KELLY SCOTT WAMBLE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 144 Railroad Avenue, Suite 301, Edmonds, WA, 98020.
KELLY SCOTT WAMBLE has worked at LPL FINANCIAL LLC since October 19, 2017
KELLY SCOTT WAMBLE has 1 Disclosure Event(s).
Date: January 14, 2008 Category: Customer Dispute Allegations: ALLEGED FAILURE TO FULLY EXPLAIN THE INVESTMENTS. ALLEGED DAMAGES, UNSPECIFIED, BUT BELIEVED TO EXCEED $5,000. (MAY 2007-JANUARY 2008). Broker Comment: THE FOLLOWING COMMENTS ARE BASED UPON MY INVESTIGATION OF A FORM U-5 FILING BY MY FORMER EMPLOYER, WACHOVIA (FORMERLY A.G. EDWARDS). ON 1/14/08, WACHOVIA RECEIVED A COMPLAINT LETTER FROM A FORMER CUSTOMER, AND UPON HIS RECEIPT, THE BRANCH MANAGER AT WACHOVIA CONTACTED AND MET WITH THE CUSTOMER TO DISCUSS THE LETTER. THE MANAGER INDICATED THAT THE SITUATION "WAS A TOTAL MISUNDERSTANDING". AS THE CLIENT HAD NOT ALLEGED SPECIFIC DAMAGES, AND IN LIGHT OF AN ANALYSIS OF POTENTIAL DAMAGES, I BELIEVE THE BRANCH MANAGER APPROPRIATELY CONCLUDED THAT THERE WAS NOTHING TO REPORT. NO U-5 AMENDMENT WAS FILED AT THAT TIME. I FIRST BECAME AWARE OF THE LETTER, WHEN, APPROXIMATELY SEVEN MONTHS LATER, AFTER THE LETTER WAS REVIEWED BY WACHOVIA COMPLIANCE AS PART OF A ROUTINE OFFICE AUDIT, IT WAS REPORTED ON MY FORM U-5. IN MY INVESTIGATION, I DETERMINED THERE HAD BEEN NO DISCUSSION WITH THE BRANCH MANAGER AT THE TIME IT WAS DECIDED TO FILE THE FORM U-5. THE DETERMINATION TO REPORT IT AND THE MANNER IN WHICH IT WAS CHARACTERIZED - AS AN UNAUTHORIZED TRADING COMPLAINT - WAS UNACCEPTABLE TO ME AND DID NOT REFLECT ACCURATELY WHAT HAD TRANSPIRED. ALTHOUGH WACHOVIA LATER SPOKE WITH THE BRANCH MANAGER AND LEARNED OF HIS MEETING WITH THE CUSTOMERS AND DETERMINATION THAT THE MATTER WAS A MISUNDERSTANDING, WACHOVIA INDICATED THAT ONCE THEY HAD FILED THE U-5, IT COULD NOT BE UNDONE. WACHOVIA INDICATED IT WAS LIMITED TO MODIFYING THE ALLEGATIONS SINCE IT HAD ALREADY MADE AN INITIAL REPORT. ALTHOUGH THEY DID FILE A REVISED U-5, CHANGING THE ALLEGATIONS TO REFLECT AN "ALLEGED FAILURE TO EXPLAIN THE INVESTMENTS", I STILL BELIEVE THAT THE LETTER DID NOT WARRANT A FILING OF ANY KIND, AND DO NOT AGREE WITH THE FILING AS REVISED. IN MY OPINION, THIS FILING RESULTED BECAUSE OF A LACK OF COMMUNICATION BETWEEN COMPLIANCE AND MANAGEMENT AT WACHOVIA, AND HAD SUCH COMMUNICATION OCCURRED, IT WOULD HAVE BEEN DETERMINED THAT THIS DISCLOSURE SHOULD NOT BE REPORTED.
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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