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COMPLAINANTS, THROUGH COUNSEL, ALLEGED THAT, IN 2013, THE REPRESENTATIVE ERRONEOUSLY ACTED UPON REQUESTS TO WITHDRAW FUNDS FROM THEIR FEE-BASED ADVISORY ACCOUNT OPENED IN 2008 THAT WERE MADE BY AN UNAUTHORIZED PARTY.
Damage Amount Requested
$50,000.00
Broker Comment
COMPLAINANTS COUNSEL INDICATED THAT COMPLAINANTS WERE WORKING OUT AN ARRANGEMENT WHEREBY THEY WOULD BE REPAID THE $50,000.00 WITHDRAWN FROM THEIR ACCOUNT AND THAT THEY WOULD THEN BE LOOKING FOR THE FIRM TO JUST REIMBURSE THEM FOR THE LOST GAINS DUE TO THE $50,000.00 BEING OUT OF THE MARKET. AFTER COMMUNICATING ABOUT THE LOST GAIN, WHICH WAS CALCULATED AT $326.58, COUNSEL INDICATED HE WOULD CONFER WITH COMPLAINANTS AND THEN CONTACT THE FIRM. COUNSEL FAILED TO CONTACT THE FIRM AND THE FIRM CLOSED THE CASE WITH NO ACTION TAKEN.
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.