JOHN JOSEPH LALLY is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 515 S. FLOWER STREET, SUITE 50, LOS ANGELES, CA, 90071.
JOHN JOSEPH LALLY has worked at UBS FINANCIAL SERVICES INC. since February 24, 1989
JOHN JOSEPH LALLY has 1 Disclosure Event(s).
Date: March 26, 2001 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT FA ASSURED HIM THAT HE WOULD NOT LOSE MORE THAN 10% OF HIS INVESTMENTS IN PAINEWEBBER ASPEN FUND REGARDLESS OF HOW THE MARKET PERFORMED. DAMAGES ESTIMATED TO BE OVER $5,000. Broker Comment: I HAVE HAD A GOOD RELATIONSHIP WITH CUSTOMER FOR OVER 17 YEARS . PAINEWEBBER MAILED HIM INFORMATION ON PW TECHNOLOGY PARTNERS DURING 1999 AND IN DECEMBER 1999 THE OFFERING DOCUMENT ON PW ASPEN FUND. WE DISCUSSED THE PROS AND CONS OF INVESTING IN THIS INVESTMENT OPPORTUNITY. WE REVIEWED THE TIMEFRAME WHEN THE FUND COULD BE REDEEMED, NAMELY THAT THE MINIMUM HOLDING PERIOD WAS ONE YEAR. AS PART OF THE REVIEW OF THIS INVESTMENT WE DISCUSSED THE MANAGERS RECORD OVER THE PAST TEN PLUS YEARS. WE ALSO DISCUSSED THE DUE DILIGENCE PERFORMED BY OUR ALTERNATIVE INVESTMENT DEPARTMENT BEFORE THEY PRESENTED ANY FUND FOR US TO DISCUSS WITH OUR CLIENTS. I PRESENTED THIS INFORMATION TO CUSTOMER IN A STRAIGHT-FORWARD PROFESSIONAL PRESENTATION. I DID NOT PRESSURE HIM AND I DID NOT PUSH THIS PRODUCT UPON HIM. THE OFFERING DOCUMENTS WERE SENT TO HIM. HE REVIEWED THEM, SIGNED THEM AND SENT THE DOCUMENTS BACK TO US. OUR NEW YORK OFFICE PROMPTLY ACKNOWLEDGED THE RECEIPT AND SENT A PURCHASE NOTICE TO HIM. I HAVE BEEN IN BUSINESS OVER THIRTY YEARS AND WOULD NOT INDICATE TO A CLIENT THAT THE VALUE OF HIS INVESTMENTS COULD ONLY DECLINE 10% IN A YEAR AS HE MENTIONED IN HIS MEMO. CUSTOMER REDEEMED HIS INVESTMENT AT YEAR-END 2000.
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