NANCY MCCLURE SORG is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 1011 CENTRE RD, STE 100, WILMINGTON, DE, 19805-1270.
NANCY MCCLURE SORG has worked at AMERIPRISE FINANCIAL SERVICES, INC. since December 10, 2010
Disclosure History
NANCY MCCLURE SORG has 2 Disclosure Event(s).
Date: May 27, 1993 Category: Regulatory
Date: December 15, 1987 Category: Customer Dispute Allegations: CUSTOMER CLAIMED THAT MS. SORG HADRECOMMENDED TO HER UNSUITABLE INVESTING IN STOCKS WITHACCOMPANYING COVERED CAU WRITING USING ALLEGEDLY EXCESSIVEMARGIN FROM MAY 1983 TO OCTOBER 1987. SHE CLAIMED LOSSES INEXCESS OF $250,000 AND ALSO BOUGHT ATTORNEYS FEES, PRE JUDGMENTINTEREST AND PUNITIVE DAMAGES. THE CORE ALLEGATION WAS THATBECAUSE OF HER AGE, LACK OF INVESTMENT EXPERIENCE AND IMPAIREDVISION SUCH INVESTING WAS UNSUITABLE FOR HER. Damage Amount Requested: $350,000.00 Settlement Amount: $110,000.00 Broker Comment: IT WAS DECIDED TO SETTLE IN THIS MATTER BECAUSEOF [CUSTOMER'S] VISUAL PROBLEMS. WHILE MS. SORG WAS NOT AWAREOF THE SEVERITY [CUSTOMER'S] VISUAL INPAIRMENT, EVIDENCE WASPRODUCED DURING DISCOVERY WHICH DEMONSTRATED THAT [CUSTOMER'S] WAS LEGALLY BLIND FOR MOST OF THE PERIOD AT ISSUE. AT A MINIMUMIT WAS DECIDED THIS WOULD GIVE HER CLAIM SIGNIFICANT SYMPATHYVALUE. A SETTLEMENT WAS REACHED PROVIDING FOR DEAN WITTER TOPAY TO [CUSTOMER] $110,000. MS. SORG HAS AGREED TO CONTRIBUTE$20,000.00 TO THIS SETTLEMENT BUT CONTINUES TO BELIEVE SHE DIDNOTHING WRONG AND FAITHFULLY PERFORMED HER DUTIES AS [CUSTOMER'S] BROKER.INITALLY DEAN WITTER AND MS. SORG DEFENDED THISMATTER VIGOROUSLY. AMONG THE FACTORS LEADING TO THIS POSITIONWERE; (1) [CUSTOMER'S] SUBSTANTIAL NET WORTH; (2) THE FACTTHAT MS. SORG BELIEVED, THAT SHE HAD ADEQUATELY INFORMED [CUSTOMER] ABOUT THE RISKS AND POTENTIAL REWARDS OF THISINVESTING; (3) THAT MS. SORG KEPT HER APPRISED OF THEINVESTING; (4) THAT [CUSTOMER] UNDERSTOOD THE INVESTING; ANDTHAT AFTER THE "MARKET CRASH" OF OCTOBER 1987, WHICH CAUSEDLOSSES, [CUSTOMER'S] ACCOUNT RECOVERED ALL ITS LOSSES ANDBECAME SIGNIFICANTLY PROFITABLE.
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