DUSTIN LEN BONNETT is currently employed as a Broker and/or Investment Adviser at D.A. DAVIDSON & CO. located at 800 W. 47TH ST., SUITE 512, KANSAS CITY, MO, 64112.
DUSTIN LEN BONNETT has worked at D.A. DAVIDSON & CO. since August 29, 2012
Disclosure History
DUSTIN LEN BONNETT has 1 Disclosure Event(s).
Date: July 25, 2016 Category: Customer Dispute Allegations: On December 18, 2013, Claimant invested in certain Subordinated Notes of AgriBank, FCB, and on March 10, 2014, Claimant invested in certain Subordinated Notes of CoBank ACB. Claimant alleges that the Agribank and CoBank Notes were misrepresented as non-callable with interest payments continuing until their respective 2019 and 2018 maturity dates. In early 2016, AgriBank announced that it will redeem the Notes on July 15, 2016 and CoBank announced that it will redeem its notes on April 15, 2016, pursuant to a provision in the Notes allowing redemption pursuant to an extraordinary regulatory event, and that at such time the bondholders will receive the par value, plus all accrued, but unpaid interest. Claimant alleges it will incur significant damages upon redemption. The Agribank Notes were redeemed on July 15, 2016 and the CoBank notes were redeemed on April 15, 2016. Broker Comment: Claimant is a sophisticated investor who had several sources of information about these bonds available to him including, but not limited to, his own access to Bloomberg, as well as the many documents I sent to him such as the offering circular, S&P report, and updated earnings report. The trade tickets and the paper confirms that were issued to Claimant by my brokerage firm did not state that the AgriBank and Co-Bank bonds were callable. This is consistent with the Bloomberg description of these bonds and with industry standard among other brokerage firms. These bonds could not be unilaterally called by their issuers, rather, they could only be redeemed upon the occurrence of an extraordinary regulatory event. Moreover, there are currently lawsuits pending against both Co-Bank and AgriBank on behalf of certain bondholders alleging that such redemptions were wrongdoing.
More Information
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