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THE CUSTOMER ALLEGES MISREPRESENTATION AND UNSUITABLE INVESTMENT RECOMMENDATIONS.
Damage Amount Requested
$84,621.00
Broker Comment
MERRILL LYNCH FOUND [CUSTOMER] CLAIMS TO BE WITH OUT MERIT.
7/29/2002
Customer Dispute
Closed-No Action
Allegations
CUSTOMERS ALLEGE THAT THEIE "STOCK AND BOND INVESTMENTS WERE INAPPROPRIATE."
Damage Amount Requested
$186,557.00
5/10/1999
Customer Dispute
Denied
Allegations
CUSTOMER ALLEGES MISHANDLING OF ACCOUNT BY
FINANCIAL CONSULTANT INCLUDING SUITABILITY.
11/3/1989
Customer Dispute
Award / Judgment
Allegations
CLAIMANT ALLEGED THAT BROKER PLUTA MADE AN
UNAUTHORIZED, UNSUITABLE PURCHASE OF 14,000 SHARES OF BOND
CORP. HOLDINGS IN HIS ACCOUNT ON 9/27/87. CLAIMANT THOUGHT
THAT HE WAS BUYING A VERY SECURE REAL ESTATE FUND WITH A FIXED
INTEREST RATE FOR A 6-MONTH TERM. CLAIMANT SOUGHT $11,167.19
PLUS INTEREST AND PUNITIVE DAMAGES OF $2500.00
Damage Amount Requested
$11,167.19
Damages Granted
$9,403.00
Broker Comment
THE ARBITRATORS AWARDED CLAIMANT $9403.00 ON HIS
MAIN CLAIM.
CLAIMANT REALIZED A LOSS ON THIS TRADE OF
$9403.00 AFTER ALLOWANCE FOR DIVIDENDS RECEIVED. IT IS STILL
THE OPINION OF RESPONDENTS THAT THE TRADE WAS AUTHORIZED AND
THAT THE SECURITY WAS SUITABLE FOR CLAIMANT, AS MERRILL LYNCH
RATED IT A GOOD QUALITY, STRONG BUY FOR BOTH THE INTERMEDIATE
AND LONG TERMS WITH A SECURE DIVIDEND. CLAIMANT HAD PREVIOUS
INVESTMENT EXPERIENCE WITH FOREIGN EQUITIES, INTERNATIONAL AND
HIGH-YIELD ("JUNK") BONDS.
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.