MICHAEL E NEES

MICHAEL E NEES is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 13411 RANDALL DRIVE, SAINT JOHN, IN, 46373.

MICHAEL E NEES has worked at LPL FINANCIAL LLC since July 01, 2005

Disclosure History

MICHAEL E NEES has 1 Disclosure Event(s).

Date: February 22, 2006
Category: Customer Dispute
Allegations: CLIENT HAS COMPLAINED VERBALLY THAT HE WAS TOLD BY THIS FA THAT THE CORPORATE BONDS PURCHASED IN HIS WIFE'S ACCOUNT ALL INCLUDED A DEATH PUT AND HE WANTS THE VALUE THAT HE WOULD HAVE RECEIVED IT THEY HAD. THE SEVEN POSITIONS ARE DOWN CUMMULATIVELY BY %9,500 WITH $9,000 ATTRIBUTABLE TO ONE POSITION IN GMAC.
Damage Amount Requested: $12,557.49
Settlement Amount: $12,557.49
Broker Comment: FA WAS PROVIDED INFORMATION STATING DEATH PUT OPTION ON THE CORPORATE BONDS MAY BE EXERCISED BY BENEFICIARY ANY TIME UP TO EXPIRATION DATE. UPON DEATH OF ORIGINAL OWNER, EXECUTOR OF THE ESTATE REQUESTED TO HAVE THE CORPORATE BONDS TRANSFERRED TO THE ACCOUNT OF THE BENEFICARY. FA COMPLIED WITH EXECUTOR OF ESTATE AND TRANSFERRED BONDS. THE FIRM FAILED TO INFORM FA THAT THE CORPORATE BONDS MUST REAMIN IN THE ORIGINAL OWNERS ACCOUNT IN ORDER TO EXERCISE THE DEATH PUT. VERBAL COMPLAINT THAT SETTLED AS A BUSINESS DECISION AND WITHOUT ADMITTING ANY LIABILITY ON THE PART OF THE FIRM, THE MATTER WAS SETTLED FOR $12,557.49.

More Information

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