WILLIAM B LAWRENCE is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at ONE POST OFFICE SQUARE, BOSTON, MA, 02109.
WILLIAM B LAWRENCE has worked at UBS FINANCIAL SERVICES INC. since November 01, 2006
Disclosure History
WILLIAM B LAWRENCE has 2 Disclosure Event(s).
Date: December 21, 2011 Category: Customer Dispute Allegations: TIME FRAME: 2007 TO THE PRESENTCLAIMANT ALLEGES UNSUITABILITY, FALSE AND MISLEADING STATEMENTS, FRAUD IN VIOLATION OF SECTION 10(B) AND 10B-5 OF THE SECURITIES ACT OF 1934, NEGLIGENT MISREPRESENTATION, BREACH OF FIDUCIARY DUTY AND BREACH OF THE COVENANTS OF GOOD FAITH AND FAIR DEALING, NEGLIGENT SUPERVISON, BREACH OF CONDUCT, SECTION 20 VIOLATIONS AND RESPONDEAT SUPERIOR. Damage Amount Requested: $60,000.00 Settlement Amount: $7,500.00 Broker Comment: THE ALLEGATIONS AS STATED IN THE STATEMENT OF CLAIM ARE WITHOUT MERIT. THE CLIENT ALLEGES HE WAS CHARGED HIGH SALES COMMISSION LOADS WHEN IN FACT HIS INVESTMENTS WERE IN A FEE BASED MANAGED ACCOUNT WHERE THE CLIENT IS NOT CHARGED COMMISSIONS OR SALES LOADS. FURTHERMORE, THE NATIONS LEADING MUTUAL FUND RESEARCH COMPANY DOES NOT CHARACTERIZE ANY OF THE MUTUAL FUNDS PURCHASED AS "SPECULATIVE". WHAT RISK THAT MIGHT HAVE EXISTED WAS SPREAD OUT OVER 8 DIFFERENT MUTUAL FUNDS DURING THE LIFE OF THE ACCOUNT WITH UBS, THUS DIVERSIFYING THE CLIENT'S ACCOUNT. IN FACT, THE MAJOR REASON WHY THE CLIENT'T PORTFOLIO DECREASED IN VALUE WAS NOT DUE TO THE PERFORMANCE OF HIS ACCOUNT BUT DO TO THE FACT THAT HE WITHDREW OVER 60% OF THE ACCOUNT VALUE OVER A 3 YEAR PERIOD. YOU CANNOT WITHDRAW THAT LARGE AMOUNT AND NOT HAVE THE OVERALL ACCOUNT PERFORMANCE AFFECTED.
Date: May 01, 1984 Category: Regulatory
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