LAURANCE MITCHELL REDWAY is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 1133 CONNECTICUT AVE NW 9TH FL, WASHINGTON, DC, 20036.
LAURANCE MITCHELL REDWAY has worked at WELLS FARGO CLEARING SERVICES, LLC since July 01, 2003
Disclosure History
LAURANCE MITCHELL REDWAY has 1 Disclosure Event(s).
Date: March 23, 2009 Category: Customer Dispute Allegations: RESIDENT OF FRANCE STATED IN WRITING HIS FA DID NOT MAKE THE APPROPRIATE CHANGES TO HIS ACCOUNT PURSUANT TO THEIR DISCUSSION AS THE CUSTOMER APPROACHED RETIREMENT. CUSTOMER STATED FA'S NEGLIGENCE HAS CAUSED SUSBTANTIAL LOSSES, AND HIS RETAINED COUNSEL WILL BE CONTACTING WACHOVIA REGARDING POTENTIAL, FURTHER LEGAL ACTION. CUSTOMER DID NOT STATE DAMAGE AMOUNT, BUT LOSSES ARE APPROXIMATELY $684,769. (04/01/2007-02/28/2009)***ARBITRATION ALLEGATIONS: CLAIMANT, WHO RESIDED IN FRANCE, ALLEGED NEGLIGENCE, BREACH OF FIDUCIARY DUTY AND MISMANAGEMENT OF HIS ACCOUNTS BY FA DURING THE PERIOD OF 2007 & 2009, AND SOUGHT COMPENSATION FOR MARKET LOSSES OF $466,301. Damage Amount Requested: $466,301.00 Settlement Amount: $200,000.00 Broker Comment: THE FA AND SA WERE BOTH PRESENT DURING THE IN-PERSON MEETING IN 5/07. FA AND SA BOTH CONFIRM NO REQUEST FOR A CHANGE TO A CONSERVATIVE PORTFOLIO WAS ISSUED, NOR WAS AN INSTRUCTION GIVEN TO CHANGE THE RISK OBJECTIVE ON THE ACCOUNT. THE CUSTOMER DID SIGN AN IRA DISTRIBUTION FORM BECAUSE HE INFORMED THE FA HE NEEDED APPROXIMATELY $100K PER YEAR FOR RETIREMENT. THE FA IN 8/07 PUT APPROXIMATELY $150K IN TREASURIES TO PROVIDE LIQUIDITY IN ANTICIPATION OF THE CUSTOMER'S IMPENDING RETIREMENT. THE CUSTOMER REQUESTED A RETIREMENT PLAN AND PROVIDED THE 6% RATE OF RETURN. FA CONTINUED TO PURCHASE SOLID, BLUE-CHIP, DIVIDEND PAYING STOCKS TO GENERATE INCOME AND THE REQUESTED 6% RATE OF RETURN FOR THE CUSTOMER'S RETIREMENT. THE FA CONFIRMED A TELEPHONE CONVERSATION IN 10/08 WITH CUSTOMER TO DISCUSS RECENT MARKET PERFORMANCE. FA ADVISED AGAINST SELLING AT THE BOTTOM OF THE MARKET AND BELIEVED THE PORTFOLIO COULD WEATHER THE FINANCIAL STORM. CUSTOMER RECEIVED STATEMENTS FOR ALMOST TWO YEARS FOLLOWING THE 5/07 MEETING, AND HE DID NOT INFORM FA OR FIRM THAT HIS INSTRUCTIONS HAD NOT BEEN FOLLOWED. THE COMPLAINT IS DENIED.
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