NOT CONCENTRATED IN HIGH TECH, HIGH RISK INDIVIDUAL SECURITIES; FURTHER, THAT THE ACCOUNT WAS NOT TRADED IN AN EXCESSIVE MANNER EITHER IN TERMS OF THE SIZE OR FREQUENCY OF TRADES DURING THE PERIOD OF TIME IN QUESTION.
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.