WALLACE EFFORD SHEELY is currently employed as a Broker and/or Investment Adviser at AMERICAN WEALTH MANAGEMENT, INC. located at 2635 Pass Rd., Biloxi, MS, 39531.
WALLACE EFFORD SHEELY has worked at AMERICAN WEALTH MANAGEMENT, INC. since December 06, 2010
Disclosure History
WALLACE EFFORD SHEELY has 10 Disclosure Event(s).
Date: April 07, 2011 Category: Customer Dispute Allegations: CUSTOMER ALLEGES EXCESSIVE TRADING AND UNSUITABLE TRADES Damage Amount Requested: $5,000.00 Settlement Amount: $52,000.00 Broker Comment: PREVIOUS FIRM SAGEPOINT FINANCIAL AMENDED U-5 TO COMPLIANT NOT PENDING CLOSED/NO ACTION
Date: October 27, 2010 Category: Employment Separation After Allegations Firm Name: SAGEPOINT FINANCIAL, INC Termination Type: Discharged Allegations: FAILURE TO ADHERE TO LETTER OF UNDERSTANDING REGARDING OFFICE SPACE AND FAILURE TO DISCLOSE CIVIL JUDGEMENTS AS REQUIRED. Broker Comment: PREVIOUS FIRM OFFICE EXAMS DID NOT HAVE A PROBLEM WITH THE OFFICE ARRANGEMENT. THE JUDGEMENT WAS A MISUNDERSTANDING BETWEEN ME AND THE CREDITOR THIS WAS CONFIRMED IN WRITING BY MY LAWYER
Date: May 17, 2004 Category: Customer Dispute Allegations: CLIENT ALLEGES TOTAL DAMAGES OF $125,924, UNSUITABLE RECOMMEDATIONS AND REPS FAILURE TO SELL CERTAIN SECURITIES. Damage Amount Requested: $125,924.00 Broker Comment: 6/8/04 CLIENT WISHES TO WITHDRAW COMPLAINT.
Date: April 16, 2001 Category: Customer Dispute Allegations: REP FAILED TO FOLLOW INSTRUCTIONS - SOLD & BOUGHT TOO MUCH. WANTS $10,869.33 IN DAMAGES. ALLEGES UNAUTHORIZED MARGIN ACCOUNT. Damage Amount Requested: $10,869.33
Date: January 08, 1999 Category: Regulatory
Date: April 29, 1997 Category: Employment Separation After Allegations Firm Name: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED Termination Type: Permitted to Resign Allegations: Not ProvidedTHAT I HAD ENGAGED IN A FINANCIAL TRANSACTIONWITH AN EMPLOYEE UNDER MY SUPERVISION AND THAT I HAD NOTDISCLOSED THIS TO THE FIRM DURING A PRIOR REVIEW. Broker Comment: TERMINATIONTHIS WAS A PERSONAL LOAN GUARANTEE FOR A FELLOWCOLLEAGUE. THERE WAS NO FRAUD INVOLVED.
Date: October 01, 1996 Category: Customer Dispute Allegations: THIS CUSTOMER COMPLAINT IS UNDERINVESTIGATION. WALLACE SHEELY IS NOT NAMED IN THE CUSTOMERCOMPLAINT AND PER ANTHONY COGNFVICH AT DISTRICT 5 HE CAN'TPROVIDE ACTUAL OF ALLEGED DAMAGES BECAUSE THIS IS STILL AN OPENINVESTIGATION. A COPY OF THE CUSTOMER COMPLAINT IS ATTACHED. Damage Amount Requested: $2,000,000.00 Settlement Amount: $275,000.00 Broker Comment: NO ACTION AGAINST REP. THIS MATTER WAS SETTLED TO AVOID THE TIME, EXPENSE AND UNCERTAINTY OF CONTINUING LITIGATION.
Date: January 01, 1996 Category: Customer Dispute Allegations: 1.2 MILLION DAMAGES Damage Amount Requested: $1,200,000.00 Settlement Amount: $150,000.00 Broker Comment: FOR AN IN CONSIDERATION OF THE SUM OF $150,000, THE CUSTOMER HEREBY RELEASED, ACQUITTED AND FOREVER DISCHARGED MR. SHEELY.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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