JON CHARLES MCALENEY is currently employed as a Broker and/or Investment Adviser at THE INVESTMENT CENTER, INC. located at 1 MILL RIDGE LANE, SUITE 203A, CHESTER, NJ, 07930.
JON CHARLES MCALENEY has worked at THE INVESTMENT CENTER, INC. since September 03, 2010
JON CHARLES MCALENEY has 8 Disclosure Event(s).
Date: September 10, 2012 Category: Customer Dispute Allegations: IN THE JOINT INCOME ACCOUNT BETWEEN FATHER/DAUGHTER OF THE NOW DECEASED FATHER, THE WIFE AND DAUGHTER OF THE DECEASED HUSBAND/FATHER ALLEGE THAT THE REPRESENTATIVE MAY HAVE MADE UNSUITABLE RECOMMENDATIONS AND OR MAY HAVE EXECUTED TRANSACTIONS WITHOUT THE FATHER/DAUGHTERS CONSENT. NO ACTUAL DAMAGES ARE ALLEGED BUT RATHER THE DAMAGE CLAIMS ARE " LOST OPPORTUNITY COST" OF APPROXIMATELY $55,000.00. Damage Amount Requested: $55,000.00 Settlement Amount: $24,999.00 Broker Comment: IN THE JOINT ACCOUNT OF [CUSTOMER] AND [CUSTOMER], THE CLIENTS AUTHORIZED EACH TRANSACTION, WHICH WERE IN ACCORDANCE TO THEIR INVESTMENT OBJECTIVES. ALL CONFIRMS AND STATEMENTS WERE SENT TO THE CLIENTS. HOWEVER, IN ORDER TO AVOID FURTHER EXPENSE, COSTS, AND TIME TO LITIGATE THE DISPUTE, THE PARTIES HAVE REACHED A FULL AND FINAL SETTLEMENT OF ALL CLAIMS BETWEEN THEM.
Date: December 29, 2003 Category: Customer Dispute Allegations: ALLEGATIONS: UNAUTHORIZED TRADING WITH AN AMOUNT IN DISPUTE OF $50,000.00 Damage Amount Requested: $50,000.00 Settlement Amount: $39.00 Broker Comment: CUSTOMER AUTHORIZED PURCHASE OF 50K OF MUTUAL FUND. CUSTOMER RECEIVED TRADE CONFIRMATION AND PROSPECTUS PRIOR TO PAYING FOR THE TRADE. AMOUNT IN DISPUTE WAS ACTUALLY $39.00, DUE TO MARKET FLUCTUATION, NOT $50,000. CLIENT WAS GIVEN A FULL REFUND PLUS INTEREST AND FIRM RESPONDED TO THE NASD ON 1/29/04 CLOSING THE MATTER.
Date: October 18, 1999 Category: Employment Separation After Allegations Firm Name: AG EDWARDS & SONS INC. Termination Type: Permitted to Resign Allegations: FAILURE TO FOLLOW INSTRUCTIONS Broker Comment: ON 10/20/99 CUSTOMER SENT LETTER TO BROKER ALLEGING FAILURE TO FOLLOW INSTRUCTIONS TO LIQUIDATE HER ACCOUNT. MR. MCALENEY NEVER RECIEVED AN ORDER,(NEITHER VERBALLY NOR IN WRITING)TO LIQUIDATE THE PORTFOLIO. ON 10/22/99 CUSTOMER REALIZED SHE HAD UNINTENTIONALLY CREATED A COMPLAINT, AND FULLY RETRACTED HER ORIGINAL STATEMENT. CUSTOMER RETRACTED THE COMPLAINT IN WRITING AND IN PERSON WITH THE BRANCH MANAGER. ON 10/22/99 MR MCALENEY WAS TERMINATED.
Date: August 03, 1999 Category: Customer Dispute Allegations: UNAUTHORIZED TRADING, EXCESSIVE TRADING, AND SUITABILITY. THERE WERE NO SPECIFIC DAMAGES ALLEGED. Settlement Amount: $100,000.00 Broker Comment: THE CUSTOMERS HAD BEEN CLIENTS FOR 12YEARS UNTIL I LEFT PAINE-WEBBER & WENT TO ANOTHER FIRM. ONE YEAR LATER I HAVE BEEN NOTIFIED THAT THE CUSTOMERS HAD WRITTEN A COMPLAINT AND HAD SETTLED WITH PAINE WEBBER. I HAVE NEVER RECEIVED A WRITTEN COPY OF THE COMPLAINT NOR DID I PARTICIPATE OR AGREE TO ANY KIND OF SETTLEMENT WITH THIS CLIENT. THERE WAS NO PARTICIPATION BY ME AND NO CONTRIBUTION FROM ME TO THIS SETTLEMENT. THE SETTLEMENT WAS PAID IN ITS ENTIRETY BY PAINE WEBBER. I PAID NOTHING. THE U5 SHOULD BE AMENDED AT NUMBER 12 TO READ $0.00 CONTRIBUTION FROM THE FINANCIAL CONSULTANT.
Date: January 22, 1999 Category: Employment Separation After Allegations Firm Name: PAINE WEBBER Termination Type: Permitted to Resign Allegations: NOT PROVIDED3 CUSTOMER COMPLAINTS Broker Comment: MR. MCALENEY WAS TERMINATED FOR PRACTICES INCONSISTENT WITH PAINE WEBBER'S PHILOSOPHY.
Date: September 04, 1998 Category: Customer Dispute Allegations: CLIENT DIDN'T REALIZE THAT THERE WERE TAXESTO BE PAID ON THE INVESTMENT WHEN IT WAS SOLD $8,149 Broker Comment: PAINE WEBBER DENIED THE COMPLAINT.NOT PROVIDED
Date: June 18, 1998 Category: Customer Dispute Allegations: THE CLIENT ALLEGES EXCESSIVE TRADING IN HERPAINEWEBBER ACCOUNTS. DAMAGES WERE NOT SPECIFIED BUT A REVIEWREVEALS THAT COMMISSIONS CHARGED IN ACCOUNTS EXCEED $5,000.DATES AND PRODUCTS NOT SPECIFIED. COMPLAINT RECEIVED BYPAINEWEBBER Damage Amount Requested: $800,000.00 Settlement Amount: $110,000.00 Broker Comment: NOT PROVIDEDCUSTOMER WAS A CLIENT FOR 10 YEARS AND AINVESTOR FOR OVER 50 YRS. SHE IS BOTH KNOWLEDGEABLE ANDSUREHILATED INVESTOR. IN 1995, WE DID AN ESTATE PLAN THATSAVED 410K TAXES. CUSTOMER WAS CONTACTED ON EACH TRANSACTION,SENT CONFIRMATION AND STATEMENTS, CONTACT BY PAINEWEBBERVERBALLY AND SENT A LETTER TO SIGN ACKNOWLEDGING SHE WAS FULLYAWARE OF ALL TRANSACTIONS IN HER ACCOUNT. CUSTOMER SIGN THELETTER AGREEING ALL TRADES WERE AUTHORIZED AND SHE WAS FULLYAWARE OF ALL TRADES OF ALL TRADES. DUE TO MANKE COWRITER INOCT 1997 AND WITHDRAWING LARGE AMOUNT UNEXPECTEDLY THIS CAUSEADDITIONAL TRANSACTIONS
Date: June 10, 1998 Category: Customer Dispute Allegations: CLIENT ASKED THAT PAINE WEBBER LOOK A THEGAINS REALIZED AND THE COMMISSIONS CHARGED IN HIS PAINE WEBBERACCOUNT. CLIENT ASKS FOR REASONABLE RESTITUTION FOR THECHARGES HE PAID IN HIS ACCOUNT. PRODUCT INCLUDED EQUITIES.DAMAGES UNSPECIFIED, BUT DETERMINED TO BE OVER $5000. Broker Comment: PAINE WEBBER DENIED THE CLAIM.CLIENT WAS FULLY AWARE OF ALL TRANSACTIONS BOTHVERBALLY FROM ME, AND WRITTEN CONFIRMATIONS FROM PAINE WEBBER.CLIENT WAS AWARE THAT ALL COMMISIONS WERE CHARGED AT THE NORMALCOMMISSION RATE AND NONE WOULD BE DISCOUNTED.
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