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THE SUITE ALLEDGES I ASSUMED A DUTY TO PREVENT MISAPPROPRIATIOIN OF FUNDS BY A REPRESENTATIVE I SUPERVISED. THE PERSON WHO FILED THE SUITE CALLED OUR OFFICE UPON RECEIVING THE TERMINATION LETTER IN DECEMBER 1998 AND INSTRUCTED US NEVER TO ATTEMPT TO CONTACT HER BECAUSE SHE DID NOT WANT ANYTHING TO DO WITH US.
Damage Amount Requested
$45,545.00
Settlement Amount
$45,545.00
Broker Comment
RELEASE & SETTLEMENT OF CLAIMS COMPLETED ON DECEMBER 20, 2002. I NOTIFIED CUSTOMER BY LETTER ON DECEMBER 7, 1998 THAT SERVICING AGENT HAD BEEN TERMINATED. UPON RECEIVING THE LETTER, CUSTOMER INSTRUCTED THIS OFFICE TO NOT EVER ATTEMPT TO CONTACT HER OR HER MOTHER. CUSTOMER EVIDENTALLY DECIDED TO DO BUSINESS WITH AGENT AFTER RECEIVING MY TERMINATION LETTER. NO REQUESTS FOR MONEY EVER PASSED THROUGH THIS OFFICE, SO WE HAD NO WAY TO MONITOR THIS WAS HAPPENING. OUR OFFICE DID DISCOVER THAT THE REPRESENTATIVE HAD CHANGED THE COMPLAINTANTS ADDRESS TO THE REGISTERED REPRESENTATIVES PO BOX AND DID NOTIFY OUR BROKER DEALER OF THIS.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
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.