JOSEPH GEORGE LAMBRECHT is currently employed as a Broker and/or Investment Adviser at RBC CAPITAL MARKETS, LLC located at 601 CARLSON PARKWAY, SUITE 500, MINNETONKA, MN, 55305-5208.
JOSEPH GEORGE LAMBRECHT has worked at RBC CAPITAL MARKETS, LLC since June 22, 2006
Disclosure History
JOSEPH GEORGE LAMBRECHT has 2 Disclosure Event(s).
Date: January 25, 2010 Category: Customer Dispute Allegations: CLIENT ALLEGES BROKER RECOMMENDED UNSUITABLE MIX IN HER IRA, AND ALSO BENEFITED FROM HIDDEN 12-B-1 FEES IN THOSE MUTUAL FUNDS, IN PERIOD 7/2006 TO 11/2008. Damage Amount Requested: $99,211.00 Settlement Amount: $17,500.00 10-00151
Date: March 23, 2005 Category: Customer Dispute Allegations: CLIENT'S SON ALLEGES UNSUITABILITY OF MUTUAL FUNDS FOR HIS MOTHER. Damage Amount Requested: $72,964.48 Broker Comment: CLIENTS SON, POA, TOOK OVER MOTHER'S ACCOUNT, IGNORED MARKET CONDITIONS AND PORTFOLIO OBJECTIVES AND INDISCRIMINATELY SOLD 85% OF CLIENT'S PORTFOLIO WITHIN 2 WEEKS, 12/03-1/04. THE POA TRANSFERRED FUNDS TO HIS OWN & BROTHER'S ACCOUNTS BOTH AT PJC AND DISTRIBUTED FUNDS TO HIS ADULT CHILDREN IN AN ATTEMPT TO AVOID NURSING HOME COSTS FOR ILL CLIENT. POA ACTION WAS UNTIMELY AND IGNORED TAX AND INVESTMENT OBJECTIVES OF CLIENT. CLIENT WORKED WITH BROKER 20+ YEARS AND WAS AN EXPERIENCED GROWTH INVESTOR IN 1980'S & 1990'S AND HAD SHIFTED TO 85% INCOME GENERATING 15% GROWTH ASSET ALLOCATION MODEL FROM 2001-2003. CLIENT WAS EARNING $12,000/YR INTEREST & DIVIDENDS AT TIME OF TAKEOVER BY POA AND HAD RECEIVED PORTFOLIO 1 MONTH PRIOR TO TAKEOVER AND WAS CONTENT. POA CLAIMS IGNORE SUBSTANTIAL RECOGNIZED GAIN OVER MANY YEARS, $28,000 IN 2001 ALONE. POA CLAIMS IGNORE SUBSTANTIAL INTEREST & DIVIDENDS REINVESTED ADDED TO COST BASIS ON MUTUAL FUNDS. POA EXAMPLE CLAIMS IGNORE $12,000/YR DIVIDEND INTEREST EARNED ON PORTFOLIO PRIOR TO LIQUIDATION. NO OUT OF POCKET LOSSES EXIST. CONTRARY TO POA ACTION CLIENT NEEDS WOULD HAVE BEEN BETTER SERVED BY POA HAD WITHDRAWALS BEEN ON A GRADUAL BASIS WITH GREATER SENSITIVITY TO MARKET CONDITIONS THAN NURSING HOME COSTS AS SHE SO STATED UPON RECOVERY IN CALL TO BROKER.
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