Rex Eric Abbott is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1672 MARKET PLACE BLVD, CUMMING, GA, 30041-7927.
Rex Eric Abbott has worked at EDWARD JONES since October 09, 1987
Disclosure History
Rex Eric Abbott has 2 Disclosure Event(s).
Date: December 09, 2008 Category: Customer Dispute Allegations: 2006-12/9/08; THE CLIENT FEELS SHE HAS RECEIVED POOR ADVICE IN RELATION TO HER $390,000 MUTUAL FUND INVESTMENT. THE CLIENT CLAIMS SHE HAS LOST 50% OF HER MONEY. THE CLIENT CLAIMS SHE WAS TOLD TO INVEST HER MONEY INSTEAD OF PAYING OFF HER MORTGAGE AND WHEN THE MARKET BEGAN TO DECLINE SHE WAS TOLD TO "HANG IN THERE". THE CLIENT CLAIMS SHE IS LOSING AN AVERAGE OF 10% PER MONTH. CLAIMED LOSSES EXCEED $5,000. Damage Amount Requested: $5,000.00 Broker Comment: IT WAS EXPLAINED THAT MUTUAL FUNDS OFFER DIVERSIFICATION AS WELL AS PROFESSIONAL FUND MANAGERS AND, HISTORICALLY, HAVE PERFORMED WELL OVER TIME. IT APPEARS AS THOUGH THE FA PROVIDED SUITABLE ADVICE AT THE TIME THE FUNDS WERE PURCHASED, BASED ON THE CLIENT'S STATED INVESTMENT OBJECTIVES. IT WAS NOTED THAT SINCE THE CLIENT INTENDED ON SELLING PROPERTY AND USING THE PROCEEDS TO PAY OFF THE MORTGAGE THE REAL ESTATE HAS DIMINISHED IN VALUE DUE TO THE CURRENT ECONOMIC CONDITIONS. THE FA HAD NO CONTROL OVER THESE EVENTS. THE FA STATED THAT NO GUARANTEE AS TO RETURN WAS GIVEN AND ADVISED AT THE TIME THE MUTUAL FUNDS WERE PURCHASED THAT PAST RESULTS DO NOT GUARANTEE FUTURE RETURNS.
Date: February 06, 2002 Category: Customer Dispute Allegations: THE CLIENT ALLEGED THAT SHE WAS MISLED BY OUR INVESTMENT REPRESENTATIVE,REX ABBOTT. SHE INHERITED $ 20,000.00 AND ALLEGED THAT MR. ABBOTT INVESTED HER FUNDS TOO AGGRESSIVELY. THE FUNDS AND STOCKS DECLINED IN VALUE AND SHE CLAIMED THAT NO ONE EVER CONTACTED HER TO ADVISE HER ON WHAT TO DO WITH THESE INVESTMENTS. Damage Amount Requested: $12,000.00 Broker Comment: THE IR, REX ABBOTT, INDICATED THAT HE SUGGESTED TO INVEST IN SEVERAL DIVERSIFIED, PROFESSIONALLY MANAGED FUNDS WITHIN THE FEDERATED FUNDS GROUP. HOWEVER, THE CLIENT'S EX-HUSBAND WANTED TO INVEST THESE FUNDS MORE AGGRESSIVELY AND WAS LISTED AS A JOINT OWNER ON THE ACCOUNT AND HAD FULL TRADING AUTORIZATION. MR. ABBOTT FOLLOWED THE INSTRUCTIONS TO PURCHASE STOCKS THAT WERE NOT SUGGESTED OR RECOMMENDED BY MR. ABBOTT OR EDWARD JONES. THE CLIENT RECEIVED PERIODIC STATEMENTS DISCLOSING THE VALUE OF HER ACCOUNT. THE CLIENT'S REQUEST FOR REIMBURSEMENT WAS DENIED.
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