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CIVIL ACTION FILED BY FORMER CLIENT ALLEGING MISMANAGEMENT OF INVESTMENT ASSETS. HUSBAND AND WIFE OPENED JOINT ACCOUNT IN JULY, 2013. HUSBAND DECEASES OCTOBER, 2015. WIFE HAS LIMITED INVESTMENT KNOWLEDGE AND EXPRESSES CONCERN OVER MARKET VOLATILITY. SHE CONVERTS JOINT ACCOUNT TO AN INDIVIDUAL ACCOUNT AND WANTS TO EASE BACK INTO THE MARKET SLOWLY. OVER 2016, NUMEROUS CONTACTS IE PHONE CONVERSATIONS, MEETINGS HELD AND EMAILS EXCHANGES WITH CLIENT TO DISCUSS THE MARKET AND INVESTMENT STRATEGIES. BASED ON HER SITUATION AND CONCERNS, INVESTMENT STRATEGY WAS VERY CONSERVATIVE. MEETING WAS HELD WITH CLIENT ON FEBRUARY 9, 2017 TO REVIEW INVESTMENT STRATEGY; CLIENT AND ADVISOR DISCUSSED A MORE AGGRESSIVE STRATEGY. PROPOSAL IMMEDIATELY SENT BASED ON CLIENT AND ADVISOR DISCUSSION DURING THE MEETING AND HER ULTIMATE DECISION TO BECOME MORE AGGRESSIVE. FEBRUARY 14, 2017, SAS LLC RECEIVED PHONE CALL FROM CLIENT STATING SHE WAS CLOSING ACCOUNT. ACCOUNT WAS IMMEDIATELY LIQUIDATED TO CASH AWAITING TRANSFER. LAWSUIT FILED ON 10/29/18 AND SERVED ON 11/06/18 ALLEGING MISMANAGEMENT OF INVESTMENT ASSETS, BEING TOO CONSERVATIVE. ON 3/16/2021 AND 3/17/2021 A HEARING WAS HELD. ON 3/19/2021 THE ARBITRATION PANEL ISSUED AN AWARD DENYING ALL CLAIMS TO THE 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.
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.