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B. FRANK VOIGT

B. FRANK VOIGT is currently employed as a Broker and/or Investment Adviser at KESTRA INVESTMENT SERVICES, LLC located at 5400 LBJ FREEWAY, SUITE 1250, DALLAS, TX, 75240.

B. FRANK VOIGT has worked at KESTRA INVESTMENT SERVICES, LLC since August 02, 2002

Disclosure History

B. FRANK VOIGT has 2 Disclosure Event(s).

Date: March 15, 2010
Category: Customer Dispute
Allegations: COMPLAINANT ALLEGES THAT IN OCTOBER 2009 THEY WOULD NOT HAVE APPROVED THE SURRENDER OF A VARIABLE ANNUITY HAD THEY BEEN INFORMED BY THE REPRESENTATIVE OF THE TAX CONSEQUENCES OF THE TRANSACTION.
Damage Amount Requested: $12,150.00

Date: August 19, 2002
Category: Customer Dispute
Allegations: CUSTOMERS ALLEGE THAT RR ENGAGED IN NEGLIGENCE AND/OR BREACH OF INDUSTRY STANDARDS; BREACHED HIS FIDUCIARY DUTY AS AN INVESTMENT ADVISOR; VIOLATED TEXAS DECEPTIVE TRADE PRACTICES ACT; AND COMMITTED COMMON LAW FRAUD BY CONCENTRATING THE CUSTOMERS SECURITY POSITION IN A SINGLE VOLITILE SECURITY AND FAILING TO EITHER EXERCISE ADDITIONAL OPTIONS AVAILABLE AND/OR SELLING ALL OR A SIGNIFICANT PORTION OF THE OPTIONS AND/OR FAILING TO DIVERSIFY THE OPTIONS POSITIONS ON OR ABOUT OCTOBER 2000 THROUGH JANUARY 2001.
Damage Amount Requested: $1,000,000.00
Settlement Amount: $17,500.00
Broker Comment: THE FIRST MEETING WITH THE [CUSTOMER] TOOK PLACE IN OCTOBER 2000 PRIOR TO THE STOCK MARKET CORRECTION. DURING THE MEETING IT WAS DISCUSSED WHAT THE [CUSTOMER] SHORT AND LONG TERM OBJECTIVES WERE. [CUSTOMER], BEING A NTAP EMPLOYEE, WAS ADAMANT THAT THEIR SHORT-TERM INVESTMENT GOAL WAS TO HOLD ONTO THE NTAP STOCK OPTIONS AND GET AS MUCH UPSIDE AS POSSIBLE. THE [CUSTOMER]MADE IT CLEAR FROM THE BEGINNING IN THEIR OWN HANDWRITING THAT THEY WERE "WILLING TO TAKE BIG RISKS NOW." THEIR LONG TERM GOAL WAS TO EVENTUALLY DIVERSIFY AND MAINTAIN WEALTH. BASED ON THE CLIENT'S CONCENTRATED NTAP POSITION, A RECOMMENDATION WAS MADE TO DIVERSIFY THEIR PORTFOLIO. THE [CUSTOMERS] REJECTED THE RECOMMENDATION TO SELL THE STOCK. OVER THE NEXT SEVERAL MONTHS THE [CUSTOMERS] BECAME CONCERNED AS THEY WATCHED THE STOCK CONTINUE TO DECLINE. THE CLIENT FINALLY SOLD STOCK (2001) AT A PRICE FAR BELOW THE AMOUNT WHEN THE FIRST MEETING TOOK PLACE. THE COMPLAINT FILED, COMPLETELY CONTRADICTS THE HANDWRITTEN NOTES OF THE [CUSTOMER]. THE CASE WAS SUBMITTED TO ARBITRATION BUT SETTLED FOR AN AMOUNT FAR LESS THAN THE ORIGINAL COMPENSATORY DAMAGE AMOUNT.

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