As per the updated U-5 that was filed by Oppenheimer: Client's attorney alleges that unauthorized and unsuitable trades were made in their accounts, that the accounts were churned and misrepresentations we made. No time period was cited in the complaint and the account was opened in November of 2011.

$961,681.00

$165,000.00

This matter was settled by my former firm in order to avoid the costs and risks of proceeding to arbitration. I did not contribute to the settlement and all potential liability, culpability and/or fault that had been asserted are expressly denied.

UNSUITABLE INVESTMENT IN REGARDS TO PAINE WEBBER INDEPENDENT LIVING MORTGAGE

$23,812.00

$23,812.00

PAINE WEBBER SETTLED WITH CLIENT.PAINE WEBBER RECOMMENDED INVESTMENT AS SUITABLE FOR INCOME ORIENTED CUSTOMERS. IRA AND PENSION ACCOUNTS.PAINE WEBBER SETTLED WITH CLIENT ALONG WITH MANY OTHERS WHO PURCHASED SAME INVESTMENT

EXCESSIVE TRADING, SUITABILITY UNATHORIZED TRADES ALLEGED COMPENSATORY DAMAGES 935,397.

$935,397.00

$750,000.00

SETTLEMENT PAYMENT OF $750,000 THE CUSTOMERS AUTHORIZED ALL TRADES IN THEIR ACCOUNTS AFTER FULL CONSULTATION WITH THE BROKER AND AFTER MAKING THE CUSTOMERS AWARE OF THE RISKS AND REWARDS OF THEIR TRADING. NUMERBUS "ACTIVITY LETTERS" WERE SENT TO THE CLIENTS ASKING WHETHER THE CUSTOMERS WERE SATISFIED WITH THE TRADING. INDEED, AT LEAST ONE OF THE LETTERS WAS RETURNED SIGNED BY THE CUSTOMERS INDICATING THAT THEY WERE SATISFIED WITH THE TRADING. A SIGNIFICANT PERCENTAGE OF THE CLIENT LOSSES WERE DUE TO THE CLIENTS TRADING STRATEGIES. MOREOVER ALMOST 50% OF THE LOSSES IN ONE CLIENT'S ACCOUNT, AND CLOSE TO 100% OF THE LOSSES IN THE OTHER CLIENT'S ACCOUNT OCCURRED IN INVESTMENTS IN PAINEWEBBER PROPRIETARY PRODUCTS SUCH AS LIMITED PARTNERSHIPS. PAINEWEBBER AND THE OTHER RESPONDENTS SETTLED THE ARBITRATION WITHOUT ADMITTING LIABILITY AND PAINEWEBBER IS PAYING FULL AMOUNT OF SETTLEMENT. TO AVOID EXPENSE AND COSTS OF FURTHER CONTROVERSY REGARDING, MATTER THE RESPONDENTS AND PAINEWEBBER SETTLED THE MATTER.

EXCESSIVE TRADING, UNAUTHORIZED AND UNSUITABILITY ALLEGES DAMAGES OF $35,000

$35,000.00

$19,000.00

CASH SETTLEMENT OF $19,000.00 THE CUSTOMER AUTHORIZED ALL TRADES MADE IN HER ACCOUNT AFTER FULL CONSULTATION WITH BROKERS AND AFTER MAKING CUSTOMERS AWARE OF RISKS AND REWARDS OF TRADING. THE ACCOUNT DECLINES IN VALUE DUE TO INDEPENDENT MARKET FORCES NOT CAUSED BY ANY ACTION OF BROKER. PAINEWEBBER AND RESPONDENT SETTLED THE ARBITRATION WITHOUT ADMITTING LIABILITY. PAINEWEBBER IS PAYING FULL AMOUNT OF SETTLEMENT.

NO ALLEGATIONS MADE AGAINST DANIEL H. MORRIS -- IMPROPERLY TRANSFERRED ACCOUNT TO PAINEWEBBER

$32,000.00

$32,000.00

SETTLED FOR $16,000.00 DISPUTE OCCURRED DURING MARKET CRASH OF 1987. DISPUTE AROSE OVER THE TRANSFER OF ACCOUNT FROM BEAR STEARNS INC TO PAINE WEBBER INC. BEAR STEARNS AND PAINE WEBBER SETTLED CLAIM WITHOUT LIABILITY RESPONDENT DENIED ALL LIABILITY AND WAS NOT ASKED TO CONTRIBUTE FROM EITHER PROPERTY. N/A