TODD JAMES COOK is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 201 S MAIN ST STE 160, SALT LAKE CITY, UT, 84111.
TODD JAMES COOK has worked at WELLS FARGO CLEARING SERVICES, LLC since March 06, 2002
TODD JAMES COOK has 2 Disclosure Event(s).
Date: February 21, 2006 Category: Customer Dispute Allegations: CLAIMANT ALLEGES THAT FA DID NOT FOLLOW PRINCIPLES OF PROPER ASSET ALLOCATION AND DIVERSIFICATION AND AS A RESULT HIS ACCOUNT SUSTAINED LOSSES UP TO $143,532 IN HIS WS ACCOUNTS. CLAIMANT ALSO ALLEGES BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, NEGLIGENCE AND NEGLIGENT SUPERVISION. CLAIMANT REQUESTS AN AWARD OF $246,409 IN COMPENSATORY DAMAGES AGAINST WS, PLUS PUNITIVE DAMAGES, INTEREST AND COSTS. Damage Amount Requested: $246,409.00 Settlement Amount: $325,000.00 Broker Comment: MORGAN STANLEY SETTLED THEIR PORTION FOR $250,000, WHILE THE SETTLEMENT FOR WSLLC WAS $75,000.00. THIS CLIENT CHOSE AN EARLY RETIREMENT AND ROLLED OVER HIS COMPANY STOCK FROM HIS 401K PLAN TO AN IRA ACCOUNT IN OCTOBER 1999. THIS CLIENT'S CLAIMS OF UNSUITABLE INVESTMENT RECOMMENDATIONS WERE THE RESULT OF HIS DESIRE TO CONTINUE TO HOLD HIS CONCENTRATED STOCK POSITION. THE STOCK INCREASED IN VALUE BY 25% UNTIL JULY 2001, CLEARLY OUTPERFORMING THE MARKET DURING THE RECESSION OF 2000-2001. IN ADDITION, WHEN SOME OF HIS STOCK HOLDINGS WERE DIVERSIFIED INTO MUTUAL FUNDS; WHICH HE CLAIMED WAS ALSO UNSUITABLE, LOSSES OCCURRED BECAUSE OF A SEVERE RECESSION, BUT NOT MORE THAN THE GAIN FROM THE SALE OF HIS STOCK. MOST OF THE LOSSES WERE THE RESULT OF ANOTHER FA HANDLING THE ACCOUNT AFTER I TERMINATED MY EMPLOYMENT WITH MORGAN STANLEY AND BEFORE THE CLIENT TRANSFERRED HIS ACCOUNT TO ME AT WACHOVIA SECURITIES. THIS ALLEGED COMPLAINT WAS ASSERTED FOUR YEARS AFTER I TERMINATED MY EMPLOYMENT WITH MORGAN STANLEY. MORGAN STANLEY SETTLED THE COMPLAINT WITHOUT MY KNOWLEDGE. I WAS NEVER ALLOWED TO DEFEND THE COMPLAINT. WACHOVIA SECURITIES SETTLED THE COMPLIANT AGAINST THEM FOR $75,000.
Date: August 06, 2002 Category: Customer Dispute Allegations: CUSTOMER ORALLY ALLEGED THAT THEIR FINANCIAL ADVISOR HAD MADE UNSUITABLE RECOMMENDATIONS AND FAILED TO FOLLOW INSTRUCTIONS. TRANSACTIONS OCCURRED OVER MANY YEARS BEGINNING IN 1993 WITH MAJORITY IN 1999. DAMAGES NOT STATED. Settlement Amount: $100,000.00 Broker Comment: THIS ALLEGED ORAL COMPLAINT IS PART OF THE "B" SHARE SETTLEMENT AGAINST MORGAN STANLEY AND IS ALSO PARTLY DUE TO THE RESULT OF MISCALCULATIONS (NEARLY $100,000) MADE BY MORGAN STANLEY IN THE CONVERSION OF "B" SHARES TO "A" SHARES IN THE CLIENT'S ACCOUNT. I BROUGHT THIS MATTER TO THE ATTENTION OF BOTH MY CLIENT AND TO MORGAN STANLEY IN 1997-1999. THE "B" SHARE SELLING PRACTICE INVESTIGATION BY THE SEC AGAINST MORGAN STANLEY SPECIFICALLY INCLUDED THIS CLIENT DURING THOSE YEARS. THIS CLAIM WAS MADE AFTER I TERMINATED MY EMPLOYMENT WITH MORGAN STANLEY. THIS CLAIM WAS SETTLED BY MORGAN STANLEY WITHOUT MY KNOWLEDGE. I WAS NEVER ALLOWED TO DEFEND THE COMPLAINT.
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