LORETTA PETERSEN STRONG

LORETTA PETERSEN STRONG is currently employed as a Broker and/or Investment Adviser at RAYMOND JAMES FINANCIAL SERVICES, INC. located at 133 NORTH STREET, HEALDSBURG, CA, 95448.

LORETTA PETERSEN STRONG has worked at RAYMOND JAMES FINANCIAL SERVICES, INC. since December 22, 2010

Disclosure History

LORETTA PETERSEN STRONG has 2 Disclosure Event(s).

Date: June 13, 2011
Category: Customer Dispute
Allegations: CLIENT STATES THE FA RESPONSIBLE FOR THIS ACCOUNT FROM APPROXIMATELY OCTOBER 2002 THROUGH OCTOBER 2007 TOOK INSTRUCTIONS TO WITHDRAWAL FUNDS AND PLACE TRADES FROM HER BROTHER, WHILE HER MOTHER WAS IN A MEMORY CARE FACILITY. CLIENT STATES HER BROTHER WAS NOT AUTHORIZED ON THE ACCOUNT DURING THIS TIME PERIOD. CLIENT STATES HER MOTHER PASSED AWAY, AND NOW HER BROTHER HAS PASSED. SHE IS NOW THE TRUSTEE OF THE ACCOUNT. IN RESEARCHING THE ACCOUNT, SHE HAS DISCOVERED WITHDRAWALS TAKEN IN EXCESS OF THE MONEY NEEDED TO PAY FOR HER MOTHER'S EXPENSES. FURTHER, SHE STATES HER BROTHER HAD A MARGIN LOAN IN EXCESS OF $82,000.00 WHICH GENERATED INTEREST OF ALMOST $20,000.00 OF WHICH SHE PAID OFF. THE CLIENT STATES HER BROTHER DID HAVE CONTROL OVER THE ACCOUNT AFTER OCTOBER 2009; HOWEVER, HE TOOK MORE THAN 50% OF THE ACCOUNT ASSETS WHICH WOULD HAVE BEEN IN VIOLATION OF THE TRUST. THE CLIENT IS ALSO NOT HAPPY THE GM BOND IN THE ACCOUNT HAS LOST MOST OF IT'S VALUE. CLIENT CLAIMS THESE EVENTS HAVE SEVERLY DAMAGED HER SHARE OF THE HOLDINGS IN THIS ACCOUNT AND WANTS THE SITUATION RECTIFIED. FILING REQUIRED, OVER $5,000.00.
Damage Amount Requested: $5,000.00
Broker Comment: OUR INVESTIGATION REVEALED THE ACTIVITY IN THE ACCOUNT CONSISTED OF CHECKS ISSUED IN THE REGISTRATION OF THE ACCOUNT, WIRE TRANFERS VIA SIGNED LOA'S, AND A TAX GARNISHMENT/LEVY. OUR RECORDS INDICATE THE CHECKS WERE SIGNED BY THE TRUSTEE AND THE WIRE TRANSFERS WERE INITIATED BY SIGNED LOA(S), WHICH WERE SIGNED BY THE TRUSTEE. IN REGARDS TO THE MARGIN LOAN, IT APPEARS THE CLIENT AND HER BROTHER CALLED THE CLIENT RELATIONS DEPARTMENT IN 2009 TOGETHER, TO DISCUSS THE LOAN. THE CLIENT ADVISED OUR CLIENT RELATIONS AREA HER BROTHER NEEDED THE MONEY BECAUSE HE WAS DYING OF CANCER, AND NEEDED TO PAY MEDICAL BILLS, INDICATING SHE WAS AWARE OF THE LOAN AND THE MONEY HER BROTHER NEEDED FROM THE ACCOUNT. THE LIVING TRUST ACCOUNT FORM SIGNED BY THE TRUSTEE IN 2005 ALLOWS FOR LOANS AND PLEDGE SECURITIES AGAINST THE FUNDS IN THE TRUST ACCOUNT. BASED ON OUR REVIEW IT APPEARS APPROPRIATE REGISTRATION PROTOCOLS WERE FOLLOWED. IT DOES NOT APPEAR ANY DISTRIBUTIONS WERE MADE TO ALTERNATE ADDRESSES OR PAYEE'S. IN LIGHT OF OUR INVESTIGATION WE HAVE DENIED ANY FURTHER ACTION OR REIMBURSEMENT RELATED TO THIS MATTER.

Date: November 01, 2010
Category: Employment Separation After Allegations
Firm Name: EDWARD JONES
Termination Type: Discharged
Allegations: STRONG'S EMPLOYMENT WAS TERMINATED AFTER IT WAS DETERMINED SHE EXERCISED DISCRETION IN A CLIENT'S ACCOUNT AFTER SHE HAD BEEN WARNED BY THE FIRM IN 2009 FOR USE OF DISCRETION. THE FIRM ISSUED THREE SEPARATE WARNINGS TO STRONG FOR PRIOR COMPLIANCE VIOLATIONS.
Broker Comment: REGARDING THE USE OF DISCRECTION IN A CLIENTS ACCOUNT: I WAS ACTING ON THE SPECIFIC INSTRUCTIONS OF MY CLIENT TO LOCATE A SUITABLE BOND WHICH WAS A RATED WITH A YIELD OF 6 TO 6.25 PERCENT, MONTHLY PAY, ISSUED BY EITHER B OF A GE. THERE WAS NO CLIENT COMPLAINT CONCERNING THIS ALLEGATION. REGARDING THE FIRM WARNING IN 2009 FOR THE USE OF DISCRECTION: MY CLIENT WAS CONTACTED ON THREE SEPERATE OCCASIONS BY PHONE AND IN WRITING TO CLOSE HER ACCOUNT VALUED AT $95.00 RATHER THAN INCUR AN ANNUAL FEE. AFTER RECEIVING NO RESPONSE FROM THE CLIENT A CHECK WAS ISSUED FROM HER ACCOUNT FOR THE $95.00 BALANCE. THERE WAS NO CLIENT COMPLAINT REGARDING THIS ALLEGATION. REGARDING PRIOR COMPLIANCE VIOLATIONS AND FIRM WARNINGS THE THREE MATTERS INCLUDE: 1 THE COVERAGE OF BRANCH PHONES DURING AN EMERGENCY 2 THE USE OF A HANDWRITTEN NOTE BY ME TO A LONG DISTANCE CLIENT. 3 THE USE OF GOVERMENT EMPLOYEE CALIFORNIA ADDRRESS FOR PURPOSES OF A DIRECT ROLLOVER FROM HIS GOVERMENT THRIFT PLAN. MY CLIENT WAS POSTED AT A FOREIGN ADDRESS BUT MAINTAINED HIS LONG TIME CALIFORNIA ADDRESS AS HIS LEGAL ADDRESS. THERE WERE NO CLIENT COMPLAINTS CONCERNING THESE ALLEGATIONS.

More Information

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