Date: September 18, 1989 Category: Employment Separation After Allegations Firm Name: KIDDER PEABODY & CO., INC Termination Type: Permitted to Resign Allegations: N/AENTERING AN UNAUTHORIZED SALE OF A LISTEDSECURITY. Broker Comment: THE FIRM CLOSED THE ACCOUNT AND SETTLED WITH THECILENT BY DELIVERING THE REMAINING SECURITIES IN THE ACCOUNT TOHIS HOME. NO LETTERS OR COMPLAINTS HAVE BEEN FILED OR WRITTEN BYTHE CLIENT. I RESIGNED ON 9/18/89.THE BROKER, UNFORTUNATELY, IN AN ATTEMPT TO LIMITTHE CUSTOMER'S EXPOSURE IN A VOLATILE STOCK, EXECUTED A SELLORDER WITHOUT THE CUSTOMER'S PRIOR APPROVAL. THE INTENT WAS TOPLACE A STOP ORDER WELL BELOW THE PREVAILING MARKET PRICE,HOWEVER, THE ORDER WAS ENTERED AS A LIMIT ORDER, THUS, WASEXECUTED AT MARKET. (THE MARKET PRICE AT THE TIME WAS HIGHERTHAN THE STOP PRICE.) THE CLIENT THAN REFUSED THE ORIGINALPURCHASE, WHICH WAS AUTHORIZED, BY STATING THAT THE 90-DAYRESTRICTION LETTER MEANT THAT HE DID NOT HAVE TO HONOR THETRADE. THE FIRM PUR THE TRADE INTO AN ERROR ACCOUNT FOR A LOSSOF $1,312.50..
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