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Dennis W. Hunt

Dennis W. Hunt is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 6063 MID RIVERS MALL DR, COTTLEVILLE, MO, 63304.

Dennis W. Hunt has worked at EDWARD JONES since November 05, 1996

Disclosure History

Dennis W. Hunt has 1 Disclosure Event(s).

Date: October 31, 2002
Category: Customer Dispute
Allegations: CLIENT IS DISATISFIED WITH THE PERFORMANCE OF HER ACCOUNT AND BELIEVES THE IR DID NOT INVEST HER 401K MONIES APPROPRIATELY FOR A RETIRED INDIVIDUAL. CLIENT CLAIMS THE IR SHOULD HAVE INVESTED HER FUNDS MORE CAUTIOUSLY THAN AN INDIVIDUAL WITH SALARY INCOME. CLIENT CLAIMS THE IR DID NOT MANGE HER ACCOUNT WITH THE PROPER "FIDUCIARY RESPONSIBILITY" AND AS A RESULT SHE INCURRED LOSSES OF $25,000.
Damage Amount Requested: $25,000.00
Broker Comment: PURCHASES WERE MADE IN VARIOUS AMERICAN FUND MUTUAL FUNDS ON 4/2/02 WITH THE PROCEEDS FROM A ROLLOVER. ACCORDING TO IR, HE PROVIDED CLIENT WITH ALL FEATURES OF THE MUTUAL FUNDS, INCLUDING A DISCUSSION ON COMMISSIONS. THE CLIENT DID RECEIVE A BREAKPOINT (REDUCED COMMISSION) ON THE PURCHASE OF THE MUTUAL FUNDS AS A RESULT OF THE AMOUNT BEING INVESTED. PROSPECTUSES WOULD HAVE BEEN PROVIDED AT THE TIME OF PURCHASE ON EACH FUND, WHICH PROVIDED DETAILS OF THE INVESTMENT, INCLUDING THE FUND OBJECTIVE. IR STATED HE MADE THE FUND RECOMMENDATIONS TAKING INTO ACCOUNT THE CLIENT'S ADDITIONAL ASSETS HELD IN SBC STOCK AND CLIENT'S INDICATION SHE WOULD NOT NEED INCOME FROM THE IRA IN THE IMMEDIATE FUTURE. IR STATED THERE WAS DISCUSSION WITH THE CLIENT REGARDING THE LIQUIDATION OF SOME OF THE SBC (DUE TO A SIZEABLE HOLDING IN ONE STOCK), WHICH WOULD BE PLACED IN INDIVIDUAL BONDS WHEN TRANSFERRED IN. OUR RECORDS INDICATE THE PURCHASES MADE IN APRIL APPEARED TO BE WITHIN THE STATED INVESTMENT OBJECTIVE ON HER ACCOUNT (BALANCED). IN OCTOBER 2002, CLIENT DIRECTED IR TO LIQUIDATE MUTUAL FUNDS AND MOVE APPROX $100,000 INTO FIXED INCOME PRODUCTS. CUSTOMER STATEMENTS HAVE BEEN PROVIDED FROM THE INITIAL TRANSACTIONS REFLECTING ALL ACTIVITY IN HER ACCOUNT, ASSET CATEGORIES OF THE FUNDS, AS WELL AS ESTIMATED VALUES OF THE INVESTMENTS. WHILE WE UNDERSTAND CLIENT'S DISAPPOINTMENT WITH THE DECLINE IN VALUE OF THE INVESTMENTS, MARKET FLUCTUATION IS A RISK ASSOCIATED WITH SUCH INVESTMENTS. BASED ON THE FIRM'S REVIEW, IT APPEARS THE INVESTMENTS WERE MADE WITH THE CLIENT'S AUTHORIZATION AFTER DISCUSSIONS WITH IR, INCLUDING ABOUT THE RISKS AND COSTS ASSOCIATED WITH THESE INVESTMENTS. CLAIM DENIED

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