JOSEPH WHEATLEY SANFORD is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 1152 15TH ST NW, WASHINGTON, DC, 20005.
JOSEPH WHEATLEY SANFORD has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since September 26, 1978
Disclosure History
JOSEPH WHEATLEY SANFORD has 8 Disclosure Event(s).
Date: November 19, 2002 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT HIS FINANCIAL ADVISOR RECOMMENDED LCTO AND SBSA, WHICH WERE UNSUITABLE FOR HIS IRA ACCOUNT. THESE STOCKS WERE PURCHASED IN MARCH 2000. Damage Amount Requested: $33,765.00 Broker Comment: MR. SANFORD DENIES ANY WRONGDOING. THE CLIENT WAS FULLY INFORMED AND APPROVED OF THE RECOMMENDATIONS, WHICH WERE CONSISTENT WITH HIS INVESTMENT OBJECTIVES.
Date: April 27, 1995 Category: Customer Dispute Allegations: CLAIMS OF UNSUITABILITY, FAILURE TO DISCLOSETHE RISKS IN CONNECTION WITH THE PURCHASES OF A TOTAL OFAPPROXIMATELY 448 UNITS OF VARIOUS LIMITED PARTNERSHIPS.AGAINST MR. SANFORD AND MERRILL LYNCH, NO ACTUAL DAMAGES WERESPECIFIED Settlement Amount: $62,000.00 Broker Comment: CLAIM SETTLED TO AVOID THE EXPENSES ANDUNCERTAINTIES OF A THREATENED LITIGATION ARBITRATION. MERRILLLYNCH WILL PURCHASE 228 UNITS FOR A COST OF $166,440. AFTERSELLING THE UNITS, THE NET COST OF THIS SETTLEMENT WILL BEAPPROXIMATELY $62,000. MR SANFORD WAS NOT REQUESTED TOCONTRIBUTE TO THE RESOLUTION.ALL CLAIMS OF WRONGDOING AND LIABILITY AND ALLCLAIMS FOR DAMAGES ARE DENIED
Date: February 15, 1995 Category: Customer Dispute Allegations: CLAIMS OF UNSUITABILITY AND POOR PERFORMANCEIN CONNECTION WITH THE PURCHASES OF 2 LIMITED PARTNERSHIPS FORAPPROXIMATELY $88,000 IN THE CUSTOMER'S KEOGH ACCOUNT. DAMAGESARE UNSPECIFIED. Settlement Amount: $114,595.00 Broker Comment: CLAIM SETTLED FOR THE SUM OF $114,595. INCONNECTION WITH THE SETTLEMENT, MERRILL LYNCH WILL RECEIVE THEPARTNERSHIP UNITS, THEREBY SUBSTANTIALLY REDUCING THE COST OFTHE SETTLEMENT.MR. SANFORD DENIES ANY WRONGDOING BY MERRILLLYNCH OR BY HIMSELF.
Date: January 26, 1994 Category: Customer Dispute Allegations: IT IS ALLEGED THAT THE CUSTOMER WAS INDUCEDINTO PURCHASING UNITS OF LIMITED PARTNERSHIP THROUGH A"SECONDARY MARKET" AT INFLATED PRICES AND BASED UPON UNFOUNDEDSTATEMENTS RELATING TO THE INVESTMENT MERITS. CUSTOMER CLAIMSDAMAGES OF $690,000. Damage Amount Requested: $690,000.00 Settlement Amount: $167,500.00 Broker Comment: CASE SETTLED FOR $167,500.00.ALL CLAIMS OF WRONGDOING AND LIABILITY AND ALLCLAIMS FOR DAMAGES ARE DENIED. CASE SETTLED TO AVOID THEUNCERTAINTIES AND EXPENSES OF A POTENTIALLY LENGTHYARBITRATION.
Date: October 05, 1992 Category: Customer Dispute Allegations: CLAIMS OF UNSUITABILITY AND FAILURE TOEXPLAIN THE RISKS AND ILLIQUIDITY OF LIMITED PARTNERSHIPS.CUSTOMER SEEKS RESCISSION ($524,000) PLUS LOST INCOME AND LOSTOPPORTUNITY IN THE STOCK MARKET Damage Amount Requested: $524,000.00 Settlement Amount: $600,000.00 Broker Comment: CASE SETTLED FOR $600,000. THE SECURITIES(VALUED AT APPROXIMATELY $100,000) WILL BE RETURNED TO MERRILLLYNCH.ALL CLAIMS OF WRONGDOING ARE DENIED. THEINVESTMENTS WERE EXPLAINED TO THE CUSTOMER, WHO MADE HISKNOWING AND INTELLIGENT DECISIONS TO PURCHASE THE INVESTMENTSOVER AN EXTENDED PERIOD OF TIME. CLAIM SETTLED TO AVOID THEUNCERTAINTIES AND EXPENSES OF LITIGATION.
Date: August 18, 1992 Category: Customer Dispute Allegations: UNSUITABILITY WITH RESPECT TO THE PURCHASESOF LIMITED PARTNERSHIP UNITS BETWEEN 1986 AND 1989. SOUGHT$130,000 IN DAMAGES. Damage Amount Requested: $130,000.00 Settlement Amount: $45,000.00 Broker Comment: CLAIM SETTLED FOR $45,000 PLUS THE SALE OF THELP UNITS.CUSTOMER, A CONSULTANT ANALYST FOR THE WORLDBANK, WAS A SPECULATOR WHO TRADED OPTIONS AND COMMODITIES. TWOLP'S WERE RECOMMENDED TO MEET THE OBJECTIVES OF GROWTH ANDINCOME. THE NATURE OF THE INVESTMENTS, WHICH WERE PURCHASEDOVER A SEVERAL YEAR PERIOD, WERE FULLY DISCLOSED TO THECUSTOMER IN THE PRESENCE OF HIS SON, A STOCKBROKER. CUSTOMERWAS PART OF THE CLASS SETTLEMENT FOR OTEF AND SOME OF THECLAIMS WOULD BE SUBJECT TO BAR BY THE STATUTE OF LIMITATIONS.CASE SETTLED TO AVOID THE UNCERTAINTIES OF LITIGATION.
Date: June 01, 1991 Category: Customer Dispute Allegations: QUESTIONS WERE RAISED ABOUT LIMITEDPARTNERSHIPS THAT HAD BEEN PURCHASED. Settlement Amount: $447,200.00 Broker Comment: THE FIRM IS REPURCHASING THE CUSTOMER'SINTERESTS FOR APPROXIMATELY 80 CENTS PER DOLLAR. THE INITIALCOST WILL BE $447,200; HOWEVER IT IS ANTICIPATED THAT ASUBSTANTIAL PORTION OF THE PAYMENT WILL BE RECOUPED BY THEFIRM.THE CUSTOMER HAS HAD A LONG STANDING RELATIONSHIPWITH THE FIRM AND HE WAS PROVIDED AND FULLY UNDERSTOOD THERISKS OF SUCH INVESTMENTS. THE MATTER WAS RESOLVED BECAUSE 1)IT INVOLVED A VALUED CUSTOMER; 2) TO AVOID THE UNCERTAINTIESAND COSTS OF LITIGATION; AND 3) IT IS ANTICIPATED THAT POSTIVEFUTURE PERFORMANCES OF THE INVESTMENTS WILL RECOVER ASUBSTANTIAL PORTION OF THE AMOUNT PAID.
Date: December 01, 1990 Category: Customer Dispute Allegations: THE CUSTOMER'S SISTER QUESTIONED CERTAINPURCHASE INCLUDING THOSE OF LIMITED PARTNERSHIPS. IT WASREQUESTED THAT TWO TRANSACTIONS BE RESCINDED. SUBSEQUENTLY, SHEREQUESTED AN ADJUSTMENT ON ANOTHER LIMITED PARTNERSHIP. Settlement Amount: $45,500.00 Broker Comment: THE FIRM IS REPURCHASING TWO LIMITEDPARTNERSHIPS FROM THE CUSTOMER FOR A TOTAL OF $45,500.00.THIS MATTER INVOLVED A CUSTOMER OF LONG-STANDINGWHO SUBSEQUENT TO THE PURCHASE OF THESE INVESTMENTS DEVELOPEDSERIOUS HEALTH PROBLEMS. WHILE THE INVESTMENTS WERE BELIEVEDAPPROPRIATE AT THE TIME, THE FIRM HAS MADE A BUSINESS DECISIONTEMPERED BY COMPASSION TO REPURCHASE TWO OF THE LIMITEDPARTNERSHIPS. THE CUSTOMER'S REPRESENTATIVE HAS AGREED TOCONTINUE HOLDING ANOTHER LIMITED PARTNERSHIP.
More Information
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.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for JOSEPH WHEATLEY SANFORD, click here.
The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.
×
Outdated Information
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
×
BrokerSearch Removal
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.