CHRISTOPHER BRIAN RIGGS is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 311 E. WASHINGTON STREET, PETERSBURG, VA, 23803.
CHRISTOPHER BRIAN RIGGS has worked at LPL FINANCIAL LLC since September 19, 2007
Disclosure History
CHRISTOPHER BRIAN RIGGS has 2 Disclosure Event(s).
Date: July 02, 2010 Category: Customer Dispute Allegations: CUSTOMER ALLEGES MISREPRESENTATIONS AND UNSUITABILITY WITH RESPECT TO BONDS PURCHASED IN 2004 AND MUTUAL FUND PURCHASED IN MAY 2008, AND SEEKS RECOVERY OF LOSSES. Damage Amount Requested: $30,077.00 Settlement Amount: $18,000.00 Broker Comment: CASE WAS RESOLVED TO AVOID THE COMMITMENT OF TIME AND RESOURCES TO DEFENSE OF THE CLAIM. LIABILITY WAS EXPRESSLY DENIED.
Date: September 24, 2004 Category: Customer Dispute Allegations: THE CLIENTS ALLEGED THAT THE FEATURES OF THE FEDERAL HOME LOAN MTG BONDS PURCHASED IN JUNE 2003 WERE MISREPRESENTED TO THEM. THE CLIENTS ALLEGED THAT THEY WERE NOT TOLD THAT THE MATURITY DATE WAS 2023, AND WERE LED TO BELIEVE THAT THEY COULD WITHDRAW THEIR FUNDS IN FOUR YEARS. THE CLIENTS ALSO STATED THAT THE INTEREST RATE ON THE BONDS WAS PRESENTED AT 5% AND BY THE TIME THE PURCHASE TOOK PLACE, THE RATE HAD DROPPED TO 4.25%. ALLEGED DAMAGES EXCEED $5,000. Damage Amount Requested: $5,000.00 Broker Comment: THE IR ADVISED THAT HE MET WITH THE CLIENTS APPROXIMATELY EIGHTEEN MONTHS AGO, WHEN THEY HAD TWO CDS COMING DUE AT THE BANK. AT THE TIME THAT IR MADE HIS PRESENTATION, THE INTEREST RATE ON THE FEDERAL NOTES WAS 5.00%. HOWEVER, ONE OF THE CLIENTS WAS HOSPITALIZED DURING THIS TIME PERIOD AND WHEN THEY GOT AROUND TO BUYING THE NOTES, THE RATE HAD DROPPED TO 4.25%. SINCE THIS WAS STILL SUBSTABTIALLY BETTER THAN THE CDS THE CLIENTS OWNED OR COULD BUY AT THE BANK, THE IR FELT THAT THESE NOTES MET THE CLIENTS' INVESTMENT OBJECTIVES. DUE TO THE CLIENTS' AGES, IR MADE SURE THAT THE NOTES CONTAINED THE ESTATE FEATURE. THE IR EXPLAINED TO THE CLIENTS THAT THERE WERE THREE WAYS THAT THEY COULD GET THEIR MONEY OUT OF THE INVESTMENT. THE NOTES COULD MATURE, BE CALLED OR THE ESTATE FEATURE WOULD PROVIDE THE CO-OWNER WITH A RETURN OF THE FULL PRINCIPAL. SINCE THE CLIENTS INDICATED IN THEIR LETTER A UNDERSTANDING OF THE CALL PROVISION AND THE ESTATE FEATUTE, IT WAS ASSUMED THAT THESE FEATURES WERE DISCLOSED DURING THE INITIAL PRESENTATION. THE CLIENTS ALSO RECEIVED STATEMENTS DURING THE PAST EIGHTEEN MONTHS DISCLOSING THE MATURITY DATE AND THE CALL PROVISIONS. CLIENTS' REQUEST FOR REIMBURSEMENT WAS DENIED.
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