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Customer alleges during the time period 2015-2024, representative recommended investments that were unsuitable for the customer's investment profile and risk tolerance.
Damage Amount Requested
$500,000.00
11/5/2019
Employment Separation After Allegations
Firm Name
LPL Financial LLC
Termination Type
Discharged
Allegations
Engaged in office sharing arrangement with unaffiliated RIA without Firm approval.
Broker Comment
Mr. Colon disputes that he engaged in office sharing arrangement with an unaffiliated RIA without firm knowledge or approval. Mr. Colon disclosed that a subtenant (unrelated RIA) was occupying an office in the business suite upon registration and obtained approval for this arrangement. Due to extenuating circumstances (a family emergency, that existed and continued to exist until the time of termination) Mr. Colon was delayed in submitting the required form for LPL's records to document the approval. LPL terminated Mr. Colon without providing Mr. Colon the opportunity to cure the issue.
7/21/2009
Customer Dispute
Settled
Allegations
CLAIMANT, A RESIDENT OF FLORIDA, ALLEGES NEGLIGENCE, BREACH OF CONTRACT, MISREPRESENTATION AND OMISSIONS, VIOLATION OF NASD AND FINRA CONDUCT RULES AGAINST FA FOR REFUSING TO FOLLOW INSTRUCTIONS GIVEN BY CLAIMANT TO PURCHASE 100,000 SHARES OF PROLOGIS, A $2.80/SHARE STOCK, IN HIS NEWLY OPENED ACCOUNT ON NOV. 20, 2008. CLAIMANT SEEKS COMPENSATORY DAMAGES OF $1,320,000.00 PLUS INTEREST, COSTS AND FEES.
Damage Amount Requested
$1,320,000.00
Settlement Amount
$11,000.00
Broker Comment
**FA'S RESPONSE: THE CLIENT DID NOT DIRECT ME TO BUY 100,000 SHARES OF PROLOGIS STOCK ON NOVEMBER 20, 2008 AT THE PRICE OF $2.80, OR ANY PRICE. ADDITIONALLY, THE CLIENT HAD THE ABILITY TO EXECUTE TRADES IN HIS ACCOUNT ONLINE, AND FREQUENTLY DID SO ON OTHER OCCASIONS WITHOUT MY KNOWLEDGE OR INPUT. THE CLIENT HAD AMPLE OPPORTUNITY TO BUY PROLOGIS, AND NEGLECTED TO DO SO, BUT INSTEAD CHOSE TO FILE A SUIT CLAIMING HE HAD ENTERED AN ORDER ON THE DAY PROLOGIS HIT ITS 52 WEEK LOW.
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.