NANCY CHARLENE LIPHAM is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 101 E 11TH ST, ANNISTON, AL, 36202.
NANCY CHARLENE LIPHAM has worked at WELLS FARGO CLEARING SERVICES, LLC since July 01, 2003
Disclosure History
NANCY CHARLENE LIPHAM has 1 Disclosure Event(s).
Date: June 22, 2010 Category: Customer Dispute Allegations: CLAIMANT, A RESIDENT OF ALABAMA, ALLEGED IN 2008 FA EXECUTED EXCESSIVE AND UNSUITABLE TRANSACTIONS IN HER ACCOUNT. CLAIMANT INITIALLY SOUGHT ACTUAL LOSSES OF $41,000 BUT DAMAGES CLAIMED AT THE HEARING WERE $123,000 PLUS PUNITIVE AND COSTS. Damage Amount Requested: $41,000.00 Damages Granted: $43,579.00 Broker Comment: CLAIMANT AND I REVIEWED HER REVENUE NEEDS AND ENVISION PLAN AT LEAST TWICE IN 2008. BASED ON THE ENVISION PLAN, SHE DID NOT HAVE SUFFICIENT LIQUID ASSETS TO MOVE TO A FIXED INCOME ACCOUNT WHILE CONTINUING TO WITHDRAW THE AMOUNT OF FUNDS SHE WANTED. CLAIMANT LIQUIDATED THE ENTIRE PORTFOLIO IN LATE 2008 IN THE MIDDLE OF THE MARKET DOWNTURN WITHOUT MY ADVICE AND MOVED TO ANOTHER BROKERAGE FIRM. **AWARD OF COMPENSATORY DAMAGES $43,579.00, PRE-JUDGMENT INTEREST SPECIFICALLY EXCLUDED.
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