TIMOTHY JON FINKELSTON

TIMOTHY JON FINKELSTON is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 8820 COLUMBIA 100 PARKWAY, STE 210, COLUMBIA, MD, 21045.

TIMOTHY JON FINKELSTON has worked at LPL FINANCIAL LLC since May 02, 2011

Disclosure History

TIMOTHY JON FINKELSTON has 1 Disclosure Event(s).

Date: March 19, 2009
Category: Customer Dispute
Allegations: COMPLAINANTS ALLEGED THAT RR, ACTING AS AN INVESTMENT ADVISOR REPRESENTATIVE OF INTERVEST INTERNATIONAL, INC. ("III"), A REGISTERED INVESTMENT ADVISOR, AND SIMULTANEOUSLY AS AN EMPLOYEE OF COLUMBIA BENEFITS CONSULTANTS, INC. ("CBC"), A THIRD-PARTY ADMINISTRATOR ("TPA") FOR QUALIFIED PLANS, BREACHED HIS FIDUCIARY LIABILITY BY FAILING TO TIMELY INFORM COMPLAINANTS OF A MARKET VALUE ADJUSTMENT ON A FIXED ANNUITY THAT COMPLAINANTS INSTRUCTED CBC TO LIQUIDATE AS PART OF TRANSFERRING THEIR 401(K) PLAN TO A SUCCESSOR TPA.
Damage Amount Requested: $81,330.50 Damages Granted: $81,330.50
Broker Comment: THE TOTAL AWARD OF $81,330.50 WAS SPLIT EVENLY ACROSS RR/III (JOINTLY), CBC, AND COMPLAINANTS. RR PAID THE TOTAL AMOUNT OF $27,110.17 ASSESSED JOINTLY AGAINST RR/III. ALTHOUGH THE FACTS AND CIRCUMSTANCES PRESENTED IN ARBITRATION CLEARLY DEMONSTRATED THAT THE ISSUE AT HAND WAS AN ADMINISTRATIVE ISSUE INVOLVING THE TRANSFER OF THE 401(K) PLAN FROM ONE TPA TO ANOTHER, NOT A SALES PRACTICE VIOLATION, COMPLAINANTS' ALLEGATION OF BREACH OF FIDUCIARY RESPONSIBILITY FORCED OUR FIRM TO REPORT THIS COMPLAINT AS A SALES PRACTICE VIOLATION.

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