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TIME FRAME: AUGUST 24, 2004 TO OCTOBER 13, 2011
THE CLIENT ALLEGES HIS FINANCIAL ADVISORS INCORRECTLY INFORMED HIM THAT ONLY THE GUARANTEED AMOUNTS WOULD BE REDUCED BY FUTURE WITHDRAWALS UNTIL THE GUARANTEED AMOUNTS WERE REDUCED TO THE ACCOUNT VALUES. THE CLIENT FURTHER ALLEGES DUE TO BEING PROVIDED INCORRECT INFORMATION THEY WERE PENALIZED FOR EXCEEDING THE MAXIMUM WITHDRAWAL AMOUNTS. THE ALLEGED DAMAGES ARE ESTIMATED TO BE IN EXCESS OF $5,000.00.
Settlement Amount
$20,000.00
Broker Comment
I DENY THE ALLEGATIONS AS STATED IN THE COMPLAINT FILED BY THE CLIENT. I FEEL THE ALLEGATIONS ARE INACCURATE IN THEIR PORTRAYAL. FROM THE BEGINNING, QUARTERLY STATEMENTS WERE PROVIDED TO THEM THAT CLEARLY SHOW THE BENEFITS THEY WERE ENTITLED TO. REGRETTABLY, THEY REQUESTED WITHDRAWALS THAT EXCEEDED THE ALLOWABLE AMOUNT AS STATED ON THEIR STATEMENTS. ONCE THESE WITHDRAWALS WERE DISCOVERED, WE MADE EVERY ATTEMPT TO REVERSE THE OVERAGE WITH THE CARRIER. THIS REQUEST WAS DENIED MULTIPLE TIMES AND THE CLIENTS WERE MADE AWARE OF THE CONSEQUENCES. AT NO TIME DID WE PROMISE BENEFITS THAT WERE NOT PART OF THE CONTRACT. DESPITE THEIR CONCERNS, THE CLIENTS ARE STILL WELL AHEAD OF THEIR INITIAL INVESTMENT. THIS SETTLEMENT DOES NOT REFLECT ANY ACKNOWLEDGEMENT OR ADMISSION OF LIABILITY OR MISCONDUCT ON MY PART WHATSOEVER. THE FIRM SETTLED THIS MATTER AS A BUSINESS DECISION AND I WAS NOT ASKED TO PERSONALLY CONTRIBUTE ANY MONIES TOWARD THE SETTLEMENT OF THIS MATTER.
3/4/2010
Customer Dispute
Settled
Allegations
TIME FRAME: SEPT. 1, 2009 - NOV. 2, 2009
THE CLIENT ALLEGES THAT THEIR FINANCIAL ADVISOR FAILED TO FOLLOW HIS INSTRUCTIONS BY NOT KEEPING HIS FUNDS IN SWISS FRANCS WHEN TRANSFERRING HIS MONEY FROM HIS SWISS ACCOUNT TO HIS US ACCOUNT
Damage Amount Requested
$8,117.00
Settlement Amount
$4,000.00
Broker Comment
I REFUTE EACH AND EVERY ONE OF THE CLIENT ALLEGATIONS. I FOLLOWED HIS DIRECTION TO THE LETTER AND PASSED ON THESE INSTRUCTIONS TO UBS AG. I WAS NOT THE BROKER OF RECORD ON THE CURRENCY TRADE. UBS AG WAS RESPONSIBLE FOR THE TRADE IN THE CLIENT SWISS ACCOUNT AND FAILED TO FOLLOW THE CLIENT INSTRUCTIONS AS DIRECTED.
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.
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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.