WILLIE JOE HOWARD is currently employed as a Broker and/or Investment Adviser at INVESTACORP, INC. located at 21715 SIERRA LONG DRIVE, SUITE 100, RICHMOND, TX, 77407.
WILLIE JOE HOWARD has worked at INVESTACORP, INC. since June 10, 2011
Disclosure History
WILLIE JOE HOWARD has 3 Disclosure Event(s).
Date: August 04, 2003 Category: Customer Dispute Allegations: CLIENT STATES IR AND PUTNAM SQUANDERED $97,158 OF CLIENT'S $205,158 INVESTMENT IN JUST OVER TWO YEARS. CLIENT ALSO STATES HER ACCOUNT WAS SET UP FOR 72T AND $2,000 WOULD BE RECEIVED FOR PERSONAL USE AND REMAINDER TO BE USED FOR AS AN EMERGENCY SAVINGS ACCOUNT. CLIENT INDICATES THE EMERGENCY ACCOUNT HAS NOT BEEN ESTABLISHED. CLIENT BELIEVES IF HER ACCOUNT WAS MANAGED PROPERLY IT COULD HAVE LASTED SIX YEARS. Damage Amount Requested: $97,158.00 Broker Comment: THE IR STATED HE SET UP TWO IRA ACCOUNTS AT CLIENT'S REQUEST, ONE FOR PENSION MONEY AND 72T AND THE OTHER FOR AN EMERGENCY FUND. THE IR STATED HE BASED HIS PUTNAM RECOMMENDATIONS ON CLIENT'S NEEDS AND RISK TOLERANCE AND GAVE CLIENT CURRENT PROSPECTUSES PRIOR TO INVESTING. THE CLIENT HAS TAKEN $72,500 IN 72T WITHDRAWALS SINCE INCEPTION. IT APPEARS THE DECLINE IN THE CLIENT'S ACCOUNT VALUES CONSISTS OF 72T WITHDRAWALS AND MARKET FLUCTUATION. IT APPEARS THE IR ACTED PROPERLY; THEREFORE, CLIENT'S CLAIM IS DENIED.
Date: July 02, 2002 Category: Customer Dispute Allegations: CLIENT STATES HOWARD FAILED TO DETERMINE HIS RISK TOLERANCE AND INVESTMENT GOALS PRIOR TO HIS ESTABLISHING AN ACCOUNT AND INVESTING FUNDS. CLIENT STATES HOWARD NEVER RECOMMENDED A 59D PLAN FOR HIS CHILDREN AND DID NOT RECOMMEND HE TAKE DISTRIBUTIONS FROM HIS IRA USING THE 72T OPTION. CLAIMS THE 72T OPTION WOULD ALLOW HIM TO TAKE PENALTY FREE/TAX FREE DISTRIBUTIOSN FROM HIS IRA. CLIENT REQUESTS A REIMBURSEMENT OF COMMISSIONS EARNED BY HOWARD- APPROXIMATELY $11,000. Damage Amount Requested: $11,000.00 Broker Comment: ACCORDING TO MR. HOWARD, PRIOR TO INVESTING FUNDS WITH THE FIRM, THE CLIENT WAS PROVIDED A PACKET OF INFORMATION WHICH INCLUDED INFORMATION TO ASSIST MR. HOWARD IN IDENTIFYING THE CLIENTS INVESTMENTS GOALS AS WELL AS HER RISK TOLERANCE. MR. HOWARD HAS INDICATED THE INFORMATION WAS NOT RETURNED TO HIM; HOWEVER, HE AND THE CLIENT THOROUGHLY DISCUSSED HER NEEDS AND RISK TOLERANCE. HOWARD HAS FURTHER INDICATED THE CLIENT PREVIOUSLY OWNED PUTNAM FUNDS AND HE SUGGESTED ADDITIONAL INVESTMENTS IN THE FUNDS AS THE CLIENT WOULD REACH BREAKPOINT(S). IT IS UNDERSTOOD THE CLIENT'S PRIMARY GOALS/NEEDS WERE AS FOLLOWS: 1) TO WITHHOLD FUNDS FROM THE ROLLOVER TO REDUCE DEBT AND SUBSIDIZE A BIRTHDAY PARTY. 2) IT WAS ANTICIPATED RETIREMENT INCOME OR ANY OTHER FUNDS WOULD NOT BE NEEDED FOR APPROXIMATELY 10 YEARS. 3) THE CLIENT WAS RETIRING FROM SBC, BUT DID NOT PLAN ON LEAVING THE WORKFORCE. AND 4) THE CLIENT WAS ATTEMPTING TO GROW YOUR ACCOUNT TO A VALUE OF $1,000,000 OVER A TEN YEAR TIME PERIOD. MR. HOWARD HAS STATED HE DOES NOT RECALL SPECIFICALLY DISCUSSING 529 PLANS; HOWEVER, INFORMATION WAS PROVIDED TO THE CLIENT REGARDING THE SAME. HOWARD HAS INDICATED HE AND THE CLIENT HAD SEVERAL DISCUSSIONS REGARDING THE PERFORMANCE OF THE ACCOUNT(S) AT WHICH TIME HE REITERATED THE FIRM'S INVESTMENT PHILOSOPHY OF BUYING AND HOLDING QUALITY INVESTMENTS FOR THE LONG TERM. AT THE TIME THE ACCOUNT WAS BEING TRANSFERRED MR. HOWARD HAS INDICATED THE CLIENT AND HE WERE DISCUSSING REPOSITIONING THE ACCOUNT AND THE 72T OPTION. BASED ON OUR REVIEW, MR. HOWARD MADE HIS SUGGESTIONS BASED ON DISCUSSIONS WITH THE CLIENT AND THE TRANSACTIONS WERE AUTHORIZED. IT DOES NOT APPEAR THE INVESTMENTS PURCHASED AND/OR HELD IN THE ACCOUNT ARE OUTSIDE THE SCOPE OF THE INVESTMENT OBJECTIVES. WHILE A PORTION OF THE DECLINE IN THE VALUE OF THE IS ATTRIBUTED TO MARKET FLUCTUATION, APPROXIMATELY $92,000 HAS BEEN WITHDRAWN FROM THE ACCOUNT. CLAIM DENIED.
Date: February 20, 2002 Category: Customer Dispute Allegations: CLIENT ALLEGES HOWARD DID NOT INVEST IN PUTNAM FUNDS ACCORDING TO THE ALLOCATIONS DISCUSSED. CLIENT STATED SHE ATTEMPTED TO DISCUSS THE SITUATOIN WITH HOWARD ANDHE ASSURED HER THE FUNDS SHE HAD PURCHASED WERE GOOD FUNDS AND THE RETURNS ABOVE AVERAGE. CLIENT ALSO ALLEGES FUNDS FROM HER CHECKING ACCOUNT WERE INVESTED WHICH HAS RESULTED IN HER HAVING TO CONTACT THE BRANCH OFFICE THREE DAYS PRIOR TO WRITING A CHECK TO ALLOW THE FUNDS TO BE DEPOSITED IN HER CHECKING ACCOUNT. CLIENT STATES HOWARD TOOK ADVANTAGE OF HER AND REQUESTS REIMBURSEMENT FOR LOSSES IN HER ACCOUNT. LOSSES EXCEED $5,000.00. Damage Amount Requested: $5,000.00 Broker Comment: CLIENT DOES NOT MAKE REFERENCE TO A SPECIFIC ACCOUNT OR TRANSACTIONS; HOWEVER, IT APPEARS SHE IS REFERRING TO THE PURCHASE OF PUTNAM MUTUAL FUNDS IN HER ACCOUNT IN NOVEMBER 2000. HOWARD HAS INDICATED, PRIOR TO THE PURCHASE OF THE OF THE FUNDS, HE REVIEWED EACH OF THE FUNDS IN DETAIL WITH THE CLEINT. HE HAS FURTHER INDICATED HE EXPLAINED THE INVESTMENT PYRAMID AND DISCUSSED WHERE EACH OF THE FUNDS FIT WITHIN THE PYRAMID. HOWARD HAS FURTHER INDICATED HE EXPLAINED THE BENEFITS AS WELL AS THE RISKS OF OWNING MUTUAL FUNDS. AT THE TIME OF THE PURCHASES, THE CLIENT RECEIVED TRADE CONFIRMATIONS. IN ADDITION, HOWARD HAS INDICATE THE APPROPRIATE PROSPECTUSES WERE PROVIDED PRIOR TO MAKING THE PURCHASES AS WELL AS WITH THE TRADE CONFIRMATIONS. THE PURCHASES QUALIFIED FOR BREAKPOINTS AND THE FUNDS PURCHASED DO NOT APPEAR TO BE OUTSIDE THE SCOPE OF THE INVESTMENT OBJECTIVES OF THE ACCOUNT. THE DECLINE IN THE VALUE OF THE ACCOUNT IS ATTRIBUTED TO MARKET FLUCTUATION AS WELL AS WITHDRAWALS. CLAIM DENIED.
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