RUSSELL TODD STABLER is currently employed as a Broker and/or Investment Adviser at KMS FINANCIAL SERVICES, INC. located at 9 LAKE BELLEVUE DR STE 108, BELLEVUE, WA, 98005.
RUSSELL TODD STABLER has worked at KMS FINANCIAL SERVICES, INC. since May 09, 1989
RUSSELL TODD STABLER has 4 Disclosure Event(s).
Date: February 12, 2009 Category: Customer Dispute Allegations: IN A LETTER DATED 1/28/09 TO LINCOLN NATIONAL, CLIENT ALLEGED REP SIMPLY ASKED CLIENT TO SIGN PAPERS THAT WERE IN THE CLIENT'S "BEST INTEREST" AND THAT "NO DETAILS WERE EXPLAINED." CLIENT REQUESTED THAT LINCOLN PROVIDE A REFUND OF PREMIUM (WAIVING SURRENDER CHARGES AND MAKING UP MARKET LOSSES.) Damage Amount Requested: $40,000.00 Broker Comment: CLIENT'S ALLEGATIONS ARE INCONSISTENT WITH THE FACTS. I MET WITH HIM FACE-TO-FACE, MADE A RECOMMENDATION AND THEN MY STAFF WALKED HIM THROUGH ALL THE PAPERWORK TO EFFECT THE TRANSACTION. HE SIGNED SIX DIFFERENT PLACES. WE SENT HIM COPIES OF ALL THE TRANSACTION DOCUMENTS. HE RECEIVED STATEMENTS FROM TWO INVESTMENT COMPANIES SHOWING LIQUIDATIONS AND STATEMENTS REGARDING THE NEW VARIABLE ANNUITY. I SENT HIM THE CONTRACT WHEN IT WAS ISSUED. I RECOMMENDED ANOTHER TRANSACTION IN NOV. OF 2008, TO WHICH HE AGREED. HE SIGNED ALL THE RELEVANT DOCUMENTS AND SENT THEM BACK TO ME. IF THE CLIENT REVIEWS WHAT HE HAS RECEIVED FROM ME AND THIRD PARTIES, HE WILL FIND SUBSTANTIAL DOCUMENTATION THAT CONTRADICTS HIS ALLEGATIONS.
Date: June 04, 2007 Category: Customer Dispute Allegations: CLIENTS [CUSTOMERS] BOUGHT ANNUITIES FROM RR IN APRIL 2000. CLIENTS CLAIM INVESTMENTS WERE UNSUITABLE FOR THEIR RISK TOLERANCE AND INVESTMENT OBJECTIVES. Damage Amount Requested: $100,000.00 Settlement Amount: $15,000.00 Broker Comment: CLIENTS FILED ARBITRATION AGAINST KMS MAY 22, 2007 OVER 7 YEARS AFTER MAKING THEIR INVESTMENT IN APRIL OF 2000. KMS SETTLED THE MATTER FOR $15,000-LESS THAN THE COST OF DEFENDING THE MATTER AT THE SCHEDULED FOUR DAY HEARING.
Date: January 31, 2007 Category: Customer Dispute Allegations: THE CUSTOMERS ALLEGE MATERIAL MISREPRESENTATIONS & OMISSIONS IN CONNECTION WITH A RECOMMENDATION TO PURCHASE A VARIABLE ANNUITY IN MARCH OF 2000. IN ADDITION THE CUSTOMERS ALLEGE NEGLIGENCE, LACK OF SUITABILITY, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, UNJUST ENRICHMENT AND VIOLATION OF WASHINGTON CONSUMER PROTECTION ACT. Damage Amount Requested: $82,000.00 Settlement Amount: $30,000.00 Broker Comment: THE PURCHASE OF A TAX DEFERRED GROWTH ORIENTED INVESTMENT WAS CONSISTENT WITH CLIENTS' STATED AND WRITTEN INVESTMENT OBJECTIVES. IT WAS A SUITABLE INVESTMENT FOR THEM DESPITE THE DROP IN CURRENT VALUE DUE TO HISTORIC MARKET DECLINE SINCE 2000. TO FORGO FURTHER LEGAL COSTS AND WITHOUT ADMITTING LIABILITY, KMS SETTLED THE CLAIM FOR $30,000. RR CONTRIBUTED $3,000 OF THE SETTLED AMOUNT.
Date: June 06, 2005 Category: Customer Dispute Allegations: CLIENT INVESTED FOR GROWTH IN MAY OF 2000 AND IMMEDIATELY BEGAN TO TAKE SIGNIFICANT MONTHLY DISTRIBUTIONS FROM THE ACCOUNT. IN MAY OF 2005, CLIENT DELIVERED TO REP A LETTER SHE CLAIMS SHE GAVE TO REP IN MARCH OF 2002. IN THE LETTER THE CLIENT SOUGHT AN UNSPECIFIED AMOUNT OF RESTITUTION FOR MISMANAGEMENT OF HER INVESTMENTS WHICH SHE CLAIMS WERE UNSUITABLE BECAUSE THE CAPITAL COULDN'T SUPPORT THE DISTRIBUTIONS TAKEN. Broker Comment: AS EXPLAINED TO CLIENT IN A WRITTEN RESPONSE, THE DECLINE IN HER INVESTMENT STEMMED FROM A COMBINATION OF HAVING MADE SUCH INVESTMENT VERY NEAR A HISTORIC PEAK IN THE EQUITY MARKETS AND INSTITUTING WITHDRAWALS AT A FAIRLY AGGRESSIVE PACE (ANNUALLY APPROX. 7.5% OF AMOUNT INVESTED). CLIENT RETAINS A DEATH BENEFIT IN THE ACCOUNT EQUAL TO A SIGNIFICANT AMOUNT OVER HER THEN CURRENT ACCOUNT VALUE.
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