DAVID JOHN SCHWARTZ is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 6945 RANCH RIDGE CV W, WALLS, MS, 38680-9145.
DAVID JOHN SCHWARTZ has worked at LPL FINANCIAL LLC since November 23, 2010
Date: November 12, 2007 Category: Customer Dispute Allegations: CLIENTS CLAIMS THEY WERE GIFTED STOCK WHICH WAS RECEIVED INTO THE ACCOUNT ON 10/11/07. CLIENTS CLAIM THEY REQUESTED THE SELL OF THE STOCK ON 10/12 BUT THE STOCK WAS NOT LIQUIDATED UNTIL 10/16/07 WHICH RESULTED IN A LOSS OF VALUE OF APPROXIMATELY $10,000. CLIENTS ALSO CLAIM THEY BELIEVE THE COMMISSION CHARGED WAS EXCESSIVE. Damage Amount Requested: $10,000.00 Settlement Amount: $4,518.14 Broker Comment: FA STATED HE INFORMED CLIENT IT COULD TAKE A FEW DAYS FOR THE STOCKS TO BE RECEIVED IN GOOD DELIVERY SO THEY COULD BE SOLD. FURTHER, HE INDICATED, WHILE SPECIFIC DOLLAR AMOUNTS WERE NOT GIVEN TO CLIENT REGARDING COMMISSION CHARGES, HE DID INFORM HIM THE STANDARD COMMISSIONS WOULD APPLY. IT DOES APPEAR THE COMMISSIONS WERE CHARGED CORRECTLY AND IN ACCORDANCE WITH FIRM GUIDELINES. IT IS MY UNDERSTANDING THERE WAS ALSO AN ADDITIONAL ONE DAY DELAY AS THE STOCKS WERE RECEIVED INTO MARGIN AS A RESULT OF THE CODING FROM THE DELIVERING FIRM. OUR RECORDS REFLECT THE ORDERS WERE PLACED ON TUESDAY, OCTOBER 16, 2007. WHILE WE DO BELIEVE CLIENT UNDERSTOOD THE CIRCUMSTANCES SURROUNDING THE LIQUIDATION OF THE STOCK IN QUESTION, EDWARD JONES DOES AGREE TO OFFER TO REIMBURSE THE COMMISSIONS CHARGED ON SAID TRANSACTIONS IN THE AMOUNT OF $4,518.14. OFFER WAS ACCEPTED AND A CHECK HAS BEEN ISSUED.
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