Hello:
Below please find my response to Mr. Livewires previous slanderous comments on post 29.
Hello:
One of the reasons that forums like this will never serve their actual intended purpose is because we do not have the ability of eliminating those members that continuously make erroneous or incorrect statements.
I would like to put to rest the slanderous comments made by LW. LW wrote: ... whose co-founder had to go to arbitration over something allegedly wrong that he did....
Allow me to dissect this comment... whose co-founder had to go to arbitration... I am proud to say that I have never had to go to arbitration in my 10 year career. I think Mr.LW should do his homework prior to making such a statement. I take this very seriously and Mr. Livewire will hear from my attorney. It is posts like this that dilute the integrity of helpful and informative platforms like SI.
....over something allegedly wrong that he did.... The key word here is allegedly. I have never been found accountable for any wrong doing in the securities business or any other business for that matter. I personally pride myself on providing my clients with the utmost in professionalism, integrity and service. I believe that those of you that have entered my world and whom I have had the opportunity of developing an extended relationship with, can vouch for me. The hundreds of emails I have personally received from satisfied clients I trust speaks volumes for the way I conduct my life and business on a daily basis.
Please allow me to explain what in actuality took place. Some of you currently in the securities business or looking to get into the business may wish to take special note of my unfortunate experience. I would like to share the moral of the story ahead fo time. "In life there are inequities "
In 1993 I was a retail broker with Prudential Securities. I was managing a $200,000 account for a mother and son whom had established a joint account. I had recommended and implemented a diversified approach. We Placed $100,000 in a ladder maturity of CD's while investing the other $100,000 in a select few conservative growth funds and individual blue chip issues. The account remained inactive for the latter part of six months because it had grown rather nicely. The account was worth approximately $218,000 at this time. In June the son had acquired an interest in trading more actively. With my guidance he traded with a portion of the portfolio. We quickly increased the value of the account and by October we had increased the value to $256,000. Later that month we took a position in a stock that we had already made over $30,000 alone on. The stock took a dive inexplicably and we ended up taking a loss of $27,000. Net we were still up $3,000 in trading that stock and up $29,000 in the account, a 14.5% gain inside 10 months.
To make a long story short the client initiated a complaint addressed to my branch manager claiming unsuitability. Our internal compliance department reviewed the complaint and determined that there was no wrong doing on my part and denied the customer any settlement. After all, the customer made money. After over a year of lawyers fees and various other expenses incurred by Prudential Securities, the firm
decided that it would be more cost effective to just settle. They assured me that it was no big deal and although it would be a mark on my record this would be overlooked because there was no admission of guilt. I was at Smith Barney at the time and had no influence at Prudential whatsoever. I was persuaded to settle and further, if I did not, they would no longer provide me with legal counsel or assure me that they would continue to pay 100% of the settlement. I was stuck in a corner and although I wanted to fight this to the finish, I also wanted to just put this whole thing behind me. I agreed to settle shortly thereafter.
I hope this helps shed some light on the ...little black mark... on my record. As for our little friend Mr. LW, what goes around comes around. This is one irresponsible SI member that will regret ever going on record with bogus allegations. My counsel and I will make certain of it!
Thanks for the opportunity to voice myself.
Sincerely,
George Muniz
Co-Founder
The Executioner LLC |
