CHARLES LANGDON BAILEY

CHARLES LANGDON BAILEY is currently employed as a Broker and/or Investment Adviser at JANNEY MONTGOMERY SCOTT LLC located at 2150 POST ROAD, 2ND FLOOR, FAIRFIELD, CT, 06824-5669.

CHARLES LANGDON BAILEY has worked at JANNEY MONTGOMERY SCOTT LLC since October 14, 1994

Disclosure History

CHARLES LANGDON BAILEY has 2 Disclosure Event(s).

Date: November 06, 2012
Category: Customer Dispute
Allegations: CLIENT ALLEGES THE CHURNING OF VARIABLE ANNUITIES IN HER ACCOUNT, WHICH CAUSED HER TO INCUR EXCESSIVE SURRENDER, WITHDRAWAL, AND MANAGEMENT FEES BETWEEN AUGUST 2003 AND AUGUST 2012.
Damage Amount Requested: $499,999.00
Settlement Amount: $140,000.00
Broker Comment: THE FIRM ELECTED TO SETTLE THIS MATTER FOR A PERCENTAGE OF THE ALLEGED DAMAGES IN ORDER TO AVOID THE COSTS AND UNCERTAINTY ASSOCIATED WITH PROTRACTED LITIGATION. THE REGISTERED REPRESENTATIVE'S CONTRIBUTION WAS REQUIRED BY FIRM POLICY AND NOT BECAUSE OF A DETERMINATION OF WRONGDOING.

Date: November 15, 2006
Category: Customer Dispute
Allegations: CUSTOMER ALLEGED THAT SHE DID NOT AUTHORIZED OR UNDERSTAND THE USE OF MARGIN IN HER ACCOUNTS AND THAT THE REGISTERED REPRESENTATIVE DID NOT HANDLE HER ACCOUNTS CONSISTENT WITH HER NEEDS AND FINANCIAL GOALS.ACTIVITY DATE: JANUARY 2000 - NOVEMBER 2006
Damage Amount Requested: $1,363,384.46
Settlement Amount: $60,000.00
Broker Comment: IN ORDER TO AVOID THE TIME CONSUMING AND COSTLY LITIGATION, WITHOUT ADMITTING LIABILITY, THE FIRM, THROUGH A MEDIATION PROCESS, SETTLED WITH THE CUSTOMER FOR $60,000. THE CUSTOMER WITHDREW HER CLAIMS AGAINST THE INDIVIDUAL FINANCIAL CONSULTANT. THE INDIVIDUAL FINANCIAL CONSULTANT VEHEMENTLY BELIEVES THAT THE FIRM WOULD HAVE PREVAILED IN AN ARBITRATION HEARING DESPITE THE COSTS ASSOCIATED WITH PROTRACTED LITIGATION. INDEED, DESPITE THE CLIENT'S ALLEGATION TO THE CONTRARY, SHE WAS FULLY AWARE OF HER INVESTMENTS AND WAS PRIMARILY INVESTED IN CONSERVATIVE MUTUAL FUNDS, WHICH WERE ALL AUTHORIZED AND CONFIRMED. AS A RESULT OF THE SETTLEMENT, THE FIRM REQUIRED THAT THE INDIVIDUAL FINANCIAL CONSULTANT CONTRIBUTE TO THE SETTLEMENT SOLELY BECAUSE OF FIRM POLICY AND WITHOUT REGARD TO FAULT.

More Information

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