ERIC DONALD ROTH is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 420 TRUMAN BLVD, SUITE C, CRYSTAL CITY, MO, 63019.
ERIC DONALD ROTH has worked at LPL FINANCIAL LLC since April 07, 2003
ERIC DONALD ROTH has 1 Disclosure Event(s).
Date: April 23, 2003 Category: Customer Dispute Allegations: CUSTOMER ALLEGES ACCOUNT WAS CHURNED AND TAX CONSEQUENCES OF SELLING SECURITIES DURING 2002 WAS NOT DISCLOSED. COMPENSATORY DAMAGES NOT SPECIFIED, BUT BELIEVED TO BE GREATER THAN $5,000. I DENY THESE ALLEGATIONS. THE FEW TRANSACTIONS IN THE CUSTOMER'S ACCOUNT RESULTED FROM HIS INTEREST IN OWNING STOCKS WITH A HIGHER DIVIDEND YIELD, AND I FULLY DISCUSSED THE TAX CONSEQUENCES OF SELLING HIS EXISTING SECURITIES WITH HIM. Damage Amount Requested: $5,000.00 Broker Comment: A REVIEW OF THE CLIENT'S ACCOUNTS DOES NOT SUPPORT CLIENT'S CLAIM OF CHURNING. WHILE INITIAL PURCHASES WERE MADE IN THE ACCOUNTS IN JUNE 2002, ONLY ONE LIQUIDATION OCCURRED IN EACH OF THE ACCOUNTS FOR THE SALE OF WALGREEN CO. (WAG) ON 10/8/02. THE WAG STOCK WAS NOT PURCHASED IN THE ACCOUNTS, AS CERTIFICATES WERE DELIVERED. IR STATED THE SHARES WERE SOLD AS CLIENT WISHED TO OBTAIN A BETTER YIELD. THE PROCEEDS WERE USED TO PURCHASE SEARS ROEBUCK CORP NOTES (7.0%). CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS AT THE TIME OF THE TRANSACTIONS AS WELL AS CUSTOMER ACCOUNT STATEMENTS REFLECTING THE ACTIVITY. IT IS OUR OPINION THE TRANSACTIONS WERE AUTHORIZED. WHILE OUR INVESTMENT REPRESENTATIVES DO NOT PROVIDE SPECIFIC TAX ADVICE, IR INDICATED HE INFORMED CLIENT THERE WOULD BE TAX CONSEQUENCES ON THE LIQUIDATION OF THE STOCK AS LONG-TERM CAPITAL GAINS WOULD HAVE TO PAID. IR FURTHER STATED CLIENT WAS ONLY ABLE TO PROVIDE HIM WITH ESTIMATED COST BASIS INFORMATION AND, THEREFORE, COST BASIS INFORMATION WAS NOT ENTERED ON THE ACCOUNTS. ACCORDING TO IR, HOWEVER, CLIENT'S ACCOUNTANT DID HAVE COST BASIS INFORMATION FROM PAST SALES WHICH WAS USED FOR TAX FILINGS. CLAIM DENIED.
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