MARK JOSEPH MCGOWAN

MARK JOSEPH MCGOWAN is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 72630 FRED WARING DRIVE, PALM DESERT, CA, 92260.

MARK JOSEPH MCGOWAN has worked at LPL FINANCIAL LLC since December 05, 2000

Disclosure History

MARK JOSEPH MCGOWAN has 2 Disclosure Event(s).

Date: February 08, 1995
Category: Customer Dispute
Allegations: ALLEGED MISREPRESENTATION REGARDINGINVESTMENT IN KRUPP INSURED PLUS III PURCHASED IN 1989. NODAMAGES WERE SPECIFIED. NO MISREPRESENTATION ON MY PART, NOR ANY FINDING THEREOF. ONE OF SEVERAL HUNDRED COMPLAINTS REGARDING SAME INVESTMENT MADE ELSEWHERE. RIGHTLY EXCUSED FROM ANY SETTLEMENT CONTRIBUTION. ROOKIE BROKER ON TRANSACTION DATE: MAY 4, 1989(BEFORE LIMITED PARTNERSHIPS' PROBLEMS DISCOVERED.)INVESTMENT TOUTED DURING TRAINING IN BRANCH THAT ANNUALLY LED NATION IN LIMITED PARTNERSHIP SALES. PAINEWEBBER'S STRONG ENDORSEMENT OF THE LP, EVIDENT IN MY BEING SENT ON A TRIPP KRUPP'S BOSTON HEADQUARTERS, LED ME ALSO TO PLACE MY OWN GRANDMOTHER & MOTHER IN THE SAME KRUPP INSURED LP. MERIT OF COMPLAINT CONTESTED LP'S QUARTERLY STATEMENTS' SUDDENLY STATING "MONIES PAID OUT INCLUDE RETURN OF PRINCIPAL."PAINEWEBBER APPROVED & MARKETED KRUPP INSURED LP BROCHURE WHICH, IN DESCRIBING THE INVESTMENT, USED THE TERM "GUARANTEED" 14 TIMES, & "INSURED" 30 TIMES(SEE EXHIBIT.)TOLD CLIENT ONLY WHAT I'D BEEN TAUGHT & BELIEVED.
Damage Amount Requested: $17,780.00
Settlement Amount: $17,780.00
Broker Comment: PAINE WEBBER SETTLED FOR $17,780 IN ORDER TOACHIEVE A MUTUALLY ACCEPTABLE RESOLUTION.WAS TRAINED AS NEW BROKER IN BRANCH THAT ANNUALLYLED NATION IN LIMITED PARTNERSHIP SALES.

Date: November 01, 1994
Category: Customer Dispute
Allegations: ALLEGED MISREPRESENTATION & UNSUITABILITYREGARDING THE PURCHASE OF A LP IN 4/90. SOUGHT DAMAGES IN THE AMOUNT OF $110,000. NO MISREPRESENTATION ON MY PART, NOR ANY FINDING THEREOF. ONCE OF SEVERAL HUNDRED COMPLAINTS REGARDING SAME INVESTMENT MADE ELSEWHERE. RIGHTLY EXCUSED FROM ANY SETTLEMENT CONTRIBUTION. TRAINED AS A NEW BROKER IN BRANCH THAT ANNUALLY LED NATION IN LIMITED PARTNEWSHIP SALES. 2ND YEAR BROKER ON TRANSACTION DATE: APRIL 16, 1990(BEFORE LIMITED PARTNERSHIPS' PROBLEMS DISCOVERED.)THIS LP WAS UNAVAILABLE TO CANADIANS. [CUSTOMER] WAS CANADIAN. I DIDN'T KNOW EITHER DETAIL(ACCOUNT FORM ASKED NATIONALITY OF ONLY SOCIAL SECURITY NUMBER HOLDER-HUSBAND WAS U.S.)ON THIS TECHNICALITY ALONE DID THEY RECOVER, AS I MISREPRESENTED NOTHING. TALKED CLIENTS OUT OF GETTING MORE OF LP, EXPLAINING RISKS DETAILED IN PROSPECTUS, SO THEY COULD GET BREAK POINT IN COSTS OF TAX FREE FUND AT 100K. BAD PRESS & PERFORMANCE REGARDING LPS THEREAFTER HURT VALUE AND IMPEDED [CUSTOMERS'] ABILITY TO SELL, NOTWITHSTANDING MY BEST EFFORTS.
Damage Amount Requested: $110,000.00
Settlement Amount: $45,000.00
Broker Comment: SETTLED FOR $45,000.WAS TRAINED AS NEW BROKER IN BRANCH THAT ANNUALYLED NATION IN LIMITED PARTNERSHIP SALES.

More Information

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