MICHAEL STEVEN KINSTLER is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 1225 FRANKLIN AVE STE 360, GARDEN CITY, NY, 11530.
MICHAEL STEVEN KINSTLER has worked at WELLS FARGO CLEARING SERVICES, LLC since August 05, 2000
MICHAEL STEVEN KINSTLER has 2 Disclosure Event(s).
Date: February 05, 2007 Category: Customer Dispute Allegations: NY CLIENTS, HUSBAND AND WIFE, STATED THAT THEY BEGAN DEALING WITH THE FA WHILE HE WAS EMPLOYED AT FIRST ALBANY IN 1996. THE CLIENTS FURTHER STATED THAT THE FA HANDLED THEIR JOINT ACCOUNT AND AN IRA ACCOUNT FOR THE WIFE. THE CLIENTS STATED THAT IN THE YEAR 2000 THE FA MADE A MUTUAL FUND EXCHANGE FOR THE WIFES IRA ACCOUNT WITHIN THE PUTNAM FAMILY OF FUNDS WITHOUT THE CLIENTS AUTHORIZATION AND THAT THE PUTNAM FUNDS PERFORMED POORLY. THE CLIENTS STATED THAT THE WIFES IRA ACCOUNT HAD DECLINED IN VALUE BY $11,000 FROM 1996 TO 2000 WHEN THE WIFE TOOK THE ACCOUNT AWAY FROM THE FA. THE CLIENTS FURTHER STATED THAT IN 1996 THE FA PURCHASED SHARES ($5,000 INVESTMENT) OF A PHOENIX SMALL CAP FUND IN THEIR JOINT ACCOUNT WHICH DROPPED IN VALUE; FURTHER THAT THE FA EXCHANGED THE PHOENIX SMALL CAP FUND (SOMETIME PRIOR TO 12/1997) WITH A PHOENIX GROWTH FUND WITHOUT THE CLIENTS AUTHORIZATION. THE CLIENTS FURTHER STATED THAT THEY WANTED ONLY NO-LOAD MUTUAL FUNDS AND THAT CONTRARY TO THEIR INSTRUCTIONS THE FA INVESTED IN FUNDS WITH A BACK-END LOAD. THE CLIENTS ALSO STATED THAT IN 2000 THEY WANTED TO INVEST $15,000 IN STOCKS BUT INSTEAD THE FA PURCHASED 1,550 UNITS OF THE VAN KAMPEN FOCUS PORTFOLIO UNIT TRUST IN THEIR JOINT ACCOUNT IN FEBRUARY 2000 WITHOUT EXPLAINING TO THEM WHAT THE INVESTMENT WAS AND THAT THEY LOST APPROXIMATELY $7,500 WHEN THE UIT WAS REDEEMED IN MAY 2001. THE CLIENTS STOPPED WORKING WITH THE FA IN EARLY MAY 2001. THE CLIENTS CLAIMED THAT THEY LOST IN EXCESS OF $150,000 (1996-2001). Damage Amount Requested: $150,000.00 Broker Comment: A LETTER WAS SENT TO THE CLIENTS ON FEBRUARY 9, 2007 DENYING THE COMPLAINT. THE FA DENIES THAT HE EXCHANGED ANY MUTUAL FUNDS WITHOUT THE CLIENTS' AUTHORIZATION OR KNOWLEDGE; FURTHER, HE DENIES THAT INVESTMENTS WERE MADE IN SECURITIES THAT WERE NOT AUTHORIZED BY THE CLIENTS AND/OR IN MUTUAL FUNDS WITH LOADS WITHOUT EXPLAINING THOSE LOADS TO THE CLIENTS. THE FA DOES NOT RECALL THAT THE CLIENTS STATED THAT THEY ONLY WANTED NO-LOAD MUTUAL FUNDS. THE CLIENTS CONFIRMED THAT THEY HAD RECEIVED TRADE CONFIRMATIONS AND STATEMENTS FROM BOTH FIRST ALBANY AND WACHOVIA DURING THE RELEVANT TIME PERIOD.
Date: November 15, 2004 Category: Customer Dispute Allegations: CLAIMANT IS A FLORIDA RESIDENTWHO ALLEGES A FAILURE TO SUPERVISE AND UNSUITABLE INVESTMENTS IN CLASS C MUTUAL FUNDS AND TECHNOLOGY STOCKS IN HER ACCOUNTS. CLAIMED DAMAGES OF $45,000.00 Damage Amount Requested: $45,000.00 Settlement Amount: $25,000.00 Broker Comment: SETTLED FOR A TOTAL OF $25,000,TO AVOID COSTS AND UNCERTAINTIES OF LITIGATION. FIRST ALBANY WILL BE PAYING $12,500 AND WACHOVIA $12,500.
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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