DOUGLAS JAMES PROPECK is currently employed as a Broker and/or Investment Adviser at CETERA ADVISOR NETWORKS LLC located at 7381 W 133RD ST STE 207, OVERLAND PARK, KS, 66213.
DOUGLAS JAMES PROPECK has worked at CETERA ADVISOR NETWORKS LLC since July 09, 2014
Disclosure History
DOUGLAS JAMES PROPECK has 2 Disclosure Event(s).
Date: December 17, 2010 Category: Customer Dispute Allegations: CLIENT ALLEGES HE WAS MISINFORMED REGARDING THE WITHDRAWAL STRATEGY ON HIS 1998 VARIABLE ANNUITY. CLIENT ALLEGES IT WAS HIS UNDERSTANDING THAT HE COULD WITHDRAW 6% OF THE INCOME BENEFIT AND HE IS REQUESTING THE FIRM TO BE ABLE TO WITHDRAW 6% OF THE INCOME BENEFIT EACH YEAR WITHOUT CAUSING A PRO-RATA DEDUCTION TO THE BASE. DAMAGES UNSPECIFIED. Broker Comment: THE FIRM FOUND NO BASIS TO THE CUSTOMER'S COMPLAINT.
Date: April 13, 1988 Category: Customer Dispute Allegations: ON 10/15/88, THE [CUSTOMER] FAMILY COMMENCED NASD ARBITRATION PROCEEDINGS GAINST MERRILL LYNCH CLAIMING LOSSES OF $418,000 IN THEIR TWO INDIVIDUAL ACCOUNTS AND THEIR CORPORATE ACCOUNT. THEYT ALLEGED THAT FORMES FINANCIAL CONSULTANT DOUGLAS PROPECK CHURNED THEIR ACCOUNTS AND HE EXECUTED SOME OPTION TRANSACTIONS WITHOUT AUTHORITY TO DO SO. MERRILL LYNCH ANSWERED THAT ALL TRANSACTIONS WRE APPROVED BY THE CUSTOMERS BEFORE EXECUTION AND WERE PART OF AN INVESTMENT STRATEGY AIMED AT ACHIEVING SHORT TERM PROFITS. Damage Amount Requested: $418,000.00 Settlement Amount: $45,000.00 Broker Comment: MERRILL LYNCH AGREED TO SETTLE THE CLAIM BASED ENTIRELY ON THE FACT THAT THE ARBITRATION WOULD HAVE TAKEN SEVERAL MORE DAYS OF HEARINGS THE SETTLEMENT AMOUNT WAS $45,000. IT WAS AN ECONOMIC DECISION RATHER THAN AN ADMISSION 0F GUILT BASED ON MY PART OF MERRILL LYNCH'S. THE CBOE INVESTIGATED THE CIRCUMSTANCES SURROUNDING THE ARBITRATION AND I WAS FOUND INNOCENT OF ALL STATEMENTS MADE IN THE CLAIM. MERRILL LYNCH PAID FULL AMOUNT & I PAID NOTHING AND WAS FULLY CLEARED. ON 10-15-88, THE [CUSTOMER] FAMILY COMMENCED NASD ARBITRATION PROCEEDING AGAINST MERRILL LYNCH CLAIMING LOSSES OF $418,000.00 IN THEIR TWO INDIVIDUAL ACCOUNTS AND THEIR CORPORATE ACCOUNT. THEY ALLEGED THAT FORMER FINANCIAL CONSULTANT DOUGLAS PROPECK CHURNED THEIR ACCOUNTS AND THAT HE EXECUTED SOME OPTIONS TRANSACTIONS WITHOUT AUTHORITY TO DO SO. MERRILL LYNCH ANSWERED THAT ALL TRANSACTIONS WERE APPROVED BY THE CUSTOMERS BEFORE EXECUTIONS AND WERE PART OF AN INVESTMENT STRATEGY AIMED AT ACHIEVING THE CUSTOMERS' GOAL OF SHORT- TERM PROFITS. AFTER 4 DAYS OF HEARING. IT WAS DETERMINED THAT THE ARBITRATION WOULD REQUIRE AT LEAST ANOTHER FOUR HEARING DAYS TO COMPLETE. IN LIGHT OF THE COSTS, TIME, AND DISTRATION INVOLVED IN COMPLETING THIS ARBITRATION, A BUSINESS DECISION WAS MADE TO SETTLED THE $418,000.00 CLAIM FOR $45,000.00.
More Information
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