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04/2008-05/2009; THE CLIENT CLAIMS UNAUTHORIZED TRADING AS WELL AS SUITABILITY, WITH THE SUITABILITY APPEARING TO BE THE PRIMARY CONCERN. THE CLIENT CLAIMS THE FINANCIAL ADVISOR SOLD ENERGY STOCKS THAT SHE WAS ASKED NOT TO SELL. THE CLIENT STATES WHEN SHE BROUGHT THIS TO THE FINANCIAL ADVISOR'S ATTENTION SHE OFFERED TO REPURCHASE THE STOCKS BUT THE CLIENT DID NOT TAKE THE OFFER. THE CLIENT ALSO STATES THAT SHE WAS CONCERNED ABOUT HER INVESTMENTS AND FEELS THE FINANCIAL ADVISOR DID NOT TAKE ACTION TO PROTECT HER ASSETS. THE CLIENT CLAIMS TO HAVE LOST MORE THAN HALF OF HER RETIREMENT AND QUESTIONS THE SUITABILITY OF THE FUNDS SHE WAS INVESTED IN AND FEELS THE MONEY LOST SHOULD BE REFUNDED. FILING REQUIRED. CLAIMED LOSSES EXCEED $5,000.
Damage Amount Requested
$5,000.00
Broker Comment
THE FA STATED THAT IN ORDER TO MEET THE OBJECTIVES OF THE ACCOUNT SELLING VAN KAMPEN AND VANGUARD ENERGY WAS DISCUSSED AND AUTHORIZED. THERE WERE NO STOCKS SOLD OUT OF THE ACCOUNT AS THE CLIENT STATED. THE FA STATED THAT WHEN THE CLIENT BELIEVED STOCKS HAD BEEN SOLD AND MAY HAVE BEEN REFERRING TO THE VANGUARD ENERGY FUND, THE FA OFFERED THAT THE SALE COULD BE CANCELLED, HOWEVER, THERE WOULD BE MARKET LOSS AND THE CLIENT CHOSE TO LET THE TRADE STAND. THE FA STATED THAT THE INVESTMENTS WERE DISCUSSED THOROUGHLY WITH THE CLIENT AND WERE RECOMMENDED TO MEET THE GOALS AND OBJECTIVES AND THEY WERE STATED.
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.