RedFlag, Allegation and/or Complaint against David Douglas Watkins
Disclosure #1 for David Watkins
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- Event Date: 7/24/2006
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: CLIENT STATES SHE NEEDED FUNDS IN ORDER TO PURCHASE A HOUSE THAT SHE INTENDED ON REMODELING AND SELLING. CLIENT STATES SHE MADE THE DECISION TO WITHDRAW FUNDS FROM TWO ANNUITIES WHICH RESULTED IN CONTINGENT DEFERRED SALES CHARGES. IN ADDITION, SHE HAS SINCE DISCOVERED THAT HER SOCIAL SECURITY WAS TAXABLE AS A RESULT OF MAKING THE WITHDRAWALS. THE CLIENT BELIEVES THAT THE IR SHOULD HAVE ADVISED HER OF THE SALES CHARGES AS WELL AS THE POTENTIAL TAX CONSEQUENCES. CLIENT ALSO BELIEVES IT TOOK TOO LONG FOR HER TO RECEIVE THE FUNDS AFTER THE SURRENDERS. CLIENT REQUESTS THE FIRM REIMBURSE HER FOR LOSSES WHICH SHE ESTIMATES TO BE AROUND $6,000 TO $7,000.
- Damage Amount Requested: $7,000.00
- Arbitration Docket Number:
- Broker Comment: ACCORDING TO THE IR, THE CLIENT CONTACTED HIS OFFICE ON APRIL 3, 2006 STATING THAT SHE NEEDED TO WITHDRAW FUNDS IMMEDIATELY AS SHE HAD PURCHASED A HOUSE AT AUCTION AND THE FUNDS WERE NEEDED IN ORDER TO PAY FOR THE HOUSE. THE IR HAS INDICATED, AT THAT TIME, HE REVIEWED ALL OF THE ACCOUNTS WITH THE CLIENT AND THE DECISION WAS EVENTUALLY MADE TO LIQUIDATE THE ROTH IRA, A PORTION OF THE MUTUAL FUNDS HELD IN THE TRUST ACCOUNT AS WELL AS THE ANNUITIES LINKED TO THE TRUST ACCOUNT. THE IR HAS FURTHER INDICATED HE INFORMED THE CLIENT OF THE COSTS OF LIQUIDATING THE ANNUITIES AS WELL AS THE APPROXIMATE PROCESSING TIME FOR THE LIQUIDATION(S). IN ADDITION, IR HAS STATED WHILE HE DID NOT CALCULATE THE GAINS ASSOCIATED WITH THE TRANSACTIONS FOR THE CLIENT, HE DID ADVISE THE CLIENT OF THE POTENTIAL FOR TAXABLE GAINS. BASED ON OUR REVIEW, IT IS OUR OPINION THE LIQUIDATIONS WERE COMPLETED WITH THE CLIENT’S KNOWLEDGE AND AUTHORIZATION. IN ADDITION, IT APPEARS THE IR DID ADVISE THE CLIENT OF THE PROCESSING TIME FOR THE ANNUITY LIQUIDATIONS AS WELL AS THE POTENTIAL FOR TAXABLE GAINS. THEREFORE, WE ARE RESPECTFULLY DENYING THE CLIENT’S REQUEST FOR A REVERSAL OF THE TRANSACTIONS AS WELL AS ANY OTHER COMPENSATION IN REGARD TO THIS MATTER. CLAIM DENIED.
Should I file a FINRA complaint against brokers like David Douglas Watkins?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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