FRANCIS PATRICK DUIGNAN is currently employed as a Broker and/or Investment Adviser at MONEY CONCEPTS CAPITAL CORP located at 1661 EAST CHAPMAN AVE., STE. 2-A, FULLERTON, CA, 92831.
FRANCIS PATRICK DUIGNAN has worked at MONEY CONCEPTS CAPITAL CORP since February 02, 2011
Disclosure History
FRANCIS PATRICK DUIGNAN has 1 Disclosure Event(s).
Date: April 07, 2015 Category: Customer Dispute Allegations: CUSTOMERS ALLEGE THAT THEY WERE UNAWARE THAT REALIZED GAINS WOULD BE INCURRED WHEN SELLING THEIR PORTFOLIO AND TRANSFERRING TO DISCRETIONARY MANAGED MONEY ACCOUNT. LIQUIDATION TOOK PLACE IN OCTOBER 2014. CUSTOMERS ALSO COMPLAINED THAT THEY WERE UNAWARE OF ACTIVITIES IN THE ACCOUNT AND WERE NOT CONSULTED ABOUT TRANSACTIONS IN DISCRETIONARY ACCOUNT HANDLED BY THE THIRD PARTY MONEY MANAGER. Damage Amount Requested: $70,000.00 Settlement Amount: $55,000.00 Broker Comment: THE CLIENTS, AN EXPERIENCED BUSINESS CONSULTANT AND HIS WIFE, KNEW THEY HAD UNREALIZED GAINS IN THEIR PORTFOLIO AND DELAYED THE LIQUIDATION FOR SEVERAL MONTHS. ONCE THEY DECIDED TO MOVE THEIR MONEY TO A THIRD PARTY DISCRETIONARY MONEY MANAGER, THEY WERE PROVIDED WITH ALL THE PAPERWORK, INCLUDING A PROPOSAL FROM THE THIRD PARTY MANAGER, AND SIGNED TRANSFER DOCUMENTS AUTHORIZING THE LIQUIDATION. THE ACCOUNT STATEMENTS FOR THE ACCOUNT SHOWED THE COST BASIS FOR THE POSITIONS THAT WERE SOLD AND CLEARLY SHOWED THE AMOUNT OF THE UNREALIZED GAINS PRIOR TO THE LIQUIDATION. THE ACCOUNT DOCUMENTATION FOR THE DISCRETIONARY ACCOUNT AUTHORIZED THE THIRD PARTY MANAGER TO DIRECT TRADES IN THE CUSTOMERS' ACCOUNT. THIS CLAIM IS WITHOUT BASIS. THE CUSTOMER DID NOT COMPLAIN UNTIL SIX MONTHS AFTER THE LIQUIDATIONS TOOK PLACE.
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