Jeannette Adcock, Formerly of David A. Noyes & Company, Named in Customer Dispute Related to Sale of Illiquid Structured Certificates of Deposit

Adcock has faced numerous complaints in the past few years.

The Sonn Law Group is investigating allegations that Jeannette Adcock committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Jeannette Adcock (CRD#: 1432053) is a financial advisor at David A. Noyes & Co. in Itasca and Indianapolis, IL, where she has been employed since 2017. Previously, she was employed by Wayne Hummer Investments.

She was permitted to resign in April 2017 after she allegedly failed to forward a written customer complaint to her supervisor or compliance department as required by firm policy. Adcock has been in the securities industry since the 1980s and previously worked at Wayne Hummer Investments and Prudential Securities.

Adcock has been the subject of several customer complaints in recent years, mostly related to the sale of illiquid structured certificates of deposit (“CDs”). Structured CDs are also referred to as “market-linked CDs” and “adjustable-rate CDs.” Structured CDs a/k/a Market Linked CDs are investment vehicles that are linked to one or more securities or market indices.

Structured CDs a/k/a Market Linked CDs have a fixed maturity date and are designed to offer specific risk-return tradeoffs, with pre-set formulas for both the potential risk and potential return. These calculations are complex and generally not understood by a “main street” retail investor.

Among the specific complaints against Jeannette Adcock are the following:

•  April 2019—“Client alleges that former representative Jeannette Adcock misled them into buying 3 structured CD’s and 1 structured note for which the clients allege they were never advised that they would mature in 20-25 years or that interest could be zero in some years.” The client alleges damages of $11,335.
• November 2018—” CUSTOMERS ALLEGE THEY WERE NOT GIVEN FULL DISCLOSURE WITH REGARD TO STRUCTURED CD PRODUCT AND DO NOT BELIEVE IT FITS THEIR OBJECTIVE.” The client alleges damages of $71,500.
• September 2018—” Through an attorney, customers allege the investments sold were unsuitable for a client of their age. They further allege they were taken advantage of due to their advanced age and trust in Ms. Adcock.” The client alleges damages of $100,000.
• July 2018—” Client alleges that Ms. Adcock failed to clearly explain the risks associated with the structured CD’s purchased by herself and her family members. The client further alleges that proper due diligence was not given and has made demands for the return of lost principal.” The client alleges damages of $388,488.
• February 2018—“Children of recently deceased client [REDACTED], were upset that the death put on structured CD [REDACTED] had been exhausted and as such they could not get par value back on this investment. The clients allege nowhere in the documentation signed by their mother was this limitation noted. This was a verbal complaint.” The dispute was settled for $22,000.
• November 2017—” Client alleges that he wanted an IRA CD and told Ms. Adcock he could not afford to lose principal. Ms. Adcock allegedly told the client she could put him in a CD that pays over 7%, was FDIC insured, and was safe. The client alleges she did not mention anything about risk, that he was lied to and misled as he did not know there were different types of CDs, or that the CD invested in securities. So not to lose any more principal, the client sold the CD for a loss. The client has requested to reward the amount lost.” The dispute was settled for $4,154.

In addition, in 2017, the State of Illinois sanctioned Jeannette Adcock for selling securities within the state while she was not properly registered. The sanction resulted in a fine of $1,000.

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The Sonn Law Group is currently investigating allegations that brokers recommended unsuitable investments. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.