STEPHEN JOSEPH MARTIN is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 1819 MAIN STREET, STE 905, SARASOTA, FL, 34236.
STEPHEN JOSEPH MARTIN has worked at LPL FINANCIAL LLC since November 26, 2003
Disclosure History
STEPHEN JOSEPH MARTIN has 4 Disclosure Event(s).
Date: November 30, 2012 Category: Customer Dispute Allegations: CUSTOMER ALLEGES UNSUITABILITY AND MISREPRESENTATION IN CONNECTION WITH VARIABLE ANNUITY AND LAEROC FUND INVESTMENTS. ACTIVITY PERIOD NOVEMBER 2006 TO NOVEMBER 2007. Damage Amount Requested: $895,000.00 Settlement Amount: $12,500.00 Broker Comment: THE CUSTOMER WAS A HIGH NET WORTH INDIVIDUAL WHO EARNED HIS WEALTH AS CEO OF A BUSINESS THAT WAS LATER SOLD. HE COMPLAINED ABOUT TWO INVESTMENTS. THE FIRST WAS IN UNSECURED NOTES TIED TO A REAL ESTATE LIMITED PARTNERSHIP WHICH HE HAD HELD FOR MORE THAN FIVE YEARS, AND FOR WHICH HE WAS GIVEN A PROSPECTUS AND OTHER DETAILED INFORMATION. BY THE END OF THE ARBITRATION, THE PRODUCT HAD PREFORMED AS DISCLOSED, AND THE ISSUER HAD REPAID ALL OF THE ORIGINAL PRNCIPAL OF THIS NOTE, SO THE CLIENT LOST NO MONEY ON THIS INVESTMENT. THE SECOND INVESTMENT WAS A VARIABLE ANNUITY HE HAD PURCHASED MANY YEARS AGO FOR ITS INCOME BENEFITS. DUE TO A CLERICAL ERROR ON THE INCOME ELECTION FORM, THE FIRST YEAR OF PAYMENTS RECEIVED FROM THIS ANNUITY WERE HIGHER THAN THE INCOME BENEFIT GUARENTEE WOULD ALLOW. THIS ERROR WAS CAUGHT AND CORRECTED 12 MONTHS LATER AND HIS CASH FLOW FROM THE POLICY WAS ADJUSTED. THE CONTRACT CONTINUED TO PAY INCOME BENEFITS CONSISTENT WITH THE TERMS OF THE PRODUCT AS SOLD TO HIM AND, AS OF THE RESOLUTION OF THE MATTER, HE CONTINUED TO HOLD THE INVESTMENT AND TAKE INCOME FROM IT. THE FIRM MADE A BUSINESS DECISION TO SETTLE THIS MATTER IN AVOIDANCE OF DEFENCE COSTS. I WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.
Date: December 06, 2011 Category: Customer Dispute Allegations: CUSTOMER ALLEGES MISREPRESENTATION IN CONNECTION WITH LAEROC 2005-2006 INCOME FUND INVESTMENT. ACTIVITY PERIOD SEPTEMBER 2005 TO DECEMBER 2005. Damage Amount Requested: $500,000.00 Settlement Amount: $87,500.00 Broker Comment: THE CUSTOMER IS A WEALTHY, EXPERIENCED AND SOPHISTICATED INVESTOR AND IS A HIGHLY EXPERIENCED REAL ESTATE DEVELOPER WHO DEVELOPED, BOUGHT AND SOLD MULTIPLE RESIDENTIAL PROPERTIES, SHOPPING MALLS, POST OFFICES, AND $1M+ CUSTOM BOATS OVER THE PREVIOUS 20 YEARS. HE COMPLAINED ABOUT THE PURCHASE OF A REAL ESTATE INVESTMENT TRUST MADE IN 2005. HE WAS PROVIDED ALL NECESSARY LITERATURE AND THEY WERE MULTIPLE MEETINGS, INCLUDING MEETINGS WITH HIS ATTORNEY AND CPA. HE ALSO SPOKE DIRECTLY WITH THE ISSUER PRIOR TO THE INVESTMENT AND MULTIPLE TIMES AFTER. THE PURCHASE ACCOUNTED FOR LESS THAN 3% OF HIS NET WORTH. THE INVESTMENT WAS SUITABLE. ANY LOSSES THE CUSTOMER MAY HAVE SUSTAINED WERE CAUSED BY THE BURSTING OF THE REAL ESTATE BUBBLE IN 2008-2009 (BY WHICH TIME HE WAS NO LONGER A CUSTOMER), AND NOT BECAUSE I DID ANYTHING IMPROPER. THE ALLEGATIONS AGAINST ME WERE COMPLETELY WITHOUT MERIT. I WAS NOT NAMED AS A PARTY IN THE ARBITRATION AGAINST LPL FINANCIAL. I WAS ALSO DISMISSED FROM THE CIVIL CASE IN WHICH I WAS NAMED. I WAS NOT ASKED TO PARTICIPATE IN THE SETTLEMENT.
Date: June 18, 2008 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT ADVISOR DELAYED IN CLOSING ACCOUNTS RESULTING IN OVERCHARGED ADVISORY FEES. Damage Amount Requested: $10,645.34 Broker Comment: FIRM MADE LIMITED ADMINISTRATVIE FEE CORRECTIONS BUT DENIED ALLEGATIONS AND DENIED CUSTOMER'S REQUEST FOR ADDITIONAL SETTLEMENT.
Date: June 02, 2003 Category: Customer Dispute Allegations: CLIENT ALLEGES FINANCIAL ADVISOR MADE UNSUITABLE INVESTMENT RECOMMENDATIONS, EXCESSIVELY TRADED ACCOUNT AND FAILED TO FOLLOW INSTRUCTIONS. Damage Amount Requested: $145,000.00
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