JAMES HOWARD DEMENT

JAMES HOWARD DEMENT is currently employed as a Broker and/or Investment Adviser at DAVENPORT & COMPANY LLC located at ONE JAMES CENTER, 901 E. CARY STREET, SUITE 1100, RICHMOND, VA, 23219.

JAMES HOWARD DEMENT has worked at DAVENPORT & COMPANY LLC since July 16, 1993

Disclosure History

JAMES HOWARD DEMENT has 1 Disclosure Event(s).

Date: January 17, 2003
Category: Customer Dispute
Allegations: CLIENT TRANSFERRED HER ACCOUNT TO REPRESENTATIVE IN 1997. THE CLIENT'S INVESTMENT OBJECTIVES WERE MODERATE INCOME AND GROWTH. CLIENT WAS CONCERNED THAT HER PORTFOLIO WOULD NOT LAST THROUGH RETIREMENT; THEREFORE, THE REPRESENTATIVE SOLICITED, AND WITH CLIENTS APPROVAL, SUBSEQUENTLY PURCHASED A DIVERSIFIED PORTFOLIO OF MUTUAL FUNDS, INCLUDING GROWTH FUNDS. DESPITE A 40% INCREASE IN HER PRINCIPAL INVESTMENT AT THE PEAK OF THE MARKET, AND DESPITE MONTHLY WITHDRAWALS THROUGHOUT THE LIFE OF THE ACCOUNT, THE CLIENT COMPLAINED ABOUT THE DECLINE IN PRINCIPAL VALUE OVER THE LAST FEW YEARS. CLIENT ALLEGED THAT GROWTH MUTUAL FUNDS WERE NOT APPROPRIATE FOR HER RETIREMENT MONIES, AND SOUGHT RESTITUTION FOR HER PRINCIPAL LOSS. DAVENPORT SETTLED THE MATTER.
Damage Amount Requested: $152,500.00
Settlement Amount: $75,000.00

More Information

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