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DARREL LEONARD REINKE

DARREL LEONARD REINKE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 1714 N LINCOLN AVE, PIERRE, SD, 57501.

DARREL LEONARD REINKE has worked at LPL FINANCIAL LLC since November 29, 2017

Disclosure History

DARREL LEONARD REINKE has 1 Disclosure Event(s).

Date: November 30, 2000
Category: Customer Dispute
Allegations: CLIENT ALLEGES SALE OF VKMGX AND BSP ON 10/4/00 WERE UNAUTHORIZED.
Damage Amount Requested: $23,409.00
Broker Comment: THIS CUSTOMER COMPLAINT IS NO LONGER REPORTABLE. THE ALLEGATIONS MADE BY THE COMPLAINTANT ARE BOTH FALSE & UNWARRANTED. THE COMPLAINTANT CAME TO MY OFFICE UNANNOUNCED, OF HIS OWN ACCORD, WITHOUT ANY PROMPTING FROM ME ON 10/4/00. HE HAD HIS AARP/SCUDDER, PIPER JAFFRAY & VANKAMPEN STATEMENTS WITH HIM. DURING OUR MEETING, HE REPEATEDLY SAID "I DO NOT WANT ANY MORE MARKET FLUCTUATIONS WITH MY INVESTMENTS. I'M TOO OLD & HAVE TOO MANY OTHER PROBLEMS TO DEAL WITH. WHAT CAN YOU DO TO HELP ME?" I TOLD HIM THAT THERE WERE 2 PRODUCTS THAT WOULD FIT HIS CRITERIA OF "NO MARKET FLUCTUATIONS"-OUR MONEY MARKET & FEDERALLY INSURED CERTIFICATES OF DEPOSIT (CDS). I WENT ON TO EXPLAIN THAT ALTHOUGH THE CDS WOULD ALWAYS SHOW AS FULL PRINCIPAL VALUE ON HIS STATEMENTS THAT HE COULD VERY WELL EXPERIENCE A MARKET IMPOSED PENALTY SHOULD HE LIQUIDATE THEM PRIOR TO MATURITY. HE THEN SAID THAT HE WANTED TO DO THE CDS & ASKED ME WHAT HE NEEDED TO ACCOMPLISH THAT. I EXPLAINED THAT WE COULD LIQUIDATE HIS PIPER JAFFRAY HOLDINGS THAT DAY OVER OUR COMPUTER SYSTEM BUT THAT HE WOULD NEED TO CONTACT AARP/SCUDDER & VANKAMPEN TO LIQUIDATE THOSE HOLDINGS. HE SHOULD HAVE THEM EITHER SEND THE PROCEEDS TO HIM OR DIRECTLY TO HIS PIPER JAFFRAY ACCOUNT. HE THEN ASKED IF THERE WAS ANYWAY WE COULD DO THAT FOR HIM. I EXPLAINED THAT WE COULD COMPLETE MUTUAL FUND REDEMPTION FORMS, TAKE A COPY OF HIS STATEMENTS & MAIL THEM DIRECTLY TO THE FUNDS. I ALSO EXPLAINED THAT IF WE DID IT THAT WAY THE PROCESS WOULD TAKE ADDITIONAL TIME COMPARED TO HIS CALLING THE FUNDS DIRECTLY. HE THEN STATED HE DIDN'T WANT TO DEAL WITH THE LIQUIDATIONS HIMSELF. HE WANTED US TO DO THEM FOR HIM. I MADE COPIES OF HIS STATEMENTS, COMPLETED & HAD HIM SIGN THE MUTUAL FUND REDEMPTION FROMS & GOT THEM IN THAT DAY'S MAIL. DURING 9 SUBSEQUENT CONTACTS WITH HIM, HE NEVER ONCE ASKED, "WHY DID YOU LIQUIDATE MY HOLDINGS?" THAT IS BECAUSE HE HAD REQUESTED ME TO DO SO.

More Information

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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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