Client alleges poor recommendation/poor advice regarding debt municipal investment. Activity dates 09/25/2018-01/23/2019.

$25,992.00

$11,683.54

In response, I fully disclosed all risks related to investing in investment grade municipal bonds and made a suitable recommendation based on my knowledge of the client's circumstances, risk tolerance, and investment objective. Another fixed income position of similar quality and risk was recommended at the same time as this position to give the client options. I fully disclosed and provided direct access to regulatory filings from EMMA including ratings from Standard & Poor's. The bond was downgraded approximately a month after purchase with no intermediate update to indicate any change in rating or risk from any publicly available source. I fully appraised the client of his options throughout this process and the position's eventual default the following month. At no time did I mislead, misrepresent, or fail to disclose any material information regarding this position to the client. At no time did I fail to act in the client's best interest in recommending the purchase, hold, or eventual liquidation of this position.