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Time Frame: December 31st 2021 to June 17th 2022
What were the allegations against the individual Client alleges he was told that American Funds Class A were no longer available and the Class F2would work better. Also stated that American Funds were no longer doing exchanges and thus a sale and buy would have to be made to change funds. Client further states he was never appraised of the tax implications associated with the "sale" of these funds and if "exchanges" had happened as he requested, there would have been no tax implications. Client also said he spoke to American Funds representative and the information provided by his Financial Advisor was not what he was told by the American Funds representative and believes he was told this information to generate commissions.
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.
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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.