JOHN RUSSELL HOLLAND is currently employed as a Broker and/or Investment Adviser at SUMMIT BROKERAGE SERVICES, INC. located at 906 MAPLE RD, CHARLESTON, WV, 25302.
JOHN RUSSELL HOLLAND has worked at SUMMIT BROKERAGE SERVICES, INC. since September 12, 2014
Disclosure History
JOHN RUSSELL HOLLAND has 4 Disclosure Event(s).
Date: August 28, 2014 Category: Employment Separation After Allegations Firm Name: SECURITIES MANAGEMENT & RESEARCH,INC. Termination Type: Discharged Allegations: TERMED FOR ALTERING CLIENT DOCUMENTS. Broker Comment: THIS IS RELATIVE TO 2 CLIENTS. THE DATES WERE ALTERED ON ORIGINAL DISTRIBUTION FORMS TO HAVE FUNDS SENT TO THE ADDRESS/ACCOUNT OF RECORD AS REQUESTED BY THE CLIENTS. ONE CLIENT WAS OUT OF THE COUNTRY AND THE DISTRIBUTION FORMS WERE LOST IN THE MAIL. THE OTHER CLIENT WAS UNABLE TO MEET WITH ME TO SIGN NEW FORMS FOR HEALTH REASONS. BOTH THE CLIENTS WANTED ME TO CHANGE THE DATES BECAUSE THEY NEEDED THE MONEY QUICKLY. I DID NOT BENEFIT FROM IT IN ANY WAY. I WAS TRYING TO ACCOMODATE MY CLIENTS URGENT NEEDS.
Date: August 28, 2014 Category: Employment Separation After Allegations Firm Name: BFC PLANNING INC Termination Type: Discharged Allegations: TERMED FOR ALTERING CLIENT DOCUMENTS. Broker Comment: THIS IS RELATIVE TO 2 CLIENTS. THE DATES WERE ALTERED ON ORIGINAL DISTRIBUTION FORMS TO HAVE FUNDS SENT TO THE ADDRESS/ACCOUNT OF RECORD AS REQUESTED BY THE CLIENTS. ONE CLIENT WAS OUT OF THE COUNTRY AND THE DISTRIBUTION FORMS WERE LOST IN THE MAIL. THE OTHER CLIENT WAS UNABLE TO MEET WITH ME TO SIGN NEW FORMS FOR HEALTH REASONS. BOTH THE CLIENTS WANTED ME TO CHANGE THE DATES BECAUSE THEY NEEDED THE MONEY QUICKLY. I DID NOT BENEFIT FROM IT IN ANY WAY. I WAS TRYING TO ACCOMODATE MY CLIENTS URGENT NEEDS.
Date: March 21, 2012 Category: Customer Dispute Allegations: CLIENT ALLEGES THE INVESTMENT WAS UNSUITABLE AND MISREPRESENTATED BY THE REPRESENTATIVE. Damage Amount Requested: $248,000.00 Settlement Amount: $27,500.00 Broker Comment: CLIENT INVESTED HER MONEY IN THE MIDDLE OF THE 2008 FINANCIAL CRISIS. SHE WANTED AN IMMEDIATE MONTHLY DISTRIBUTION SO I INVESTED HER MONEY IN THE FRANKLIN INCOME FUND THAT PAID A MONTHLY DIVIDEND. WE SET UP SYSTEMATIC WITHDRAWALS. ABOUT THE 10TH MONTH THE CLIENT BEGAN TAKING ADDITIONAL DISTRIBUTIONS, 44 EXTRA IN TOTAL OVER THE NEXT 3 YEARS. I REVIEWED HER ACCOUNT WITH HER EVERY YEAR AND EXPLAINED THE MONEY WOULD NOT LAST FOREVER AT THE RATE SHE WAS TAKING EXTRA DISTRIBUTIONS. IN THE 4TH YEAR SHE RAN OUT OF FUNDS AND COMPLAINED IT WAS INVESTED IMPROPERLY. THE FIRM AGREED TO SETTLE FOR A NOMINAL AMOUNT AND I DID NOT CONTRIBUTE.
Date: December 02, 2008 Category: Customer Dispute Allegations: MISCOMMUNICATION CONCERNING THE ALLOCATION OF MONEY IN THE CLIENT'S FRANKLIN TEMPLETON FUNDS ACCOUNT. Damage Amount Requested: $70,000.00 Settlement Amount: $45,327.60 Broker Comment: THE CLIENT INVESTED MONEY DURING THE FINANCIAL CRISIS OF 2008. WE ONLY INVESTED HALF THE MONEY AND HELD THE OTHER HALF TO BUY LOWER IF THE MARKET DROPPED. AS THE MARKET DROPPED I CALLED HER AND WE MOVED MONEY INTO THE MARKET. THEN LEHMAN BROTHERES DECLARED BANKRUPTCY AND THE MARKET FELL DRAMATICALLY. THE CLIENT BEGAN TO PANIC AS THEY DID NOT REALIZE THE FUNDS WERE SUBJECT TO SOME MARKET RISK. WHEN WE ORIGINALLY BOUGHT THE FUNDS WE WENT THROUGH DIFFERENT HYPOTHECIAL ILLUSTRATIONS BUT NOTHING COULD PREPARE US FOR THE MARKET SHOCK OF 20008. FIRM AGREED TO SETTLE AND I DID NOT CONTRIBUTE.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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