When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
CLAIMANT TRANSFERRED 488 SHARES OF UNUM INTO HER ACCOUNT. SHE ALLEGES THAT THE FINANCIAL CONSULTANT SHOULD HAVE TOLD HER TO SELL THE SHARES OF UNUM BEFORE IT DECLINED IN VALUE.
Damage Amount Requested
$200,000.00
Broker Comment
MERRILL LYNCH AND MR. RODRIGUEZ DENY THE ALLEGATIONS. RODRIGUEZ RECOMMENDED TO CLAIMANT THAT SHE SELL SOME, IF NOT ALL, OF THE UNUM SHARES AND DIVERSIFY INTO MORE MORTGAGE BACKED SECURITIES SINCE CLAIMANT WAS AN ELDERLY CLIENT WHO NEEDED INCOME. CLAIMANT'S SON ADVISED HIS MOTHER AGAINST THIS BECAUSE THERE WOULD BE SUBSTANTIAL CAPITAL GAINS TAX AND UPON DEATH OF CLIAMANT, THE HEIRS WOULD GET A "STEPPED UP" COST BASIS. CLIAMANT DECIDED TO HOLD ONTO THE UNUM SHARES. AFTER A THOROUGH INVESTIGATION, MERRILL LYNCH DETERMINED THAT THERE WAS NO MERIT TO CLAIMANT'S ALLEGATIONS. ON APRIL 14, 2000, MERRILL LYNCH SENT A LETTER TO CLAIMANT SETTING FORTH THE REASONS FOR DENYING HER CLAIM. MERRILL LYNCH HAS NOT RECEIVED ANY SUBSEQUENT INQUIRY FROM CLAIMANT.
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.
Loading...
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.