JOHN MARTIN LYNCH is currently employed as a Broker and/or Investment Adviser at RAYMOND JAMES FINANCIAL SERVICES, INC. located at 8161 MAPLE LAWN BOULEVARD, SUITE 325, FULTON, MD, 20759.
JOHN MARTIN LYNCH has worked at RAYMOND JAMES FINANCIAL SERVICES, INC. since March 22, 2012
JOHN MARTIN LYNCH has 1 Disclosure Event(s).
Date: March 05, 2009 Category: Customer Dispute Allegations: MARYLAND CLIENT CLAIMED THAT IN FEBRUARY 2008 AND AGAIN IN APRIL 2008, HE TOLD THE FA THAT HE WOULD NEED TO HAVE CASH AVAILABLE IN HIS IRA R/O ACCOUNT TO TAKE HIS RMD IN DECEMBER 2008. THE CLIENT FURTHER CLAIMED THAT ON FEBRUARY 28, 2008, THE FA PURCHASED 1,200 SHARES OF FANNIE MAE 8.25% NON-CUM PERP PREFERRED CALL STARTING 12/31/10 (FNM.S) FOR A NET AMOUNT OF $31,555.59 FOR HIS ACCOUNT. THE CLIENT CLAIMED THAT HE AND THE FA SPOKE IN NOVEMBER 2008 ABOUT THE FNM.S SHARES WHICH WERE ALMOST WORTHLESS AND THAT THE FA SAID HE BOUGHT THE PRODUCT BEFORE WHICH WAS GUARANTEED BY THE U.S. GOVERNMENT. THE CLIENT CLAIMED THAT IF THE PRODUCT WAS NOT GUARANTEED BY THE FEDERAL GOVERNMENT, THE FA SHOULD NOT HAVE PURCHASED SUCH A SPECULATIVE SECURITY FOR HIS ACCOUNT AS HE WAS A CONSERVATIVE INVESTOR. THE CLIENT ALSO CLAIMED THAT UPON RECEIPT OF HIS NOVEMBER 2008 STATEMENT, HE NOTED THERE WASN'T SUFFICIENT CASH AVAILABLE IN THE ACCOUNT TO TAKE HIS RMD; FURTHER, THAT HE THEN MET WITH THE FA AND THE FA'S RESPONSE WAS TO SELL 3,428.994 SHARES OF THE ING INTERNATIONAL VALUE FUND (NIVBX) THAT WERE IN THE ACCOUNT SO THAT HE COULD TAKE HIS RMD. THE CLIENT CLAIMED THAT THE SALE OF THE NVIBX SHARES RESULTED IN A LOSS OF $16,894.25. THE CLIENT CLAIMED THAT THERE WERE INSUFFICIENT FUNDS IN THE ACCOUNT FOR HIS RMD BECAUSE THE FA HAD MADE SEVERAL OTHER INVESTMENTS FOR THE ACCOUNT IN APRIL 2008. THE CLIENT ALSO COMPLAINED ABOUT AN OPERATIONAL ERROR THAT OCCURRED IN HIS ACCOUNT INVOLVING THE DUPLICATION OF SEVERAL DISBURSEMENTS THAT HE HAD REQUESTED FROM HIS ACCOUNT. THE CLIENT SEEKS COMPENSATION FOR HIS LOSSES IN FNM.S AND NIVBX IN THE AMOUNT OF $48,449.84. Damage Amount Requested: $48,449.84 Broker Comment: THE FIRM DENIED THE COMPLAINT VIA A LETTER TO THE CLIENT DATED APRIL 22, 2009. THE CLIENT'S INVESTMENT IN THE FNM.S SHARES WAS CONSISTENT WITH HIS GROWTH INVESTMENT OBJECTIVE AND MODERATE RISK TOLERANCE. FURTHER, IT APPEARED THAT THE CLIENT'S INVESTMENT IN THE FNM.S SHARES CONSTITUTED ONLY A SMALL PERCENTAGE OF HIS OVERALL IRA R/O PORTFOLIO. WHEN THE CLIENT TOOK HIS RMD IN DECEMBER 2008, THE FA SUGGESTED THAT HE DISTRIBUTE SECURITIES TO A NON-IRA ACCOUNT FOR A PORTION OF HIS RMD. THE CLIENT DECLINED THE FA'S SUGGESTION AND HE DETERMINED TO LIQUIDATE SECURITIES AND DISTRIBUTE THE CASH. THE CLIENT AGREED TO LIQUIDATE HIS NIVBX SHARES TO COVER A PORTION OF HIS RMD. THE CLIENT AUTHORIZED THE PURCHASE OF TWO MUTUAL FUNDS FOR HIS ACCOUNT IN APRIL 2008 AND WOULD HAVE BEEN AWARE AT THAT TIME OF THE AFFECT THAT THOSE PURCHASES WOULD HAVE ON THE CASH THAT WOULD BE AVAILABLE IN HIS IRA R/O ACCOUNT FOR HIS RMD. THE FIRM HAD CORRECTED THE OPERATIONAL ERROR THAT OCCURRED IN THE CLIENT'S ACCOUNT PRIOR TO THE RECEIPT OF THE COMPLAINT.
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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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