RedFlag, Allegation and/or Complaint against JAMES DAVID MADDEN
Disclosure #1 for JAMES MADDEN
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- Event Date: 5/21/1999
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: THE CLIENT ALLEGES THAT HIS PAINEWEBBER EA \LIED\ BY STATING THAT HASBRO STOCK SHOULD RISE WHICH CAUSED CLIENT PURCHASE IN 5/99 DAMAGES UNSPECIFIED BUT EXCEED $5,000.
- Arbitration Docket Number:
- Broker Comment: PAINEWEBBER DENIED THE CLAIM THE COMPLAINT LETTER FILED AGAINST ME IS TOTALLY WITHOUT MERIT. I WAS APPROACHED ON AN UNSOLICITED BASIS BY A SOPHISTICATED INVESTOR FOR AN OPINION ON A STOCK THAT NEITHER MY COMPANY, NOR I FOLLOW. PER THE CLIENT REQUEST, I GAVE MY BEST IMPARTIAL TECHNICAL READ ON THE COMPANY AT THAT TIME. THE DAY FOLLOWING THE CUSTOMER PURCHASE I WARNED THE CUSTOMER OF A POTENTIAL INTERIM TOP IN PRICES, TO CONSIDER A POTENTIAL PRICE PULLBACK AND WHETHER HE COULD LIVE WITH THAT PRICE RISK, THE NEGATIVE TECHNICAL CONSEQUENCES TO THE OVERALL \UP PATTERN\ IF THE PULLBACK GETS \TOO DEEP\
- AND THE LIKELIHOOD OF A CONTINUALLY CHANGING ENVIRONMENT. ALL MY WARNINGS PROVED ACCURATE. IN ADDITION, THE CUSTOMER WAS ALSO SOLICITING OPINIONS ON THE SAME COMPANY FROM SOURCES OUTSIDE PAINE WEBBER. HE HAD AN OPPORTUNITY TO SELL AT COST OR BETTER AFTER HEARING MULTIPLE OPINIONS BUT CHOSE TO STAY IN, ULTIMATELY LOSING MONEY AND BLAMING ME.
Should I file a FINRA complaint against brokers like JAMES DAVID MADDEN?
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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Originally reported on November 17, 2022 @ 9:01 pm
