RICHARD WILLIS KITE

RICHARD WILLIS KITE is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 75 280 HIGHWAY 111, INDIAN WELLS, CA, 92210.

RICHARD WILLIS KITE has worked at UBS FINANCIAL SERVICES INC. since February 11, 2005

Disclosure History

RICHARD WILLIS KITE has 4 Disclosure Event(s).

Date: February 21, 2008
Category: Customer Dispute
Allegations: CLIENT VERBALLY EXPRESSED CONCERNS REGARDING A TAXABLE EVENT SURROUNDING THE RECOMMENDATION BY THE FINANCIAL ADVISOR TO SURRENDER THE CLIENT'S VARIABLE ANNUITY. CLIENT WAS UNDER THE IMPRESSION THAT NO TAX CONSEQUENCES WERE CAUSED BY THIS SURRENDER. DAMAGES ESTIMATED TO BE IN EXCESS OF $5000.
Damage Amount Requested: $5,000.00
Settlement Amount: $33,415.00

Date: October 20, 1994
Category: Customer Dispute
Allegations: MISREPRESENTATION, SUITABILITY, OMISSION OFFACTS, ACCOUNT RELATED NEGLIGENCE. NAMED BECAUSE HE WAS MANAGER- THESE ARE CLIENTS OF ANOTHER BROKER. DAMAGES OF $110,000.01(LPS)
Damage Amount Requested: $110,000.01
Settlement Amount: $25,000.00
Broker Comment: SETTLEMENT OF APPROXIMATELY $25,000.00ALLEGATIONS WERE AGAINST BROKER MARK MC COWEN,RICHARD KITE WAS THE MANAGER IN CHARGE.

Date: May 26, 1994
Category: Customer Dispute
Allegations: SALE OF UNSUITABLE LIMITED PARTNERSHIPINVESTMENTS FROM 1986 THROUGH 1988-UNSPECIFIED DAMAGES. L.PSARE GEODYNE II BD E & F, KRUPP CASH PLUS 3 & 4, PW EQUITYPARNTERS 2, PW INCOME PROPERTIES 8, KRUPP INSURED PLUS
Settlement Amount: $116,000.00
Broker Comment: CASE SETTLED FOR BUSINESS/CLIENT RELATIONSREASONS SETTLEMENT OF $116,000.00 IN EXCHANGE FOR LP UNITS (PWEQUITY PARTNERS 2 PW INCOME PROPERTIES 8 AND BERKSHIREREALTY-KRUPP CASH PLUS 3 & 4). THESE PARTNERSHIPS ARE TO BESOLD WITH AN APPROXIMATE VALUE OF $52,000. THE NEXT PAYMENT TOCLIENT WILL THEREFORE BE $64,000.THE APPROXIMATE VALUE OF CLIENT'S ACCOUNT WAS$5,000.000. LP'S REPRESENTED APPROXIMATELY 15% OF THE ACCOUNTVALUE. INADDITION TO THE ABOVE SETTLEMENT, THE CLIENT RECEIVEDAPPROX. $700,000 FROM THE SALE PROCEEDS AND INCOME FROM LP'S.THE CLIENT WAS UNHAPPY WITH THE PERFORMANCE OF THE LP'S NOTTHAT THEY WERE UNSUITABLE. AFTER SETTLEMENT, [CUSTOMER] REMAINS ACLIENT OF PAINEWEBBER & THE BROKER.

Date: December 02, 1992
Category: Customer Dispute
Allegations: CLIENT ALLEGES UNSUITABLE RECOMMENDATIONREGARDING PAINEWEBBER GNMA KRUPP CASH PLUS II LIMITEDPARTNERSHIP AND LORD ABBETT BOND DIBENTURES. AMOUNT OF DAMAGESCLAIMED ARE UNCLEAR AT THIS TIME.
Damage Amount Requested: $100,000.00
Settlement Amount: $9,000.00

More Information

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