RICHARD ALLEN STACHON is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 5465 MILLS CIVIC PARKWAY, WEST DES MOINES, IA, 50266.
RICHARD ALLEN STACHON has worked at UBS FINANCIAL SERVICES INC. since July 27, 2011
RICHARD ALLEN STACHON has 2 Disclosure Event(s).
Date: May 16, 2005 Category: Customer Dispute Allegations: IOWA RESIDENT ALLEGES THERE WERE UNSUITABLE PURCHES OF TECH AND TELECOM SECURITIES MISREPRESENTATIONS AND OMISSIONS A BREACH OF CONTRACT NEGLIGENCE AND A BREACH OF FUDUCIARY DUTY. CLAIMANT REQUESTS AN AWARD OF COMPENSATORY DAMAGES OF $89,549.75 PUNITIVE DAMAGES COSTS AND ATTORNEYS' FEES PLUS INTEREST Damage Amount Requested: $201,849.50 Settlement Amount: $9,999.00
Date: May 25, 2004 Category: Customer Dispute Allegations: CLAIMANT [THIRD PARTY], EXECUTOR OF CUSTOMER'S ESTATE, ALLEGES THEFT OF MONIES THROUGH CHECK FORGERY, BREACH OF CONTRACT, NEGLIGENCE, NEGLIGENT SUPERVISION, MISREPRESENTATION AND UNSUITABLE INVESTMENTS OF THE [CUSTOMERS] JULY 2000 THROUGH MARCH 2002 THROUGH A WACHOVIA IRA ROLL-OVER ACCOUNT INTO VARIOUS MUTUAL FUNDS. CLAIMED DAMAGES OF $287,000.00. Damage Amount Requested: $2,870,000.00 Settlement Amount: $140,000.00 Broker Comment: I WAS THE BRANCH MANAGER WITH WACHOVIA AT THE TIME I DISCOVERED THE THEFT OF FUNDS FROM [THE CLIENT], WHOSE ESTATE ENDED UP BRINGING THIS ACTION. MICHAEL KANE, A SHORT TENURED FINANCIAL ADVISOR AT WACHOVIA, WAS THE PERSON WHO STOLE THE MONEY. MR KANE WAS IN THE PROCESS OF BEING FIRED FROM THE FIRM WHEN I DETERMINED THAT HE HAD DEPOSITED FUNDS FROM THE CLIENT INTO ONE OF HIS ACCOUNTS AT WACHOVIA. I NOTIFIED COMPLIANCE AND OPERATIONS AND MY REGIONAL MANAGER AT WACHOVIA AND ASKED THAT I BE ALLOW TO TAKE THE FOLLOWING ACTION. I CONTACTED THE CLIENT, THE MANAGER OF HIS WELL CARE FACILITY, THE DES MOINES POLICE, HIS LOCAL BANK AND THE SENIOR ADVOCATE IN DES MOINES TO MAKE SURE THAT THIS THEFT WOULD NOT CONTINUE. MR. MARCOULLIER, POLK COUNTY DISTRICT ATTORNEY CALLED MY ACTIONS "NOTHING SHORT OF HEROIC." CLIENT ACCEPTED THE RETURN OF HIS MONEY AND CONTINUED TO BE A WACHOVIA CLIENT UNTIL HIS DEATH. HIS HEIRS FOUND MY CORRESPONDENCE IN HIS PERSONAL EFFECTS AND WANTED ADDITIONAL MONEY FROM THE FIRM AND MICHAEL KANE (WHO HAD LOST HIS SECIRITIES LICENSE AFTER BEING FIRED FROM WACHOVIA).WACHOVIA CHOSE TO MEDIATE A SETTLEMENT RATHER THAN RISK ADDITIONAL LOSS AND ADVERSE PUBLICITY, EVEN THOUGH I HAD AMPLE DEFENSE FOR MY SUPERVISORY ACTIVITIES. I WAS NEITHER REPREMANDED BY WACHOVIA OR ASKED TO PARTICIPATE IN THE FINAL SETTLEMENT.
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