NADINE LOUISE REFSELL

NADINE LOUISE REFSELL is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 2410 CAMINO RAMON, STE 306, SAN RAMON, CA, 94583.

NADINE LOUISE REFSELL has worked at LPL FINANCIAL LLC since December 19, 2000

Disclosure History

NADINE LOUISE REFSELL has 2 Disclosure Event(s).

Date: October 30, 2002
Category: Customer Dispute
Allegations: UNSUITABLE MUTUAL FUND PURCHASES FROM SEPTEMBER 1999 THROUGH MARCH 2000.
Damage Amount Requested: $310,000.00
Settlement Amount: $70,000.00
Broker Comment: THIS CASE WAS SETTLED BEFORE ARBITRATION PROCEEDINGS AND DISMISSED WITH PREJUDICE. I MADE NO CONTRIBUTION TO THE SETTLEMENT AND WAS DISMISSED. AGAINST MY RECOMMENDATIONS TO MAINTAIN A GROWTH/INCOME STYLE OF INVESTING, THE CLIENT INSISTED ON INVESTING FULLY INTO AGGRESSIVE MUTUAL FUND ACCOUNTS DURING 09/1999-03/2000. THEIR ACCOUNTS MADE POSITIVE RETURNS FOR SEVERAL MONTHS OF 2000. WHEN I LEFT UBS/PAINEWEBBER IN DECEMBER 2000 SOME POSITIONS SHOWED GAINS, THEIR OVERALL PORTFOLIO SHOWED - 10%;CLIENTS MAINTAINED THEIR ACCOUNTS AT UBS. ALL SUBSEQUENT LOSSES OCCURRED AFTER I LEFT UBS. NOTE: 1) CLIENTS ORIGINALLY STATED (ALSO THEIR WRITTEN COMPLAINT LETTER) THEY HAD NO INVESTMENT EXPERIENCE. THE DISCOVERY PROCESS FOUND THAT CLIENTS HAD 10 YEARS OF AGGRESSIVE STOCK TRADING EXPERIENCE, INCLUDING MARGIN TRADING, AT BROWN & CO. 2) CLIENTS WERE NON-RESPONSIVE TO REPEATED COMMUNICATION ATTEMPTS BY UBS TO SERVICE THEIR ACCOUNTS. 3) CLIENTS MADE NO CHANGES TO THEIR PORTFOLIO NOR ASKED THAT CHANGES BE MADE TO PROTECT THEIR INVESTMENTS. CLIENTS NEVER REQUESTED TO TRANSFER THEIR ACCOUNT. UBS SETTLED ACTION PRIOR TO HEARING TO AVOID COSTS OF DEFENSE.

Date: March 05, 2001
Category: Customer Dispute
Allegations: CLIENT ALLEGED I MADE UNSUITABLE INVESTMENT RECOMMENDATION IN MARCH 14, 2000 OF MUNDER FUTURE TECHNOLOGY FUND FOR $10,000. I DENY ANY WRONG DOING. I WAS INFORMED OF THE COMPLAINT, AND INFORMED PW OF ALL CIRCUMSTANCES SURROUNDING THE CUSTOMER'S DECISION TO PURCHASE THE FUND AFTER BEING INFORMED OF ALL POTENTIAL RISKS. PW SETTLED W/ CUSTOMER FOR $5000 WITHOUT ANY FURTHER DISCUSSION WITH OR REQUEST FOR CONTRIBUTION FROM ME.
Settlement Amount: $5,000.00
Broker Comment: CLIENT CAME TO ME WANTING TO INVEST IN THE TECHNOLOGY AREA, I DISCOURAGED HIM!! BECAUSE PREVIOUSLY HE ONLY WANTED C.D.S AND NO RISK (HE HAS CANCER). HE WAS ADAMANT THAT HE FELT "LEFT OUT" O FTHE TECH BOOM AND WAS GOING TO INVEST WITH NO LOAD FUNDS OR INDIVIDUAL STOCKS. SO I TOLD HIM HE MIGHT BE BETTER OFF WITH AN ADVISOR INSTEAD OF BY HIMSELF. I TRIED TO TALK HIM OUT OF SUCH A VOLATILE INVESTMENT. I MADE HIM FULLY AWARE SEVERAL TIMES OF ALL THE RISKS. HIS COMPLAINT IS GROUNDLESS.

More Information

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