HELP! Customer Complaint levied from previous firm

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Sep 14, 2010 9:25 pm

Any help you all can provide would be very beneficial.  So, I just received a customer complaint from my previous firm (recently left) in which the client is stating I did not disclose the high cost of ownership and subsequent 12 month CDSC of a C share.  Needless to say, this is completely false, and the client had even previously purchased a C share from me prior to the transaction in question.  So, what obligation do I have to answer the complaint?  I just received it via overnight mail, and would like to get this taken care of ASAP.

Sep 14, 2010 11:36 pm

Ok, just about the same thing happened to me one time, 1996. Recount all the pertinent details, then spell them out in writing very carefully. Have your current firm's compliance maybe take a look, then forward to your previous firm. You should be just fine, the old client might think that he's got some easy money coming his way. Don't sweat it. If you need more detailed help, feel free to PM me with some more details, I'll try to help you out. I'm out for the next couple days.