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David C Shepard

David C Shepard is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1001 W OAK STREET SUITE 203, BOZEMAN, MT, 59715.

David C Shepard has worked at EDWARD JONES since April 23, 1997

Disclosure History

David C Shepard has 1 Disclosure Event(s).

Date: February 23, 2004
Category: Customer Dispute
Allegations: CLIENT STATES HE HAD DONE VERY WELL WITH INVESTMENTS IN HIS ACCOUNT AND MOVED ALL TO CASH IN 2000. CLIENT STATES IT WAS HIS INTENTION TO LEAVE EVERYTHING IN CASH UNTIL THE MARKET HAD RECOVERED. CLIENT STATES IR REPEATEDLY CONTACTED HIM TO INVEST AND EVENTUALLY IR SUGGESTED INVESTING THE ENTIRE PORTFOLIO IN WORLDCOM. CLIENT ALSO STATES HE AGREED TO PLACE ONE-HALF OF THE FUNDS IN WORLDCOM AND NOW CLIENT'S IRA IS IN SHAMBLES. LOSS OF APPROXIMATELY $8,500.
Damage Amount Requested: $8,500.00
Broker Comment: ACCORDING TO SHEPARD, WHEN THE CLIENT'S ACCOUNT WAS ESTABLISHED, THE CLIENT INFORMED HIM HE WAS AN AGGRESSIVE INVESTOR AND HAD AN ACCOUNT AT CHARLES SCHWAB HE CONSIDERED HIS "MAIN" RETIREMENT ACCOUNT. OUR RECORDS INDICATE SHARES OF ORACLE CORP, WIND RIVER SYSTEMS AND COMPAQ COMPUTER CORP WERE SOLD IN THE ACCOUNT IN JANUARY 2000. SHARES OF DELL COMPUTER CORP (PURCHASED IN JANUARY 2000) WERE SOLD IN MARCH 2000. ALL OF THE AFOREMENTIONED TRANSACTIONS WERE UNSOLICITED. ACCORDING TO SHEPARD, HE CONTACTED THE CLIENT IN APRIL 2000 AND SUGGESTED MCI WORLDCOM AND HE HAS STATED HE DID NOT RECOMMEND INVESTING THE ENTIRE PORTFOLIO IN ONE STOCK. ACCORDING TO OUR RECORDS, A PORTION OF THE CASH IN THE ACCOUNT WAS UTILIZED PUT PURCHASE 200 SHARES OF MCI WORLDCOM INC ON APRIL 25, 2000. IT DOES NOT APPEAR SHEPARD MADE REPEATED ATTEMPTS (OVER A SIX MONTH TIME PERIOD) TO CONTACT THE CLIENT RELATING TO INVESTING THE PROCEEDS AS THE SHARES OF MCI WORLDCOM WERE PURCHASED APPROXIMATELY ONE MONTH AFTER THE LIQUIDATIONS WERE COMPLETED. AT THE TIME OF THE PURCHASE, THE CLIENT RECEIVED A TRADE CONDIFMATION WHICH PROVIDED DETAILS OF THE TRANSACTION. SINCE THE STOCK WAS PURCHASED, THE CLIENT HAS RECIEVED STATEMENTS WHICH PROVIDE INFORMATION REGARDING THE INVESTMENTS HELD IN HIS ACCOUNT AS WELL AS REFLECTING ACCOUNT ACTIVITY. IT IS OUR OPINION SHEPARD'S SUGGESTION WAS NOT OTSIDE THE SCOPE OF THE INVESTMENT OBJECTIVES OF THE ACCOUNT (AGGRESSIVE) AND THE STOCK WAS PURCHASED WITH THE CLIENT'S AUTHORIZATION. CLAIM DENIED.

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