RedFlags, Allegations and Complaints against PHILIP L EVANS
Disclosure #1 for PHILIP EVANS
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- Event Date: 9/25/1997
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: ALLEGES IE DID NOT MENTION CD PURCHASED IN 1996 WAS A STEP DOWN CALLABLE 15-YEAR CD. CLIENT BELIEVED HE BOUGHT A ONE-YEAR CD WITH A GUARANTEED 9% RETURN. CLIENT SEEKS REDEMPTION.
- Settlement Amount: $922.40
- Broker Comment: PAINEWEBBER REIMBURSED CLIENT FOR PURCHASE OF CD AT A COST OF $922.40 Not Provided
Disclosure #2 for PHILIP EVANS
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- Event Date: 8/7/1995
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Award / Judgment
- Disclosure Detail :: Allegations: BREACH OF FIDUCIARY DUTY VIOLATION OF TEXAS DECEPTIVE TRADE PRACTICES. ACT MISREPRESENTATION, UNSUITABLE, FRAUD & NEGLIGENCE IN CONNECTION W/ THE PURCHASE OF FNMA `Z` BOND (A MORTGAGE -BACKED DERIVATIVE). CLAIMED DAMAGES $57,054.97.
- Damage Amount Requested: $114,109.94
- Damages Granted: $82,994.00
- Arbitration Claim File Detail: 95-03773
- Broker Comment: AFTER AN NASD ARBITRATION HEARING, AN AWARD WAS RENDERED AGAINST PAINEWEBBER AS FOLLOWS: $57,854. WAS DEEMED PAYABLE TO CLAIMANT FOR ACTUAL DAMAGES, $2000 WAS DEEMED PAYABLE TO CLAIMANT FOR EXPERT FEES, AND $23,140 WAS DEEMED PAYABLE TO CLAIMANT FOR ATTORNEY FEES. NO DAMAGES WERE ASSESSED AGAINST RESPONDENT, PHILIP EVANS. CLIENT AUTHORIZED THE PURCHASE OF A FNMA CMO. IN ERROR, A FNMA `Z` BOND WAS PURCHASED. AFTER DISCOVERING THE ERROR AND DISCUSSING OPTIONS, [CUSTOMER DECIDED TO KEEP THE `Z` BOND THUS RATIFYING THE TRADE. SEVERAL MONTHS LATER, AT THE BOTTOM OF THE WORST BOND MARKET IN HISTORY, THE CUSTOMER SOLD AND WANTED A 100% REFUND. ALL ALLEGATIONS WERE DENIED & NO DAMAGES WERE ASSESSED AGAINST ME.
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Should I file a FINRA complaint against brokers like PHILIP L EVANS?
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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