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**UPDATE - THIS EVENT IS NO LONGER REPORTABLE ON THE CURRENT U4 BECAUSE IT WAS FILED MORE THAN 24 MONTHS AGO AND DID NOT SETTLE FOR $15,000 OR MORE.** CLIENT ALLEGES FAILURE TO FOLLOW INSTRUCTIONS. ACTIVITY DATE IS 1/10/2014.
Settlement Amount
$5,726.88
Broker Comment
**UPDATE - THIS EVENT IS NO LONGER REPORTABLE ON THE CURRENT U4 BECAUSE IT WAS FILED MORE THAN 24 MONTHS AGO AND DID NOT SETTLE FOR $15,000 OR MORE.**
THIS SETTLEMENT IS THE RESULT OF A FIRM WIDE AGREEMENT TO REPURCHASE AUCTION RATE SECURITIES (ARS) THAT EXPERIENCED FAILED AUCTIONS AND LIMITED LIQUIDITY THROUGHOUT THE INDUSTRY. THE SETTLEMENT REPURCHASE OF THE ARS WAS EXECUTED AT PAR AND THE FINANCIAL ADVISOR WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.
8/12/2011
Customer Dispute
Settled
Allegations
SUITABILITY. ACTIVITY DATES: 1/11/08 - 7/24/08.
Settlement Amount
$50,000.00
Broker Comment
THIS SETTLEMENT IS THE RESULT OF A FIRM WIDE AGREEMENT TO REPURCHASE AUCTION RATE SECURITIES (ARS) THAT EXPERIENCED FAILED AUCTIONS AND LIMITED LIQUIDITY THROUGHOUT THE INDUSTRY. THE SETTLEMENT REPURCHASE OF THE ARS WAS EXECUTED AT PAR AND THE FINANCIAL ADVISOR WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.
THIS SETTLEMENT IS THE RESULT OF A FIRM WIDE AGREEMENT TO REPURCHASE AUCTION RATE SECURITIES (ARS) THAT EXPERIENCED FAILED AUCTIONS AND LIMITED LIQUIDITY THROUGHOUT THE INDUSTRY. THE SETTLEMENT REPURCHASE OF THE ARS WAS EXECUTED AT PAR AND THE FINANCIAL ADVISOR WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.
3/7/2011
Customer Dispute
Settled
Allegations
CLAIMANT ALLEGES ILLIQUIDITY OF ARS, SUITABILITY, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, MISREPRESENTATION/OMISSIONS AND UNAUTHORIZED TRADING. ACTIVITY DATES ARE FROM AUGUST 2006 THRU FEBRUARY 2011.
Settlement Amount
$120,080.00
Broker Comment
THIS SETTLEMENT IS THE RESULT OF A FIRM WIDE AGREEMENT TO REPURCHASE AUCTION RATE SECURITIES (ARS) THAT EXPERIENCED FAILED AUCTIONS AND LIMITED LIQUIDITY THROUGHOUT THE INDUSTRY. THE SETTLEMENT REPURCHASE OF THE ARS WAS EXECUTED AT PAR PLUS INTEREST, ATTORNEY'S FEES, AND COSTS, AND THE FINANCIAL ADVISOR WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.
5/19/1999
Customer Dispute
Closed-No Action
Allegations
ALLEGATION OF INAPPROPRIATE SELECTION OF
COMMON STOCK, AND LOSS OF $7000 GENERATED BY AWARD MONEY
MANAGER. INVESTMENT PRODUCT TYPE: COMMON STOCK. EVENT OCCURRED
WHILE EMPLOYED WITH RAYMOND JAMES & ASSOCIATES, INC.
Damage Amount Requested
$7,000.00
8/28/1986
Customer Dispute
Award / Judgment
Allegations
RESPONDENTS [OTHER FIRM EMPLOYEE] AND RHODES MADE MISREPRESENTATIONS OF MATERIAL FACT TO THE [CUSTOMERS] IN THAT (1) THE FINANCIAL PLAN PREPARED BY [OTHER FIRM EMPLOYEE] AND RHODES FAILED TO PRESERVE THE TRUSTS' INVESTED CAPITAL, PROTECT IT FROM INVESTMENT RISKS, INCREASE THE CURRENT INCOME GENERATED BY IT, AND PROVIDE INCREASED FUTURE INCOME; AND (2) [OTHER FIRM EMPLOYEE] AND RHODES RECOMMENDED AND THEY AND RAYMOND, JAMES SOLD TO THE TRUSTS INVESTMENTS WHICH EXPOSED THEIR CAPITAL TO RISKS OF LOSS, THE REALIZATION OF WHICH REDUCED THE [CUSTOMERS] STANDARD OF LIVING. [OTHER FIRM EMPLOYEE] AND RHODES OMITTED TO STATE THE FOLLOWING MATERIAL FACTS: (1) SECURITIES SOLD TO THE TRUSTS WOULD BE OF LOWER INVESTMENT QUALITY THAN THE INVESTMENTS ALREADY OWNED BY THE [CUSTOMERS]; (2) THE DEFENDANTS WOULD SELL TO THE TRUSTS SECURITIES WHOSE PERFORMANCE RECORD WAS SUBSTANTIALLY LESS SATISFACTORY THAN ALTERNATIVE INVESTMENTS OF IDENTICAL TYPE; (3) CERTAIN OF THE SECURITIES WERE NOT PREDICTABLY CAPABLE OF BENEFITTING THE [CUSTOMERS] DURING THEIR EXPECTED LIFE SPAN; (4) INVESTMENT IN OIL AND GAS LIMITED PARTNERSHIPS WAS TOO SPECULATIVE IN LIGHT OF THE TRUSTS' INVESTMENT REQUIREMENTS; AND (5) THE PRIMARY REASON FOR SELECTING THE SECURITIES RECOMMENDED AND SOLD TO THE TRUSTS WAS THE SIZE OF THE TOTAL COMPENSATION TO BE RECEIVED BY THE RESPONDENTS FROM THE DISTRIBUTORS OF THOSE SECURITIES. AMENDED STATEMENT OF CLAIM ALLEGES COMMON LAW FRAUD, NEGLIGENCE, AND BREACH OF FIDUCIARY DUTY.
Damage Amount Requested
$36,000.00
Damages Granted
$137,501.77
Broker Comment
AN AWARD (86-1377) IN THE MATTER OF THE NASD ARBITRATION BETWEEN "FIDELITY UNION TRUST COMPANY/FIRST NATIONAL STATE AS SUCCESSOR TRUSTEE UNDER THE [CUSTOMER] REVOCABLE TRUST AGREEMENT #1 DATED 8/2/81 AND UNDER THE [CUSTOMERS] REVOCABLE TRUST AGREEMENT #1 DATED 8/20/87 VS. [OTHER FIRM EMPLOYEE], BRUCE RHODES, [OTHER FIRM EMPLOYEE] AND RAYMOND JAMES & ASSOCIATES, INC." *** ON 7/29/87 AND 7/30/87, THE NASD ARBITRATORS HEARD THE CONTROVERSY BETWEEN THE PARTIES. THE ARBITRATION PANEL, HAVING CONSIDERED THE PLEADINGS, THE TESTIMONY, AND THE EVIDENCE PRESENTED AT THE HEARING DETERMINED, ON 12/7/87, AS FOLLOWS: [1] RESPONDENTS ARE JOINTLY AND SEVERALLY LIABLE FOR, AND SHALL PAY TO CLAIMANT $51,843.77 IN COMPENSATORY DAMAGES; [2] RESPONDENTS ARE JOINTLY AND SEVERALLY LIABLE FOR, AND SHALL PAY TO CLAIMANT $62,858.00 IN INVESTMENT INTEREST ON THOSE FUNDS USED FOR THE PURCHASE OF LIMITED PARTNERSHIPS; [3] RESPONDENTS ARE JOINTLY AND SEVERALLY LIABLE FOR AND SHALL PAY TO THE CLAIMANT $22,800.00 IN PUNITIVE DAMAGES; AND [4] THE PARTIES SHALL BEAR THEIR RESPECTIVE COSTS, INCLUDING ATTORNEYS' FEES.
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.