Date: February 05, 2003 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT VARIABLE ANNUITY INVESTMENT IN MAY 2000 WAS UNSUITABLE AND THAT REPRESENTATIVE MISREPRESENTED THE PRODUCT. CUSTOMER ALSO ALLEGES THE REP DID NOT PROVIDE HER WITH ANY SUBSEQUEST INVESTMENT ADVICE AS MARKET DECLINED. REP MAINTAINS THAT ACCURATE AND COMPLETE INFORMATION WAS PROVIDED CONCERNING INVEMESTMENT, THAT INVESTMENT MET WITH CUSTOMER'S STATED GOALS AND OBJECTIVES, AND THAT SHE HAD NUMEROUS SUBSEQUEST MEETINGS TO DISCUSS CURRENT CONDITIONS, AND CUSTOMER MADE REALLOCATIONS, GIVEN CHANGING MARKET CONDITIONS. Damage Amount Requested: $41,500.00 Broker Comment: MS. PRESTON REVIEWED ALL ASPECTS OF THIS CONTRACT WITH MRS. ARMSTRONG INCLUDING THE SURRENDER PERIOD FOR INVESTMENT OF HER ASSETS. IT WAS FOUND THAT MS. PRESTON'S CONDUCT AT ALL TIMES WAS SUITABLE AND APPROPRIATE. NO SUBSTANTIATION FOR MRS. ARMSTRONG'S CLAIMS WAS FOUND.
Date: November 18, 2002 Category: Regulatory Initiated By: TEXAS STATE SECURITIES BOARD Allegations: RESPONDENT PRESTON OBTAINED PERSONAL LOANS FROM A LINSCO PRIVATE LEDGER CORP. CLIENT WHILE SHE WAS A REGISTERED AGENT WITH LINSCO, IN VIOLATION OF LINSCO'S COMPLIANCE PROCEDURES Resolution: Acceptance, Waiver & Consent(AWC) Sanctions: REPRIMAND Sanction Details: LETRICIA ELAYNE PRESTON WAS REPRIMANDED FOR INEQUITABLE PRACTICE IN THE SALE OF SECURITIES WHILE REGISTERED AS AN AGENT WITH LINSCO PRIVATE LEDGER CORP., AND REGISTRATION AS AN AGENT OF HORWITZ & ASS0CIATES, INC. WAS GRANTED. Broker Comment: OBTAINED LOAN FROM CLIENT AT LINSCO VIOLATING THEIR COMPLIANCE PROCEDURES. TEXAS HAS REPRIMANDED ME AND THE ACTION HAS BEEN CLOSED.
Date: June 18, 2001 Category: Employment Separation After Allegations Firm Name: LINSCO PRIVATE LEDGER CORP Termination Type: Discharged Allegations: REP. UNDER REVIEW FOR ALLEGATION THAT SHE BORROWED FUNDS FROM A CUSTOMER,A ND THAT SHE OPEND A CREDIT CARD WITH THE SAME CUSTOMER, CHARGING APPROX. $18,000.00 IN DEBT. Broker Comment: ANNE FRANCES WAS A CUSTOMER OF MINE ONLY UNTIL 5/1999. I AM HER FRIEND AND WAS HER CARETAKER AFTER THE CUSOMER RELATIONSHIP ENDED. THE LOAN WAS OBTAINED IN 10/2000 AND 1/2001. THIS WAS A HIGH INTEREST-BEARING LOAN AND GUARANTEED. MS. FRANCES CO-SIGNED FOR THE CREDIT CARD AND I SIGNED A LETTER OF GUARANTEE/ASSIGNMENT WITH HER THAT THE CREDIT CARD WOULD BE PAID UPON MY DEATH WITH MY LIFE INSURANCE(IF NOT PAID PRIOR). THE NASD REGUALATION REVIEWED THE CASE AND FOUND NO ACTION WAS REQUIRED.
Date: January 09, 2001 Category: Customer Dispute Allegations: CUSTOMER ALLEGED THAT REPRESENTATIVE'S ACTION IN SIGNING TWO ANNUITY APPLICATIONS FOR FORMER COLLEAGUE WHO HAD MOVED TO ANOTHER BROKER-DEALER CAUSE HIM TO LOSE MONEY WHEN HIS INSTRUCTIONS TO REPRESENTATIVE'S FORMER COLLEAGUE TO REALLOCATE INVESTMENT IN ANNUITY SUB-ACCOUNTS WERE NOT FOLLOWED. REPRESENTATIVE DENIES THAT INVESTMENT LOSSES WERE RELATED TO HER ASSISTANCE IN PROCESSING CUSTOMER'S ANNUITY APPLICATIONS. REPRESENTATIVE AGREED TO CONTRIBUTE AMOUNT OF HER COMMISSION ON THE ANNUITY TO A SETTLEMENT, THE BALANCE OF WHICH WAS PAID BY THE FORMER COLLEAGUE'S BROKER-DEALER. Damage Amount Requested: $24,127.00 Settlement Amount: $20,392.00
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