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03/24/2009-03/24/2009; CLIENT CLAIMS THAT THE FA MADE THE INVESTMENTS ON MARCH 24TH WITHOUT HER INFORMED CONSENT AND WANTS THE TRADES CANCELLED. FILING REQUIRED LOSSES EXCEED $5000.00
Damage Amount Requested
$5,000.00
Broker Comment
ACCORDING TO THE FA THE CLIENT WAS A FORMER ON-CALL BOA WHO WAS CROSS-TRAINED TO PREPARE PROPOSALS AND HYPOS. ACCORDING TO THE FA THE CLIENT MET WITH HIM IN FEBRUARY 2009 AND AGREED TO TRANSFER THE TIAA-CREF ACCOUNT TO EDJ. IN MARCH OF 2009 THE FA INDICATED THAT HE CONTACTED THE CLIENT TO TELL HER THE ROLLOVER AMOUNTS AND DISCUSSED THE INVESTMENT OF THOSE DOLLARS BASED UPON THE HYPOS HE PREPARED FOR THE CLIENT. THE CLIENT INDICATED SHE NEEDED ADDITIONAL TIME TO REVIEW THE PROPOSALS AND ACCORDING TO THE FA HE THEN RECOMMENDED TO PUT 50/50 OF THE PROCEEDS INTO TWO FUNDS SO THAT IT COULD EARN A HIGHER LEVEL OF INTEREST THAN THE MONEY MARKET. AFTER A DETAILED DISCUSSION THE CLIENT AGREED TO THE PURCHASES. THE FA MET WITH THE CLIENT AND BROTHER-IN-LAW TO DISCUSS THE HYPO PROPOSAL AND ACCORDING TO THE FA THERE WAS NO MENTION OF BEING DISSATISFIED WITH THE MARCH TRADES. BASED UPON OUR REVIEW IT IS OUR OPINION THAT THE FA WAS GIVEN AUTHORIZATION TO MAKE THE MARCH PURCHASES AND THE CLIENT AGREED TO THOSE INVESTMENTS.
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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.