RUEBEN JACOB ADAM is currently employed as a Broker and/or Investment Adviser at WOODBURY FINANCIAL SERVICES, INC. located at 208 EAST 3RD AVE, MITCHELL, SD, 57301.
RUEBEN JACOB ADAM has worked at WOODBURY FINANCIAL SERVICES, INC. since August 03, 2009
Disclosure History
RUEBEN JACOB ADAM has 1 Disclosure Event(s).
Date: June 02, 2003 Category: Customer Dispute Allegations: CUSTOMER ALLEGED SELL STOP ORDER WAS PLACED BASED ON INFORMATION PROVIDED BY THE ASSISTANT REPRESENTATIVE IN THE OFFICE. CLIENT ALLEGES BEING INFORMED THERE WOULD BE NO FEDERAL INCOME TAX LIABILITY BY THIS INDIVIDUAL. THE SELL STOP ORDER EXECUTED AND THE CLIENT THEN REPURCHASED THE STOCK MONTHS LATER AT A HIGHER PRICE AND ALSO ALLEGES ADDITIONAL LOSSES AS A RESULT OF HER DECISION TO REPURCHASE THE STOCK POSITION AT A THE HIGHER PRICE. CIVIL SUIT FILED AGAINST THE ASSISTANT REPRESENTATIVE, WHO BROUGHT ME IN AS A THIRD PARTY OF THE SUIT. Damage Amount Requested: $25,831.00 Settlement Amount: $6,000.00 Broker Comment: CUSTOMER PLACED AN UNSOLICITED SELL STOP ORDER WITH MY ASSISTANT REPRESENTATIVE THAT WAS EXECUTED WHEN THE STOCK PRICE DROPPED TO THE CLIENT'S STATED THRESHOLD PRICE. THE ORDER WAS UNSOLICITED AND PLACED AT THE DIRECTION OF THE CLIENT BECAUSE SHE WAS WORRIED IT WAS GOING TO CONTINUE TO DECLINE IN VALUE AND DID NOT WANT TO EXPOSE HERSELF TO ANY FURTHER DECLINE BELOW HER STATED THRESHOLD. THE STOCK PRICE REACHED THE CUSTOMERS THRESHOLD AND HAS SINCE INCREASED IN VALUE. THE TRADE WAS VALID, AND WAS WHAT THE CLIENT WANTED TO DO TO PROTECT HERSELF FROM THE POSSIBILITY OF FURTHER DECLINES IN THE VALUE OF HER POSITION. SHE RECEIVED CONFIRMATION OF THE SELL ALONG WITH MONTHLY STATEMENTS, BUT DID NOT QUESTION THE TRANSACTION UNTIL THE STOCK PRICE HAD REBOUNDED A FEW MONTHS LATER.
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