DON LEE SNOWDER is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 5065 WESTHEIMER RD, HOUSTON, TX, 77056.
DON LEE SNOWDER has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since April 03, 1991
DON LEE SNOWDER has 7 Disclosure Event(s).
Date: June 13, 2005 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT FINANCIAL ADVISOR MADE TRADES AND FAILED TO FOLLOW INSTRUCTIONS. Broker Comment: UPON INVESTIGATION THE COMPLAINT WAS FOUND TO BE WITHOUT MERIT AND WAS DENIED.
Date: October 20, 2003 Category: Customer Dispute Allegations: FA RECOMMENDED AND EXECUTED UNSUITABLE INVESTMENT STRATEGIES FOR CLAIMANTS. Damage Amount Requested: $2,762,000.00 Broker Comment: REGISTRANT NOT NAMED AS A RESPONDENT ON THE STATEMENT OF CLAIM RECEIVED JANUARY 23, 2004.
Date: January 06, 2003 Category: Customer Dispute Allegations: CLIENT ALLEGES MR. SNOWDER RECOMMENDED UNSUITABLE INVESTMENTS. Damage Amount Requested: $60,470.00 Broker Comment: MERRILL LYNCH AND MR. SNOWDER DENY THE CLIENTS" ALLEGATIONS IN THEIR ENTIRETY. THE TRANSACTIONS AT ISSUE WERE MADE IN GOOD FAITH BASED ON THE CLIENTS" STATED INVESTMENT OBJECTIVE AND RISK TOLERANCE LEVEL. THE CLIENTS AR SELECTIVELY COMPLAINING ABOUT ONLY FOUR OF MANY DIVERSIFIED EQUITIES PURCHASED. THE EQUITY PORTION OF THE CLIENTS' PORRTFOLIO WAS ONLY A SMALL PORTION OF THE OVERALL INVESTMENT STRATEGY. WHILE THE CLIENT DID SUFFER LOSSES IN THE FOUR EQUITIES IN QUESTION, THEIR OVERALL PORTFOLIO WAS PROFITABLE. NEVERTHELESS, NEITHER MERRILL LYNCH NOR MR. SNOWDER GUAARANTEED THAT THE CLIENTS WOULD NOT SUFFER ANY LOSSES.
Date: September 27, 2002 Category: Customer Dispute Allegations: CUSTOMERS ALLEGE THEIR FINANCIAL ADVISOR PURCHASED STOCKS IN THEIR ACCOUNTS THAT WERE HIGH RISK AND NOT IN LINE WITH THEIR STATED OBJECTIVE OF LONG TERM GROWTH WITH MODERATE RISK. Broker Comment: MR SNOWDER HAS HANDLED THE CUSTOMERS'ACCOUNTS SINCE 1993. CLIENTS HAD NO PRIOR COMPLAINT REGARDING THE HANDLING OF THEIR ACCOUNTS. THEIR PORTFOLIOS WERE INVESTED IN SUITABLE SECURITIES THAT WERE CONSISTENT WITH THEIR LONG-TERM GROWTH INVESTMENT OBJECTIVE AND MODERATE RISK TOLERANCE LEVEL. IT IS OBVIOUS THAT THIS COMPLAINT WAS TRIGGERED BY THE DRAMATIC DECLINE IN THE MARKET AT THE TIME.
Date: August 28, 2002 Category: Customer Dispute Allegations: CLIENT ALLEGES HE WAS PLACED IN MORE SPECULATIVE INVESTMENTS THAN HE AGREED TO. Damage Amount Requested: $100,000.00 Broker Comment: THE FIRM AND MR. SWONDER DENY THE CLIENT'S ALLEGATIONS IN THEIR ENTIRETY. THE CLIENT IS AN EXPERIENCED INVESTOR WHO MADE HIS OWN DECISIONS. HE FOLLOWED SOME OF MR. SNOWDER'S RECOMMENDATIONS BUT REFUSED OTHERS. CLIENT ALSO HAD A MANAGED ACCOUNT, MANAGED BY AN APPROVED OUTSIDE INVESTMENT MANAGER. THE ACCOUNT WAS MANAGED BASED ON THE CLIENT'S INVESTMENT OBJECTIVES AND RISK TOLERANCE LEVEL AS DISCLOSED IN A QUESTIONAIRE COMPLETED BY HIM. THE CLIENT'S CALCULATION OF LOSSES DOES NOT TAKE IN CONSIDERATION SIGNIFICANT GAINS IN 1998 AND 1999. CLIENT WAS NEVER GIVEN ANY GUARANTEES. HIS ACCOUNTS SUFFERED LOSSES AS A RESULT OF AN UNFORESEEABLE, SEVERE STOCK MARKET DECLINE, AND NOT DUE TO ANY WRONGDOING.
Date: July 29, 2002 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT MERRILL LYNCH PRESSURED HER FINANCIAL ADVISOR TO RECOMMEND HIGHER COMMISSIONED, INAPPROPRIATE INVESTMENTS FOR HER ACCOUNT(S). Broker Comment: MERRILL LYNCH AND MR. SNOWDER DENY THE CLIENT'S ALLEGATIONS IN THEIR ENTIRETY. CUSTOMER'S COMPLAINT IS NOT ABOUT THE INVESTMENT ADVICE PROVIDED BY MR. SNOWDER BUT IS ABOUT MERRILL LYNCH. NEVERTHELESS, MR. SNOWDER WAS NEVER PRESSURED TO RECOMMEND ANY INVESTMENTS. ALL INVESTMENTS WERE RECOMMENDED IN AN EFFORT TO ACHIEVE CUSTOMER'S FINANCIAL GOALS AND OBJECTIVES. NEITHER MERRILL LYNCH NOR MR. SNOWDER MADE ANY GUARANTEES THAT THE CUSTOMER'S INVESTMENTS WOULD INCREASE IN VALUE. CUSTOMER'S LOSSES WERE DUE TO AN UNFORSEEAABLE AND SEVERE DECLINE IN THE MARKET IN 2000 1ND 2001 AND NOT ANY WRONGDOING.
Date: October 21, 1993 Category: Customer Dispute Allegations: THE ABOVE REFERENCED CLIENT HAS SUBMITTED ACLAIM FORM TO THE CLAIMS RESOLUTION PROCESS RELATING TO THEPURCHASES OF VARIOUS LIMITED PARTNERSHIPS DURING THE PERIOD9/87 TO 8/88. THE ABOVE MENTIONED REGISTERED REPRESENTATIVE WASTHE BROKER OF RECORD AT THE TIME OF THE PURCHASES. NO DAMAGESWERE ALLEGED BUT THE AMOUNT OF ACTUAL LOSS (OUT OF POCKET) IS$70.784. Damage Amount Requested: $70,784.00 Settlement Amount: $98,287.00 Broker Comment: A SETTLEMENT FOR THE ABOVE CLIENT HAS BEENREACHED IN THE CLAIMS RESOLUTION PROCESS. THE DOLLAR AMOUNT OFTHE SETTLEMENT IS AS FOLLOWS: $98,287.THIS INCIDENT OCCURRED AT MY PREVIOUS FIRM. TOTHE BEST OF MY KNOWLEDGE THERE WAS NOT ANY ARBITRATION ON THISMATTER. THE CLIENT WAS AWARE OF WHAN WAS PURCHASED AND WASQUALIFIED TO MAKE THE PURCHASE. I BELIEVE I WAS TRIED,CONVICTED AND NOW BEING PUNISHED FOR A SITUATION THAT I WAS NOTALLOWED TO AT LEAST ATTEMPT TO DEFEND MYSELF.
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