MARY LOIS KIMBROUGH

MARY LOIS KIMBROUGH is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 405 ST MARLO DR, CENTERVILLE, GA, 31028.

MARY LOIS KIMBROUGH has worked at LPL FINANCIAL LLC since November 21, 2011

Disclosure History

MARY LOIS KIMBROUGH has 1 Disclosure Event(s).

Date: January 07, 2010
Category: Customer Dispute
Allegations: 4/05-9/09; CLIENT MAKES SEVERAL ALLEGATIONS AGAINST THE FA. INDICATES THE FA PAID OFF THE CLIENT'S MEDICAL BILLS DESPITE THE CLIENT'S INSTRUCTIONS TO THE CONTRARY. ALLEGES THE FA PURCHASED AND SOLD INVESTMENTS IN THE ACCOUNT AT THE FA'S DISCRETION. CLIENT QUESTIONS WHY THE FA WOULD PAY OFF HER MEDICAL BILLS AND NOT HER HOUSE OR CAR. CLIENT DOES NOT MAKE A SPECIFIC CLAIM; HOWEVER, LOSSES INCURRED APPEAR TO BE APPROXIMATELY $18,000.00.
Damage Amount Requested: $18,000.00
Broker Comment: ACCORDING TO OUR RECORDS, THE ACCOUNT WAS ESTABLISHED IN MARCH 2005 AND THE INITIAL PURCHASES IN THE ACCOUNT (AMERICAN FUNDS) WERE COMPLETED ON APRIL 1, 2005. THE FA HAS INDICATED AND OUR RECORDS SUPPORT THAT SEVERAL ON-GOING LETTERS OF AUTHORIZATION (LOAS) WERE SIGNED TO PAY VARIOUS EXPENSES FROM THE ACCOUNT. IN THE CLIENT'S CORRESPONDENCE, SHE HAS ALLEGED THAT MEDICAL BILLS WERE PAID FROM THE ACCOUNT WITHOUT HER AUTHORIZATION. HOWEVER, SHE HAS PROVIDED NO INFORMATION RELATED TO SPECIFIC DATES, PAYEES AND/OR AMOUNTS. IN REVIEWING THE ACCOUNT, IT APPEARS THE CLIENT SIGNED MULTIPLE LOAS AUTHORIZING PAYMENTS TO VARIOUS PARTIES. IN HER CORRESPONDENCE, THE CLIENT HAS ALSO ALLEGED THAT STOCKS WERE PURCHASED AND SOLD IN THE ACCOUNT WITHOUT THE PROPER AUTHORIZATION; HOWEVER, SHE HAS PROVIDED NO INFORMATION RELATED TO SPECIFIC TRANSACTIONS. THE FA HAS INDICATED THE CLIENT BEGAN MAKING UNSCHEDULED WITHDRAWALS FROM THE ACCOUNT SHORTLY AFTER IT WAS ESTABLISHED. IT IS UNDERSTOOD THE FA CAUTIONED THE CLIENT ABOUT THE POTENTIAL RAMIFICATIONS OF MAKING THE ADDITIONAL WITHDRAWALS. ALL TRANSACTIONS (BUYS/SELLS) WOULD HAVE BEEN EVIDENCED THROUGH TRADE CONFIRMATIONS. IN ADDITION, ALL ACCOUNT ACTIVITY (INCLUDING LOAN ACTIVITY) HAS BEEN REFLECTED ON STATEMENTS. BASED ON OUR REVIEW, IT IS OUR OPINION ALL TRANSACTIONS EFFECTED IN THE ACCOUNT WERE COMPLETED WITH THE CLIENT'S KNOWLEDGE AND AUTHORIZATION. THE WITHDRAWALS MADE FROM THE ACCOUNT APPEAR TO HAVE BEEN COMPLETED AT THE CLIENT'S DIRECTION BASED IN PART FROM INSTRUCTIONS RECEIVED VIA SIGNED LOAS. WHILE WE UNDERSTAND THE CLIENT'S DISAPPOINTMENT RELATED TO THE DECLINE IN THE VALUE OF THE ACCOUNT, IT APPEARS THE DECLINE IS ATTRIBUTED TO MARKET FLUCTUATION AS WELL AS THE SUBSTANTIAL WITHDRAWALS MADE FROM THE ACCOUNT.

More Information

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