CLAIMANT ALLEGES THAT THE REGISTERED REPRESENTATIVE FAILED TO RECOMMEND A COLLAR AND/OR PROTECTIVE PUT OPTION AS A RISK MANAGEMENT STRATEGY TO PROTECT CLAIMANTS CONCENTRATED POSITION IN UPS STOCK FROM SEPTEMBER 2008 - JUNE 2009.

$13,600,000.00

$2,250,000.00

I inherited this client's account in September of 2008. In mid-October of 2008, Claimant had to sell some of his stock to satisfy a margin call. The claim was that the firm failed to recommend hedging strategies to the client that would have prevented the margin call. I was not a named respondent in this action and no damages were sought or awarded against me personally. I am disappointed by the Award, even though it amounted to only 16% of the claimed damages. I stand on my previously unblemished record of 35+ years as a banker and 15+ years as a registered representative who has and always will put his clients' needs first.