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CLIENTS CLAIMED THEIR REPRESENTATIVE PROMISED A CONSERVATIVE, GUARANTEED RETURN USING NOTED INVESTMENT VEHICLE, AND ALSO DID NOT DISCLOSE THEY WOULD PAY TAXES ON THE "PPN" PHANTOM INCOME. THE ALLEGED DAMAGES ARE ESTIMATED TO BE IN EXCESS OF $5000.00.
Broker Comment
TAX IMPLICATIONS AND RISK DISCLOSURES HAD BEEN PROVIDED TO CLIENTS, INCLUDING RISK OF LOSS OF PRINCIPAL. FIRM DENIED CLAIM, STATING IT WAS WITHOUT MERIT. NO SETTLEMENT/AWARD/MONETARY JUDGMENT OFFERED.
2/15/2008
Customer Dispute
Settled
Allegations
CLIENT ALLEGES THAT THE FINANCIAL ADVISOR TOLD HIM THAT THERE WAS ABSOLUTELY NO RISK WHEN HE BOUGHT THE INVESTMENTS. ALLEGED DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000.00.
Damage Amount Requested
$450,000.00
Settlement Amount
$450,000.00
Broker Comment
THE COMPLAINT AROSE DUE TO UNPRECEDENTED MARKET EVENTS THAT CAUSED THE BREAKDOWN OF LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES (ARS). UBS FINANCIAL SECURITIES RESOLVED THE MATTER THROUGH A LARGE SCALE SETTLEMENT WITH ALL ARS INVESTOR COMPLAINANTS. MR. GORECKI WAS NOT HELD ACCOUNTABLE NOR REQUIRED TO SHARE IN THE SETTLEMENT INVOLVING THE MATTER, WHICH INVOLVED THE RETURN OF AMOUNT INVESTED.
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.