Chronology of Court Case Against TD Ameritrade

Chronology of FINRA Arbitration Case Against TD Ameritrade

• Statement of Claim

Laurent J. LaBrie v. TDAmeritrade

Laurent LaBrie charges TD Ameritrade with violation of Maryland Code Section 10-402

Maryland Code Section 10-402 prohibits the recording of conversations without approval of both parties.

FINRA File #: 20110271707

1. On December 5, 2008, Mr. La Brie noticed in his account holdings on the TD Ameritrade ("TDA") website that the trading symbol for that option had changed to UQWME and that a quote was no longer available. Becoming concerned, Plaintiff telephoned TDA from a telephone in the State of Maryland to determine the specifics of his investment. At the beginning of the call, La Brie was told that the conversation would be recorded "for quality control purposes," so La Brie fully expected this to be done. TDA has changed the purpose of that tape to "proprietary", thus disabling the tapes' use for the purpose originally promised.

2. Maryland Code Section 10-402 requires that any party wishing to record a telephone conversation inform the other party of this intent. By not releasing the recording to be used for the intent agreed upon by LaBrie, TDA has broken Maryland law and FINRA's rule that prohibits the failure to disclose the specifics about LaBrie's investment.

3. On multiple occasions Plaintiff has requested copies of the recordings of these conversations. These included 1) by telephone on March 27, 2009 where La Brie was informed that La Brie would have to submit a written request to the Compliance Department including the reason for La Brie's requesting the copies, 2) in writing, as requested in the aforementioned telephone conversation, by registered mail on April 8, 2009 to the Compliance Department, 3) by electronic communication on April 15, 2009 to the Office of the President, 4) in written correspondence on May 18, 2009 through the Better Business Bureau to Joseph E. Belek (Client and Regulatory Relations Analyst). 5) in a subpoena on January 5, 2011 to TDA's legal council

4. In an e-mail from the Office of the President on April 16, 2009 TDA stated that they have these recordings. In their e-mail of April 15, 2009 the same individual stated that these recordings of La Brie's conversations "are considered proprietary to TDA." The Plaintiff certainly did not agree to that use of the recordings when Plaintiff permitted TDA to make the recordings.

5. If a client by implication (no explicit consent was given by La Brie) agrees to be recorded, as TDA hopes in order to satisfy Maryland law, TDA has established the expectation by the client that the recordings will be used as TDA states. To use them otherwise renders these recorded announcements misleading.

6. THEREFORE, Plaintiff maintains that the recordings of the conversations of December 5, 2008 and December 12, 2008 should be released to comply with FINRA guidelines and Maryland law.

Chronology of Court Case Against TD Ameritrade

Chronology of FINRA Arbitration Case Against TD Ameritrade

• Statement of Claim

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