RANDY BOYD WELBORN is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 64 HOMESTEAD DR, Boise, ID, 83716.
RANDY BOYD WELBORN has worked at LPL FINANCIAL LLC since June 02, 2016
Disclosure History
RANDY BOYD WELBORN has 3 Disclosure Event(s).
Date: March 23, 2010 Category: Customer Dispute Allegations: 12/02/09-3/23/10; CLIENT CLAIMS HE MET WITH THE FA ON DECEMBER 2, 2009 TO DISCUSS IDEAS FOR MANAGING HIS ACCOUNT. THE CLIENT STATES THERE WAS VERY LITTLE DISCUSSION. CLIENT STATES FEES WERE DISCUSSED. THE CLIENT STATES THE FA TOOK A FEW NOTES; HOWEVER, HE DID NOT TRANSACT ACCORDINGLY. CLIENT STATES THE FA TOOK LIBERTY TO BUY AND SELL STOCKS AT HIS DISCRETION. CLIENT STATES THE FA INVERTED THE PURCHASE VOLUME ON TWO OF THE STOCKS. CLIENT ALSO CLAIMS, ON THE DAY THE FA DEPARTED EDWARD JONES THE CLIENT CALLED HEADQUARTERS TO EXECUTE TWO TRADES AND FOUND OUT HE HAD 8 OPEN ORDERS. CLIENT WAS NOT AWARE OF THEM AND HAD THEM CLOSED. FILING REQUIRED. COMMISSIONS TOTAL FOR THE STOCKS LISTED IN THE COMPLAINT COMES TO $6,434.69. Damage Amount Requested: $5,000.00
Date: May 06, 2008 Category: Customer Dispute Allegations: THE CLIENT STATES WHEN SHE INVESTED $100,000, SHE THOUGHT SHE WAS PURCHASING A CD. SHE STATES SHE WAS NOT AWARE SHE INVESTED IN AN ANNUITY. SHE STATES SHE DECIDED TO WITHDRAW THE MONEY FROM THE ANNUITY AND HAD A TAXABLE AMOUNT OF $45503.32. SHE ALSO STATES THE FA WAS NOT RESPONSIVE WHEN BOTH HER AND HER CPA CONTACTED HER OFFICE FOR FOLLOW UP REGARDING THE ISSUE. SHE STATES THAT DUE TO WITHDRAWALS, SHE PAID AN ADDITIONAL $17158 IN TAXES. Damage Amount Requested: $5,000.00 Broker Comment: THE FA STATES HE WAS CONTACTED BY THE CLIENT TO DISCUSS INVESTMENT OPTIONS ON A FUNDS THAT CAME DUE ON A CD HELD AT ANOTHER FINANCIAL INSTITUTION. ACCORDING TO THE FA, THE FUNDS INVESTED WERE NOT NEEDED IMMEDIATELY; HE RECOMMENDED ADDING TO THE EXISTING ANNUITY. IT IS OUR UNDERSTANDING THE CLIENT AGREED WITH THIS RECOMMENDATION AT THE TIME. WHEN THE CLIENT WITHDREW THE FUNDS, SHE WAS TAXED ON THE GAINS FROM DATE OF THE ORIGINAL INVESTMENT; OUR RECORDS INDICATE THE CLIENT ORIGINALLY INVESTED IN THE ABOVE ANNUITY ON OCTOBER 26, 2005. THE FA STATES HE INFORMED THE CLIENT AT THE TIME OF THE ORIGINAL PURCHASE THAT WITHDRAWALS COULD BE TAXED BASED ON THE ORIGINAL INVESTMENT. OUR RECORDS REFLECT THE CLIENT SIGNED THE TRANSFER OF ASSETS: REPOSITIONING ASSETS USING A PARTIAL VARIABLE ANNUITY LIQUIDATION ON MAY 5, 2007; THIS LETTER INDICATES THE CLIENT HAD A CHANGE IN INVESTMENT OBJECTIVE, AND THE CLIENT WAS AWARE THE PARTIAL LIQUIDATION COULD TRIGGER A TAXABLE EVENT REPORTABLE TO THE IRS. THE FA STATES HIS OFFICE TALKED THE CLIENT'S CPA. IN ADDITION, HE STATES HIS BRANCH OFFICE TRIED CONTACTING HIM A COUPLE OF TIMES BUT THOSE CALLS WERE NOT RETURNED. SINCE THIS WAS A CLASS A ANNUITY, THERE WERE NO WITHDRAWAL CHARGES. A SALES CHARGE WAS PAID AT THE TIME OF THE PURCHASE.
Date: April 24, 2008 Category: Customer Dispute Allegations: THE CLIENT STATES THE ANNUITY HE WAS SOLD BY THE FA WAS NOT SUITABLE. HE STATES HE WAS NOT INFORMED THE MONEY WOULD BE LOCKED INTO THE ANNUITY FOR 16 YEARS OR THERE COULD BE A PENALTY IF WITHDRAWN PRIOR TO THE END OF THE CONTRACT. THE CLIENT STATES THE FA TOLD THEM THERE WOULD BE A SMALL FEE. THEY STATED THEY WANTED A SECURE ACCOUNT WHERE THE INVESTMENT WOULD NOT LOSE VALUE. HE STATES HE WAS INFORMED BY THE FA THAT THE ANNUITY WOULD GAIN IN VALUE, BUT NOT LOSE VALUE BECAUSE THE AMOUNT HE INVESTED WAS LOCKED IN. Damage Amount Requested: $5,000.00 Broker Comment: ACCORDING TO THE FA, THE CLIENT REQUESTED INFORMATION REGARDING ANNUITIES. THE FA STATES THE CLIENT WAS CONCERNED WITH SAFETY AND INTERESTED IN THE POTENTIAL DEATH BENEFIT. OUR RECORDS INDICATE HE PURCHASED AIG SUNAMERICA LIFE ASSURANCE CO. POLARIS II A-CLASS ANNUITY ON JULY 12, 2007; THE TOTAL AMOUNT PURCHASED WAS $89,810.00. SINCE THIS WAS A CLASS A ANNUITY, THE COMMISSIONS WERE PAID AT THE TIME OF THE PURCHASE. THE CLIENT HAS STATED HE HAD TO PAY A PENALTY OF $171.46 ON A WITHDRAWAL OF $4,488.35; THERE WAS NO PENALTY PAID ON THE WITHDRAWAL OF $4,488.35. THE CLIENT PURCHASED A CLASS A ANNUITY; THERE ARE NO SURRENDER CHARGES ON THIS ANNUITY. THE CLIENT WAS NOT, AS HE STATED IN THE LETTER, LOCKED INTO THIS ANNUITY FOR 16 YEARS WITH A BIG PENALTY FOR EARLY WITHDRAWAL. OUR RECORDS INDICATE THE CLIENT LIQUIDATED THE ANNUITY IN FULL ON APRIL 29, 2008; THE TOTAL AMOUNT OF THE PROCEEDS WAS $76,690.86. THERE WERE NO SURRENDER CHARGES, PENALTIES OR FEES ON THIS LIQUIDATION. THE DIFFERENCE BETWEEN WHAT WAS INVESTED AND WHAT WAS RECEIVED ON THE LIQUIDATION INCLUDES THE PREVIOUS DISTRIBUTION FROM THE ANNUITY, COMMISSIONS PAID AT THE TIME OF THE PURCHASE AND MARKET FLUCTUATION. WHILE WE UNDERSTAND HIS DISAPPOINTMENT WITH THE PERFORMANCE OF THE INVESTMENTS, THE VALUE OF THESE SHARES ARE ATTRIBUTED TO CIRCUMSTANCES BEYOND OUR CONTROL AND MARKET FLUCTUATION, WHICH IS A RISK ASSOCIATED WITH INVESTING. AT THE TIME OF THE PURCHASE, THE ANNUITY MET THE CLIENT'S STATED OBJECTIVES. IN LIGHT OF THESE CIRCUMSTANCES, THE REQUEST FOR REIMBURSEMENT IS RESPECTFULLY DENIED.
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