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THIS CLIENT IS SEEKING ACTUAL DAMAGES IN THE
AMOUNT OF $145,000 PLUS INTEREST THEREON FROM JUNE OF 1987 AND
UNSPECIFIED ATTORNEY'S FEES. THE STATEMENT OF CLAIM ALLEGES
THAT I PURCHASED A TOTAL OF 10,000 SHARES OF FIRST SERVICE BANK
FOR SAVINGS FOR THE TRUST ACCOUNT AT AN AVERAGE PRICE OF $14
1/2 PER SHARE. FIRST SERVICE BANK IS PRESENTLY IN RECEIVERSHIP
AND THERE IS NO MARKET FOR ITS SHARES. THE CLAIMANT CONTENDS
THAT THE POSITION WAS UNSUITABLE BECAUSE OF ITS SIZE AND THAT,
AS A RESULT, BEAR STEARNS AND I ARE LIABLE FOR THE LOSSES
SUSTAINED.
Damage Amount Requested
$145,000.00
Settlement Amount
$15,000.00
Broker Comment
THIS NASD ARBITRATION HAS BEEN SETTLED FOR THE
SUM OF $15,000. I DID NOT CONTRIBUTE $5,000 OR MORE TO THE
SETTLEMENT.
SETTLEMENT WAS REPORTED ON MY U-4 AND FILED WITH
THE CRD ON MAY 17, 1991. AMENDMENT IS BEING FILED TO CHANGE MY
RESPONSE TO QUESTION #22H(2) FROM "YES" TO "NO."
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.