Michael Lawrence Kaniok is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 2592 E GRAND AVE SUITE 205, LINDENHURST, IL, 60046-7522.
Michael Lawrence Kaniok has worked at EDWARD JONES since November 20, 2008
Disclosure History
Michael Lawrence Kaniok has 2 Disclosure Event(s).
Date: March 18, 2013 Category: Financial Type: Compromise Disposition: Satisfied/Released
Date: April 23, 2010 Category: Customer Dispute Allegations: 1/10; CLIENT QUESTIONS IF RECENT TRANSACTIONS IN HER ACCOUNTS WERE COMPLETED IN HER BEST INTERESTS AND BELIEVES THEY MAY NOT MEET HER PERSONAL GOALS FOR THE ACCOUNTS. CLIENT STATES VARIOUS CONCERNS RELATED TO THE TRANSACTIONS TO INCLUDE WHAT BENEFITS THE TRANSACTIONS PROVIDED TO HER, THE COMMISSIONS ASSOCIATED WITH THE TRANSACTIONS, DECREASES IN INCOME SHE WILL RECEIVE FROM THE ACCOUNTS AND HOW FUNDS CAN BE WITHDRAWN FROM THE BONDS THAT WERE PURCHASED. CLIENT STATES SHE HAS INCURRED REALIZED LOSSES IN THE TRANSACTIONS OF APPROXIMATELY $13,702.73. Damage Amount Requested: $13,000.00 Broker Comment: THE FA HAS INDICATED AND ACCOUNT RECORDS SUPPORT THAT THE CLIENT CONTACTED HIM ON 1/26/10 WITH CONCERNS ABOUT A LETTER SHE HAD RECEIVED FROM METLIFE REGARDING HER RMD. AN APPOINTMENT WAS ESTABLISHED FOR 1/28/10. DURING THE MEETING, THE FA REVIEWED THE CLIENT'S ACCOUNTS WITH HER AND A RISK TOLERANCE QUESTIONNAIRE WAS COMPLETED. BASED ON THE RESULTS OF THE QUESTIONNAIRE AND THE CLIENT'S DISCUSSION WITH THE FA, IT SEEMS THE CLIENT HAD CONCERNS ABOUT MARKET VOLATILITY AND DESIRED STABLE INCOME. THE FA HAS INDICATED HIS DISCUSSIONS WITH THE CLIENT REGARDING THE INVESTMENTS INCLUDED COMMISSIONS AND HOW THEY ARE APPLIED. IN REGARD TO THE INCOME PROVIDED BY THE INVESTMENTS, OUR RECORDS REFLECT (PRIOR TO THE CHANGES MADE IN JANUARY 2010) SHE HAD BEEN REMOVING APPROXIMATELY $4,680.00 PER ANNUM AND IT APPEARS THE JP MORGAN CHASE NOTES PURCHASED IN THE IRA ACCOUNT WILL PROVIDE APPROXIMATELY $214.37 PER MONTH AND THE JP MORGAN CHASE NOTES PURCHASED IN THE SINGLE REGISTRATION ACCOUNT WILL PROVIDE APPROXIMATELY $109.38 IN INCOME. IN ADDITION, THE WITHDRAWAL FROM THE ABOVE REFERENCED ANNUITY WAS (ACCORDING TO METLIFE) INCREASED TO THE MAXIMUM ALLOWED UNDER THE INCOME RIDER.. AT THE TIME OF THE TRANSACTIONS, THE CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS. IN ADDITION, ALL OF THE AFOREMENTIONED ACTIVITY HAS BEEN REFLECTED ON ACCOUNT STATEMENTS. THEREFORE, IT APPEARS THE TRANSACTIONS EFFECTED IN THE ACCOUNT WERE COMPLETED WITH THE CLIENT'S KNOWLEDGE AND AUTHORIZATION. BASED ON OUR REVIEW, IT APPEARS THE JP MORGAN CHASE NOTES WILL MEET THE CLIENT'S GOAL OF RECEIVING A STEADY INCOME FROM THE INVESTMENTS HELD IN HER ACCOUNT(S). HOWEVER, WE HAVE OFFERED TO REIMBURSE THE CLIENT FOR ANY LOSSES INCURRED SHOULD SHE ELECT TO SELL THE NOTES. AS OF 7/27/10, NO SIGNED SETTLEMENT OF CLAIM HAS BEEN RECEIVED. COMPLAINT CLOSED.
More Information
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