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IN AN E-MAIL FROM CLIENT TO BROKER, CLIENT WRITES, "I AM NOT SURE I UNDERSTAND THE MERITS OF SELLING SEVERAL (I THOUGHT U INDICATED THAT THEY HAD ALL MATURED OR ONLY 1 OR 2 LEFT WERE VERY CLOSE TO MATURING SO, NO FEES WLD BE INCURRED IN SALES!) OF MUTUALS THAT WERE B' SHARES . . . ALSO: WE NEVER DISCUSSED SELLING SK'S SUNW' . . . I THOUGH I WOULD HOLD IT UNTIL IT REBOUNDED TO ABOVE PURCH PRICE." TIME PERIOD IS 2004. ALLEGED DAMAGES: ESTIMATED TO EXCEED $5,000. IN SUBSEQUENT CORRESPONDENT RECEIVED 01/02/2006 CLIENT ALLEGES MISREPRESENTATION RELATING TO CDSCS IN B-SHARES LIQUIDATIONS, UNAUTHORIZED TRADING ("[Y]OU TOOK IT UPON YOURSELF TO LIQUIDATE MY PORTFOLIO WITHOUT MY PERMISSION NOR APPROVAL YOU ALSO, PUT ME INTO A PORTFOLIO WITHOUT MY KNOWLEDGE & INFORMED CONSENT") AND UNSUITABLE INVESTMENT RECOMMENDATIONS ("I HAVE BEEN TOLD, THAT BY HAVING MY PORTFOLIO IN A DISPROPORTIONATELY HIGH PERCENTAGE OF HEDGEFUNDS . . CLEARLY IS NOT IN CONCERT WITH THE PHILOSOPHY I REQUESTED AND WAS PROMISED (INCOME PRESERVATION AND LOW RISK).") TIME PERIOD IS 2004.
Broker Comment
COMPLAINT EVOLVED INTO ARBITRATION. MR. HURST WAS NOT NAMED AS A RESPONDENT IN THE ARBITRATION.
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.