VAN ALAN FREEMAN is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 9646 BASELINE, Dallas, TX, 75243.
VAN ALAN FREEMAN has worked at LPL FINANCIAL LLC since November 29, 2011
Disclosure History
VAN ALAN FREEMAN has 1 Disclosure Event(s).
Date: May 24, 2011 Category: Customer Dispute Allegations: CLAIMANT ALLEGES THAT UBS FAILED TO DISCLOSE THE RISKS OF STRUCTURED NOTES ISSUED BY LEHMAN BROTHERS THAT WERE PURCHASED BY THE CLAIMANT IN MARCH 2007. Damage Amount Requested: $102,500.00 Settlement Amount: $81,590.00 Broker Comment: IN MARCH 2007, I WAS A FINANCIAL ADVISOR AT UBS FINANCIAL SECURITIES (UBS), WHERE A CLIENT (CLAIMANT) INVESTED IN A LEHMAN BROTHER'S BACKED "STRUCTURED PRODUCTS" OFFERING. THE INVESTMENT BECAME THE FOCUS OF HIS FORMAL COMPLAINT, AS LEHMAN BROTHER'S WENT BANKRUPT, AND THE INVESTMENT WAS IMMEDIATELY VALUED AT $0.00 WHILE BANKRUPTCY PROCEEDINGS CONTINUED. THE CLAIMANT WAS UNDERSTANDABLY CONCERNED, AND I SET UP A MEETING WITH OFFICE MANAGEMENT AND THE CLIENT, AS WAS OUR OFFICE PRACTICE. CLAIMANT STATED HE BLAMED UBS MORE THAN ME FOR THE APPARENT FAILURE OF THIS INVESTMENT, AS HE HAD ISSUE WITH THE NAME OF THE PRODUCT "100% PRINCIPAL PROTECTED NOTES" SINCE AFTER THE FACT, HE DIDN'T FEEL THEY WERE PROTECTED. I FURTHER COMMUNICATED ANY OFFERS I WAS PRESENTED TO SETTLE THE MATTER, HE DECLINED ANY OFFER. HE ALSO EXPRESSED THAT HE WAS GOING TO FILE A COMPLAINT AGAINST UBS (AND NOT AGAINST ME SPECIFICALLY) WITH THE STATE'S SECURITIES COMMISSION, WHICH HE DID.I MAINTAIN THAT I PROVIDED THE CLAIMANT A PROSPECTUS FOR THE STRUCTURED PRODUCT INVESTMENTS, ALONG WITH MY RECOLLECTION OF THE INITIAL MEETING WHICH INCLUDED A VERBAL WARNING OF THE WORST-CASE SCENARIO OF LEHMAN'S FAILING. ULTIMATELY AND THE MATTER WAS RESOLVED WHEN UBS SETTLED WITH THIS CLIENT.
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