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VONDAL RADEAN DAVIDSON

VONDAL RADEAN DAVIDSON is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 517 LAKE RD SUITE B, DYERSBURG, TN, 38024.

VONDAL RADEAN DAVIDSON has worked at LPL FINANCIAL LLC since July 08, 2015

Disclosure History

VONDAL RADEAN DAVIDSON has 1 Disclosure Event(s).

Date: October 14, 2009
Category: Customer Dispute
Allegations: 11/12/08-03/10/09; WIFE OF TRUSTEE ALLEGES IN JULY 2008, SHE AND HER HUSBAND CONTACTED THE FA EXPRESSING CONCERN THAT THE ENTIRE ACCOUNT WAS INVESTED IN MUTUAL FUNDS. WIFE ALLEGES THE FA ADVISED THEM THAT EVERYTHING WAS FINE AND THE MARKET WOULD BOUNCE BACK. WIFE STATES BETWEEN JULY 2008 AND DECEMBER 2008, THE ACCOUNT LOST ONE-HALF OF ITS VALUE. WIFE ALLEGES, WHEN THE ACCOUNT WAS ORIGINALLY ESTABLISHED, IT WAS COMPRISED OF CDS AND THE FA MOVED THE ENTIRE ACCOUNT TO B SHARE MUTUAL FUNDS. WIFE STATES WHEN HER MOTHER-IN-LAW PASSED AWAY, THE PROCESSING OF THE ACCOUNT TOOK 2 1/2 MONTHS AND THE ACCOUNT VALUE DECLINED ANOTHER $30,000.00. WIFE QUESTIONS WHY THE ACCOUNT WAS PLACED IN MUTUAL FUNDS WHEN THE FA KNEW THE FUNDS WERE NEEDED TO PROVIDE INCOME FOR HER MOTHER-IN-LAW. WIFE DOES NOT MAKE A SPECIFIC CLAIM; HOWEVER, LOSSES APPEAR TO EXCESS $5,000.00.
Damage Amount Requested: $5,000.00
Broker Comment: AS THE FA RECALLS, THE ORIGINAL TRUST ACCOUNT WAS ESTABLISHED THROUGH HIS PREVIOUS BRANCH OFFICE AND THE ASSETS CONSISTED OF CASH AND SHARES OF ANHEUSER BUSCH STOCK. IT IS UNDERSTOOD THE FA WAS ADVISED THE GRANTOR WAS VERY ILL AND WOULD BE RESIDING IN A NURSING HOME. THE FA HAS INDICATED HE REVIEWED THE VARIOUS MUTUAL FUND SHARE CLASSES WITH THE TRUSTEES. ACCORDING TO THE FA, THE DECISION WAS MADE TO PURCHASE B SHARES AS THERE WAS NO UP-FRONT SALES CHARGE AND IN THE EVENT OF GRANTOR'S DEATH, THE CONTINGENT DEFERRED SALES CHARGE WOULD BE WAIVED. THE FA HAS INDICATED THE REMAINING FUNDS WERE INVESTED IN LADDERED CERTIFICATES OF DEPOSIT (CDS) IN HOPES TO COVER NURSING HOME EXPENSES FOR THE NEXT FEW YEARS. THE ACCOUNT WAS TRANSFERRED TO ANOTHER FIRM IN MAY 2005 AND WAS TRANSFERRED BACK TO EDWARD JONES IN NOVEMBER 2006. OUR RECORDS REFLECT THE GRANTOR PASSED AWAY IN DECEMBER 2008. IT IS UNDERSTOOD THE TRUSTEE'S WIFE CONTACTED THE FA AND PROVIDED INSTRUCTIONS TO SELL ALL OF THE ASSETS HELD IN THE ACCOUNT. AS THE TRUSTEE'S WIFE WAS NOT AN AUTHORIZED INDIVIDUAL, THE FA CONTACTED THE TRUSTEES TO PROVIDE THEM WITH INFORMATION RELATED TO THE REQUIREMENTS FOR PROCESSING THE ACCOUNT AND TO FACILITATE THE DISTRIBUTION OF THE TRUST ASSETS. OUR RECORDS REFLECT ALL REQUIRED PAPERWORK WAS RECEIVED IN GOOD ORDER ON MARCH 2, 2009 AND THE ASSETS WERE TRANSFERRED TO ACCOUNTS REGISTERED IN TRUSTEES' NAMES ON MARCH 4, 2009. INSTRUCTIONS WITH REGARD TO THE SINGLE REGISTRATION ACCOUNTS WOULD HAVE BEEN PROVIDED TO THE FA BY THE REGISTERED ACCOUNT OWNERS. BASED ON OUR REVIEW, THE ESTATE PROCESSING FOR THE TRUST ACCOUNT APPEARS TO HAVE BEEN COMPLETED IN A TIMELY AND APPROPRIATE MANNER. CLAIM DENIED.

More Information

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