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JANET CAROL BOOTH

JANET CAROL BOOTH is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 11260 CHESTER ROAD, SUITE 250, CINCINNATI, OH, 45246-4094.

JANET CAROL BOOTH has worked at LPL FINANCIAL LLC since September 06, 2012

Disclosure History

JANET CAROL BOOTH has 1 Disclosure Event(s).

Date: July 07, 2008
Category: Customer Dispute
Allegations: CLIENT CLAIMED HE SPOKE TO FA IN OCTOBER 2006 AND WANTED TO USE FUNDS FORM THE ACCOUNT TO PAY OFF HIS HOME. CLIENT CLAIMED HE WAS ADVISED TO NOT PAY OFF THE HOME AND LATER WAS ENCOURAGED TO USE THE MARGIN ACCOUNT WHEN HE HAD A NEED FOR FUNDS. CLIENT CLAIMED HE WAS NOT SATISFIED WITH FINANCIAL ADVICE HE RECEIVED AND CLAIMED THAT IF HE HAD NOT FOLLOWED THE ADVICE HIS HOME WOULD HAVE BEEN PAID OFF.
Damage Amount Requested: $5,000.00
Broker Comment: CLIENT AND SPOUSE MET WITH ME TO DISCUSS INVESTING PROCEEDS FROM A LIFE INSURANCE POLICY. HUSBAND ASKED ABOUT PAYING OFF MORTGAGE, WIFE WANTED RETIREMENT SAVINGS (THEY HAD NO RETIREMENT PLAN STARTED) AND POSSIBLY A CHARITABLE ENDOWMENT. AFTER LENGTHY DISCUSSION OF INVESTMENT OPTIONS, GOALS, DEBT, AND MARKET RISK, I SUGGESTED CLIENTS PAY OFF SHORT TERM DEBT, BUT KEEP LOW INTEREST MORTGAGE FOR TAX DEDUCTION AND USE EARNINGS IN GOOD YEARS TO PAY DOWN MORTGAGE EARLY. I EXPLAINED CONCEPT OF NEVER TOUCHING PRINCIPAL, BUT ONLY USING EARNINGS WHEN NECESSARY. CLIENT DECIDED TO SPEND HIS HALF OF INSURANCE PROCEEDS AND SPOUSE PAID OFF SHORT TERM DEBT WITH HERS, INVESTING REMAINDER FOR RETIREMENT. AFTER CLIENT'S HALF OF MONEY WAS GONE, I RECEIVED REQUEST FROM SPOUSE TO USE SOME OF HER INVESTMENT FOR AN EMERGENCY. THINKING THIS WAS A ONE-TIME NEED, I SUGGESTED SHE TAKE A MARGIN LOAN ON HER ACCOUNT AND SET UP A REPAYMENT PLAN TO AVOID LIQUIDATING INVESTMENTS. SPOUSE APPROVED, BUT NEVER SET UP REPAYMENT PLAN AND CONTINUED TO USE THE MARGIN ACCOUNT FOR CONSUMER PURCHASES. WE HAD NUMEROUS DISCUSSIONS WHERE I ASKED HER TO CLOSE THE MARGIN, STOP USING THE MONEY, AND SET UP A REPAYMENT PLAN, BUT IT BECAME APPARENT THEY WERE SPENDTHRIFT CLIENTS AND QUICKLY USED UP THEIR AVAILABLE MARGIN. ALL EXPENDITURES WERE FOR SHORT TERM SPENDING AND AGAINST MY ADVICE AND CONTRARY TO THEIR STATED LONG-TERM GOALS. FURTHERMORE, CLIENTS RECEIVED STATEMENTS ON THEIR ACCOUNT REFLECTING ALL ACTIVITY, INCLUDING MARGIN TRANSACTIONS. AFTER I LEFT THE COMPANY, MARGIN LOAN WAS PAID IN FULL AND A CHECK FOR THE BALANCE OF ACCOUNT WAS ISSUED AS INSTRUCTED BY CLIENT.

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