Disclosure Events Details

  • This is a portion of the BrokerCheck Report for DUSTIN ALLEN SMITH CRD# 2803156. Data is current as of February 22, 2016. For the full report, please review the information below.

When evaluating this information, please keep in mind that a disclosure event may be pending or involve allegations that are contested and have not been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputing the allegations) with no admission or finding of wrongdoing. This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report may be blank if the information was not provided to CRD.

  1. Customer Dispute – Settled

This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegations of sale practice violations against the broker that resulted in a monetary settlement to the customer.

  • Reporting Source: Broker
  • Employing firm when activities occurred which led to the complaint: UBS FINANCIAL SERVICES INC.
  • Allegations: THE COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008.
  • Product Type: Other: AUCTION RATE SECURITIES
  • Alleged Damages: $0.00
  • Date Complaint Received: 04/14/2008
  • Complaint Pending? No
  • Status:
  • Alleged Damages Amount Explanation (if amount not exact): THE CUSTOMER DID NOT MAKE A CLAIM FOR COMPENSATORY DAMAGES AND/OR DAMAGES WERE DETERMINED TO BE LESS THAN $5,000.
  • Is this an oral complaint? No
  • Is this a written complaint? Yes
  • Is this an arbitration/CFTC reparation or civil litigation? No
  • Status Date: 12/23/2008
  • Settlement Amount: $375,000.00
  • Individual Contribution Amount: $0.00
  • Broker Statement THE COMPLAINT AROSE IN CONNECTION WITH THE INDUSTRY WIDE BREAKDOWN OF THE LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES (“ARS”). THE FIRM AGREED TO REPURCHASE THE ARS SECURITIES AT ISSUE AT PAR VALUE FROM THE CLIENT PURSUANT TO A GLOBAL REPURCHASE AGREEMENT IT ENTERED INTO WITH SEVERAL REGULATORY BODIES. THIS WAS NOT A SETTLEMENT OF A DISPUTE BETWEEN THE CLIENT AND THE REPRESENTATIVE AND WAS NOT BASED ON THE MERITS OF THE CLIENT’S SPECIFIC CONCERNS OR ANY FINDING OF FAULT OR WRONGDOING BY THE NAMED REPRESENTATIVE. THE NAMED REPRESENTATIVE WAS NOT A PARTY TO, AND DID NOT AGREE TO OR PARTICIPATE IN, THE REPURCHASE AGREEMENT BETWEEN THE FIRM AND THE RELEVANT REGULATORY BODIES. THE NAMED REPRESENTATIVE DID NOT MAKE ANY PAYMENTS TO THE CLIENT AND THE NAMED REPRESENTATIVE WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE SETTLEMENT AMOUNT. THE LISTED “SETTLEMENT AMOUNT” REPRESENTS ONLY THE GROSS INITIAL PAR VALUE OF THE ARS POSITION AND DOES NOT TAKE INTO ACCOUNT THE ACTUAL VALUE OF THE ARS POSITION AT THE TIME THE FIRM RECEIVED IT BACK FROM THE CLIENT IN CONNECTION WITH THE SETTLEMENT. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.

2. Customer Dispute – Closed-No Action/Withdrawn/Dismissed/Denied

  • Reporting Source: Broker
  • Firm Employing firm when activities occurred which led to the complaint: UBS FINANCIAL SERVICES INC
  • Allegations: TIME FRAME: SEPTEMBER 1, 2010 – JUNE 21, 2012 CLAIMANTS ALLEGE THAT MAILING ADDRESS WAS NOT UPDATED AND INSTRUCTIONS RELATED TO PREMIUM PAYMENTS ON LIFE INSURANCE POLICY WERE NOT FOLLOWED, RESULTING IN LAPSE OF POLICY AND LOSS OF DEATH BENEFIT.
  • Product Type: Other: LIFE INSURANCE
  • Alleged Damages: $330,000.00
  • Date Complaint Received: 10/16/2013
  • Complaint Pending? No
  • Status: Denied
  • Status Date: 04/02/2015
  • Settlement Amount:
  • Is this an oral complaint? No
  • Is this a written complaint? Yes
  • Is this an arbitration/CFTC reparation or civil litigation? Yes
  • Arbitration/Reparation forum or court name and location: FINRA Docket/Case #: 13-02257
  • Filing date of arbitration/CFTC reparation or civil litigation: 10/16/2013
  • Settlement Amount:
  • Individual Contribution Amount:
  • Broker Statement I DENY THE ALLEGATIONS SET FORTH BY THE AUTHORIZED INDIVIDUAL AS THEY ARE WITHOUT MERIT. MULTIPLE STATEMENTS AND PAYMENT REQUESTS WERE DELIVERED TO THE CONTRACT OWNER AND THEIR DISREGARD LED TO THE POLICY’S CANCELLATION. THE FIRM HAS DENIED THE COMPLAINT BY LETTER DATED 1/3/13. THE CLIENT WAS ADVISED OF THE NECESSARY STEPS TO TAKE IN ORDER TO REINSTATE HER POLICY. THE CLIENT CHOSE NOT TO TAKE ANY ACTION WHICH RESULTED IN SUN LIFE’S REFUSAL TO REINSTATE HER POLICY. THERE WAS NO ATTEMPT MADE BY NEITHER THE CLIENT NOR THE AUTHORIZED INDIVIDUAL TO CONTACT THE FIRM TO DISCUSS THE LAPSE IN HER POLICY OR TO REQUEST A PAYMENT UNTIL AFTER IT HAD ALREADY TAKEN PLACE.

3. Customer Dispute – Closed-No Action/Withdrawn/Dismissed/Denied

  • Reporting Source: Broker
  • Employing firm when activities occurred which led to the complaint: UBS FINANCIAL SERVICES INC.
  • Allegations: CLAIMANT ALLEGES MISREPRESENTATIONS IN SALE OF A STRUCTURED PRODUCT AND MISUSE OF A CREDIT LINE. TIME FRAME: 1/2010 – 11/2010.
  • Product Type: Other: STRUCTURED PRODUCT
  • Alleged Damages: $0.00
  • Date Complaint Received: 08/12/2010
  • Complaint Pending? No
  • Status: Evolved into Civil litigation (the individual is a named party)
  • Status Date: 01/21/2011
  • Settlement Amount:
  • Customer Complaint Information
  • Alleged Damages Amount Explanation (if amount not exact): UNSPECIFIED
  • Is this an oral complaint? No
  • Is this a written complaint? Yes
  • Is this an arbitration/CFTC reparation or civil litigation? No
  • Date Notice/Process Served: 01/29/2015
  • Arbitration Pending? Yes
  • Date Notice/Process Served: 11/09/2012
  • Litigation Pending? No Disposition: No
  • Action Disposition Date: 05/16/2014
  • Monetary Compensation Amount: $0.00
  • Individual Contribution Amount: $0.00
  • FINRA Docket/Case #: 14-03348
  • Type of Court: State Court
  • Name of Court: FLORIDA CIRCUIT OF THE 20TH JUDICAL CIRCUT
  • Location of Court: COLLIER COUNTY, FL Docket/Case #: 12-CA-2517