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THE CLIENTS WANTED MONEY INVESTED IN A PRODUCT WITHOUT RISK OF LOSING PRINCIPAL. THE CLIENTS WERE TOLD THEY COULD INVEST WITH 5% INTEREST AND STATES THE FINANCIAL ADVISOR DID NOT DISCUSS COST OR EXPENSES ASSOCIATED WITH THE PRODUCT. THE CLIENTS ARE CLAIMING A LOSS OF $6,277. CLIENTS HAVE MADE INVESTMENTS IN THE PAST AND STATE THE FINANCIAL ADVISOR DID NOT LISTEN TO WHAT THEY WERE LOOKING FOR. THE CLIENTS WOULD LIKE TO BE REPAID THE MONEY BECAUSE THEY BELIEVE THEY WERE MISLED ON HOW THE MONEY WOULD BE INVESTED.
Damage Amount Requested
$6,277.00
Settlement Amount
$3,254.13
Broker Comment
IT IS OUR CONCLUSION THE CLIENT WAS PROPERLY ADVISED OF THE CHARACTERISTICS AND COST ASSOCIATED WITH THE UNIT INVESTMENT TRUSTS TO MAKE A SOUND INVESTMENT DECISION. HOWEVER, SINCE THE CLIENT PROMPTLY ADDRESSED THEIR CONCERNS REGARDING THE PURCHASE IT IS APPARENT A MISUNDERSTANDING OCCURRED. A SETTLEMENT WAS ACCEPTED IN THE AMOUNT OF $3,254.13.
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.