JORGE ARMANDO MORALES is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 3802 STATE ST, SANTA BARBARA, CA, 93105-3112.
JORGE ARMANDO MORALES has worked at LPL FINANCIAL LLC since October 22, 2012
JORGE ARMANDO MORALES has 1 Disclosure Event(s).
Date: December 01, 2009 Category: Customer Dispute Allegations: ON DECEMBER 1, 2009, CFS RECEIVED CORRESPONDENCE FROM A CLIENT IN WHICH HE ALLEGED THAT A FORMER CUSO FINANCIAL SERVICES (CFS) REGISTERED REPRESENTATIVE MISHANDLED TRANSFER OF 401(K) ACCOUNT BY NOT INFORMING OF WITHDRAWAL FEES THAT WOULD BE APPLIED AS PART OF WITHDRAWAL AND TRANSFER OF FUNDS. CFS HAS CONTACTED CLIENT AND IS CURRENTLY INVESTIGATING TO DETERMINE IF REP ERROR HAD RESULTED IN FAILURE TO INFORM CLIENT OF WITHDRAWAL FEES. Damage Amount Requested: $8,490.00 Broker Comment: PER FIRM: IT WAS SUBSEQUENTLY DETERMINED THAT THE TRANSFERRING PARTY HAD PROVIDED INACCURATE INFORMATION CONCERNING WITHDRAWAL FEES TO REPRESENTATIVE AND CLIENT AND HAS SUBSEQUENTLY REIMBURSED CLIENT FOR THE FULL AMOUNT OF WITHDRAWAL CHARGES ($8,490) THAT WERE ASSESSED AS PART OF THE TRANSFER OF FUNDS. CLIENT SUBMITTED CORRESPONDENCE TO FIRM ON 3/12/2010 REQUESTING TO RESCIND COMPLAINT LETTER AND ALLEGATIONS AGAINST REP THAT HAD BEEN PREVIOUSLY SENT. ACCORDINGLY, FIRM IS WITHDRAWING COMPLAINT ISSUE FROM FORMER REPRESENTATIVE'S RECORD.REP'S COMMENTS: ON DECEMBER 1, 2009, A FORMER CLIENT SUBMITTED A WRITTEN COMPLAINT REGARDING A TRANSFER. IN THIS LETTER THE CLIENT STATED THAT I MISHANDLED THE TRANSFER OF HIS SOLO 401(K) AND HE WAS CHARGED EARLY WITHDRAWAL CHARGES OF $8490.00. ON MY BEHALF, I CONTACTED SECURITY BENEFIT BEFORE THE TRANSFER AND ASKED IF THE CLIENT WOULD HAVE ANY CHARGES IF HE TRANSFERRED HIS ACCOUNT. WE WERE TOLD THAT THE CLIENT WOULD NOT HAVE ANY CHARGES AND THAT HIS ACCOUNT WAS LIQUID. MY ASSISTANT AND I WROTE DOWN WHO WE SPOKE WITH, TIME AND DATE SO THAT THERE WOULD BE A RECORD OF THIS CONVERSATION. MY FORMER FIRM SUBMITTED A REQUEST FOR SECURITY BENEFIT TO LOOK INTO THIS ON MY BEHALF AND THE MUTUAL FUND COMPANY TOOK OVER 6 WEEKS TO COMPLETE THEIR INVESTIGATION AND CONCLUDED THAT THE CLIENT WOULD GET HIS WITHDRAWAL CHARGE REVERSED. IN THE MEAN TIME, THE CLIENT SUBMITTED A COMPLAINT LETTER. IN CONCLUSION, I FEEL THAT I DID MY DUE DILIGENCE AS AN ADVISOR TO CALL THE COMPANY WHERE THE FUNDS WERE BEING HELD, TRUSTED THE INFORMATION I RECEIVED FROM THEM TO PROCESS A TRANSFER ON BEHALF OF MY CLIENT. NOW I AM SUFFERING A COMPLAINT ON MY U4 RECORD BECAUSE OF SECURITY BENEFITS MISHANDLING OF THIS SITUATION. I AM WAITING TO GET A LETTER OF RECESSION FROM THE CLIENT AND A LETTER FROM THE FUND COMPANY (SECURITY BENEFIT) STATING I WAS NOT AT FAULT FOR THIS CLAIM.
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
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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