MELVILLE BARNES JR. is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 3102 WEST END AVENUE, 5TH & 7TH FLOORS, NASHVILLE, TN, 37203.
MELVILLE BARNES JR. has worked at UBS FINANCIAL SERVICES INC. since August 14, 2000
Disclosure History
MELVILLE BARNES JR. has 3 Disclosure Event(s).
Date: March 14, 2003 Category: Customer Dispute Allegations: THE COMPLAINT ALLEGES FRAUD AND MISREPRESENTATION AND SEEKS TO HOLD UBS-PW AND BROKER LIABLE FOR INVESTMENT LOSSES ARISING FROM CLAIMANT'S PURCHASE OF ONE PARTICULAR EQUITY THAT FAILED TO PERFORM AS HOPED. Damage Amount Requested: $407,586.99 Settlement Amount: $93,333.00 Broker Comment: CLAIMANT WAS A CLIENT WITH A HISTORY OF SPECULATIVE INVESTING TAKING LARGE POSITIONS IN AGGRESSIVE ISSUES AND AVERAGING DOWN ON AN UNSOLICITED BASIS. HIS EXPERIENCE WITH THIS ADVISOR INCLUDED SPECULATIVE INVESTMENTS RESULTING IN SIZEABLE GAINS. HIS ABILITY TO COMPLAIN ONLY ABOUT HIS LOSS REFLECTS A REGULATORY SYSTEM THAT REFUSES TO OVERSEE THE ADVISING FUNCTION AS A PORTFOLIO ACTIVITY WHICH IS PRINCIPAL TO OUR DISPENSATION OF ADVICE.
Date: February 14, 2000 Category: Customer Dispute Allegations: CUSTOMER SENT LETTER TO STATE OF TENNESSEE ALLEGING UNSUITABILITY OF INVESTMENTS IN HER ACCOUNT AT J.C. BRADFORD. STATE OF TENNESSEE CONTACTED J.C. BRADFORD INQUIRING ABOUT SPECIFIC STOCKS PURCHASED OVER THE PAST FOUR YEARS. NO LOSS SPECIFIED IN THE COMPLAINT, POSSIBLY GREATER THAN $10,000.00. Settlement Amount: $42,500.00
Date: June 09, 1999 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT SECURITIES IN HER ACCOUNT ARE NOT CONSISTENT WITH HER STATED OBJECTIVES. ADDITIONALY, UPSET ABOUT RECENT LOSSES IN HER ACCOUNTS. ALLEGED LOSS TO BE APPROXIMATELY $18,600.00. Damage Amount Requested: $18,600.00 Settlement Amount: $15,000.00 Broker Comment: CUSTOMER HAPPY WITH SMALLER CAP HOLDINGS WHEN THEIR PRICES WERE HIGHER. UNHAPPINESS DEVELOPED WITH MARKET DECLINE, WHICH HAS FOCUSED IN SMALLER CAPS. CLIENT TRANSFERRED AT BOTTOM AND MISSED THE SUBSEQUENT 50% INCREASE IN THAT SECTOR OF MARKET (RUSSELL 2000).************* SETTLEMENT RELEASE EXECUTED, SETTLEMENT PAID TO [CUSTOMER] IN THE AMOUNT OF $15,000.00 WHICH WAS DEPOSITED INTO HER IRA ACCOUNT.
More Information
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