Luis A. Abella

Luis A. Abella is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 2A MAIN STREET, NEW MILFORD, CT, 06776.

Luis A. Abella has worked at EDWARD JONES since January 09, 1997

Disclosure History

Luis A. Abella has 1 Disclosure Event(s).

Date: September 25, 2009
Category: Customer Dispute
Allegations: 1/1/09-9/17/09; CLIENT CLAIMS HER MONEY WAS MISHANDLED BY THE FA, AS A RESULT SHE CLAIMS SHE LOST MONEY. CLIENT STATES SHE WOULD HAVE BEEN BETTER OFF AT THE BANK. CLIENT CLAIMS SHE DID WITHDRAW MONEY FROM HER ACCOUNT, BUT NOT AS MUCH AS THE LOSS SHE INCURRED. CLIENT WANTS REIMBURSEMENT. CLIENT DOES NOT STATE AMOUNT, GOOD FAITH ESTIMATE IS OVER $5,000.00.
Damage Amount Requested: $5,000.00
Broker Comment: OUR RECORDS INDICATE THE CLIENT DEPOSITED $139,000.00 IN JUNE 2007, AND IMMEDIATELY WITHDREW $22,000.00. ACCORDING TO THE FA THE CLIENT EXPLAINED SHE WOULD NEED APPROXIMATELY $300-$400 PER MONTH TO SUPPLEMENT HER INCOME. FA CLAIMS HE MADE A RECOMMENDATION TO THE CLIENT CONSISTING OF A CONSERVATIVE MIX OF AMERICAN FUNDS AT THE $100,000.00 BREAKPOINT. FA CLAIMS HE MET WITH THE CLIENT ON MULTIPLE OCCASIONS, SHOWING HER MUTUAL FUND'S HYPOTHETICALS, GRAPHS, CHARTS, AND PROSPECTUSES. FA STATES THE CLIENT WAS ENTHUSIASTIC ABOUT THE PROPOSAL AND AGREED TO INVEST $100K. OUR RECORDS INDICATE THE CLIENT WITHDREW $16,900 IN 2007, $9,453 IN 2008, AND $10,800 IN 2009. CLIENT'S TOTAL WITHDRAWALS, INCLUDING THE ORIGINAL $22,000 TOTALED APPROXIMATELY $59,153.00. WHEN THE CLIENT CLOSED HER ACCOUNT SHE RECEIVED A CHECK FOR $65,873.02. CLIENT'S APPROXIMATE ACCOUNT LOSSES WERE $13,974.00. THE CLIENT INVESTED AT A MARKET HIGH OF APPROXIMATELY 14,000. WHEN THE CLIENT SOLD HER INVESTMENTS THE MARKET WAS SUBSTANTIALLY LOWER. THE INVESTMENTS THE FA RECOMMENDED APPEAR TO BE WITHIN THE SCOPE OF THE CLIENT'S INVESTMENT OBJECTIVES. LOSSES ARE DUE TO MARKET PERFORMANCE. NO COMPENSATION, COMPLAINT RESOLVED.

More Information

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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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