RedFlags, Allegations and Complaints against WILLIAM OGDEN PLYLER
Disclosure #1 for WILLIAM PLYLER
- Event Date: 12/30/2008
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Closed-No Action
- Disclosure Detail :: Allegations: CLIENT CLAIMS SECURITIES IN ACCOUNT ARE TOO RISKY. CLIENT CLAIMS THAT THEY WERE NOT TOLD THE SECURITIES MAY LOSE VALUE AND ARE NOT GUARANTEED. CLIENT WAS HOLDING CLOSED END FUNDS THAT HAVE GONE DOWN GREATLY IN VALUE. THERE IS NO APPARENT REASON THAT REP COULD HAVE PREDICTED THAT. REP SPOKE TO CLIENT ON A MONTHLY BASIS AND THEY MADE THE DECISION TO MAINTAIN THE POSITIONS.
- Damage Amount Requested: $50,000.00
- Arbitration Docket Number:
- Broker Comment: [CUSTOMER WAS AN INHERITED ACCOUNT FROM A FORMER BROKER. I BASED MY INVESTMENT RECOMMENDATIONS ON WHAT SHE HAD PURCHASED IN THE PAST. THE RMK FUNDS THAT SHE REFERENCED IN HER ACCOUNT WERE IN-LINE WITH HER INVESTMENT OBJECTIVES, WHICH WERE STATED AS GROWTH AND INCOME. THESE INVESTMENTS WERE ALSO SIMILAR TO OTHER POSITIONS THAT WERE IN HER ACCOUNT AT THE TIME WHEN I INHERITED THE ACCOUNT, WHICH WERE COMMON AND PREFERRED STOCKS. SHE RECEIVED ANNUAL REPORTS EACH YEAR THAT STATED THAT THE FUNDS WERE NOT FDIC INSURED, GUARANTEED AND COULD LOSE VALUE. IF SHE WAS WORRIED ABOUT THESE RISKS THEN [CUSTOMER SHOULD HAVE EXPRESSED HER CONCERN TO ME PRIOR TO RECEIVING HER 2008 ANNUAL REPORT WHICH PROMPTED HER LETTER OF COMPLAINT. WE PURCHASED THE RMK FUNDS AND THE EQUITY INNS PREFERRED STOCK WHEN WE REINVESTED THE PROCEEDS FROM THE SALE OF HER MID-AMERICA COMMON STOCK. PER MY RECOMMENDATION, WE SOLD HER MID-AMERICA STOCK. SHE MADE A PROFIT OF $43,800.22 OR APPROXIMATELY 140% AS A RESULT OF THE SALE. I SPOKE TO [CUSTOMER ON A MONTHLY BASIS CONCERNING THE RMK FUNDS. [CUSTOMER WANTED TO HOLD ONTO THE FUNDS WITH THE ANTICIPATION THAT THEY WOULD RECOVER IN TIME. [CUSTOMER WAS A HAPPY CLIENT WHEN I INCREASED HER YEARLY INCOME AND HER INVESTMENTS WERE DOING WELL, SHE BECAME DISGRUNTLED WHEN THE MARKET TURNED AGAINST HER. I WISH THAT THINGS WOULD HAVE TURNED OUT DIFFERENTLY FOR [CUSTOMER.
Should I file a FINRA complaint against brokers like WILLIAM OGDEN PLYLER?
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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