ALBERT G FONG is currently employed as a Broker and/or Investment Adviser at WEDBUSH SECURITIES INC. located at 344 SALINAS STREET, SUITE 105 A, SALINAS, CA, 93901.
ALBERT G FONG has worked at WEDBUSH SECURITIES INC. since July 06, 2007
ALBERT G FONG has 1 Disclosure Event(s).
Date: January 13, 2000 Category: Customer Dispute Allegations: CLIENT ALLEGES FA MISREPRESENTED THE PURCHASE OF NUVEEN CALIFORNIA DIVIDEND ADVANTAGE FUND, WHICH WAS UNSUITABLE FOR HIS INVESTMENT GOALS. TIME PERIOD UNSPECIFIED. ESTIMATED DAMAGES EXCEED $5,000 Settlement Amount: $535.00 Broker Comment: THE NUVEEN TAX-EXEMPT BOND INVESTMENT CUSTOMER IS QUESTIONING WAS RECOMMENDED AS A RESULT OF AN INVESTMENT PROFILE CUSTOMER COMPLETED AT MY REQUEST. THE PROFILE INDICATED A TIME HORIZON OF THREE TO SIX YEARS, A RETURN/RISK OBJECTIVE OF MODERATELY CONSERVATIVE. THE RESULTING ASSET ALLOCATION RECOMMENDED INCLUDED A 70% FIXED INCOME ALLOCATION AND 26% IN EQUITIES.AFTER REVIEWING THE ASSET ALLOCATION PROPOSEL, CUSTOMER DECIDED ON INVESTING 1/3 IN STOCKS FROM PAINEWEBBER'S HIGHLIGHTED LIST AND 1/3 IN THE NUVEEN BOND FUND, A DIVERSIFIED PORTFOLIO OF MUNICIPAL BONDS WITH OVER 80% OF THE BONDS RATED ABOVE INVESTMENT GRADE AND OVER 50% RATED AAA-THE HIGHEST QUALITY RATING.PERFORMANCE RECORDS OF U.S. TREASURY SECURITIES AND THE LEHMAN BROTHERS AGGREGATE BOND INDEX INDICATED THAT 1999 WAS ONE OF THE WORST YEARS FOR BOND PERFORMANCE ON RECORD DUE TO THE RISE IN INTEREST RATES AND 3 FEDERAL RESERVE RATE HIKES SINCE JUNE.WHILE CUSTOMER STATED THAT HE HAD CONCERNS ABOUT THE FUND AS EARLY AS 5/1999, HE WAITED UNTIL 12/1999 TO BRING ANY CONCERN TO MY ATTENTION.THE INVESTMENT WAS REPORTED ON CUSTOMER'S MONTHLY STATEMENT AT A VALUE VERY CLOSE TO HIS ORIGINAL COST BASIS THROUGH 8/1999. IT WAS NOT UNTIL MID-SEPTEMBER THAT THE BOND MARKET SELL-OFF DUE TO INTEREST RATE INCREASES, REDUCED THE FUND VALUE BELOW CUSTOMER'S PURCHASE PRICE.DURING THIS PERIOD, PAINEWEBBER MAINTAINED A BENIGN INFLATION OUTLOOK AND OUR STRATEGISTS FELT BONDS WOULD OUTPERFORM STOCKS. THEREFORE IN THE ABSENCE OF CONCERNS BY CUSTOMER, I FELT IT PRUDENT TO MAINTAIN THE INVESTMENT.
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