LAWRENCE JOSEPH HESSE is currently employed as a Broker and/or Investment Adviser at CAMBRIDGE INVESTMENT RESEARCH, INC. located at 6540 SW 10TH AVENUE, TOPEKA, KS, 66615.
LAWRENCE JOSEPH HESSE has worked at CAMBRIDGE INVESTMENT RESEARCH, INC. since January 02, 2003
Disclosure History
LAWRENCE JOSEPH HESSE has 1 Disclosure Event(s).
Date: October 10, 2005 Category: Customer Dispute Allegations: DURING THE PERIOD 4/2000-5/2004 CLIENTS MAINTAINED 1 MUTUAL FUND ASSET ALLOCATION ACCOUNT AND 2 VARIABLE ANNUITIES AND ALLEGE THE INVESTMENTS WERE UNSUITABLE. Damage Amount Requested: $150,000.00 Settlement Amount: $50,000.00 Broker Comment: AS BACKGROUND, CLIENTS ORIGINALLY HAD NEARLY ALL THEIR MONEY INVESTED INVARIABLE ANNUITIES. WE TOOK OVER THE ACCOUNT AND DID A STATIC ASSETALLOCATION, TRANSFERRED THE VA'S TO PRIMARILY MUTUAL FUNDS AND A SMALLAMOUNT WAS KEPT IN VA'S FOR TAX REASONS. THE INTENT WAS TO REDUCE THE VACONCENTRATION. CLIENT ALSO HAD ABOUT 15% OF THEIR ASSETS IN CASH THAT WEDID NOT MANAGE, BUT DID INCLUDE IN THE ASSET ALLOCATION, THEREBY CAUSINGOUR ALLOCATIONS TO BE THE MORE AGGRESSIVE PIECE OF THE OVERALLPORTFOLIO.IN REGARD THE MEDIATION, I WAS PERSONALLY DISMISSED FROM THE ARBITRATIONON 9-15-06. THE SETTLEMENT WAS BETWEEN THE RIA AND THE CLIENTS. THEAMOUNT CONTRIBUTED IN RESPONSE TO QUESTION 19 WAS PAID BY MY INSURANCECARRIER. THE SETTLEMENT AMOUNT WAS SIGNIFICANTLY LESS THAN 1)WHAT WASDEMANDED BY CLAIMANTS AND 2) WHAT IT WOULD HAVE COST TO DEFEND THE CASEAT AN ARBITRATION HEARING.
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