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CUSTOMER ALLEGES I PROVIDED HIM WITH INCORRECT INFORMATION REGARDING A VARIABLE ANNUITY HE PURCHASED
Broker Comment
CLIENT'S ALLEGATIONS WERE FOUND TO BE WITHOUT MERIT
5/31/2001
Customer Dispute
Settled
Allegations
CUSTOMER ALLEGES FC BOUGHT AND SOLD "IIH" WITHOUT HIS KNOWLEDGE OR PERMISSION AS WELL BOUGHT 4 OTHER STOCKS WITHOUT AUTHORIZATION
Damage Amount Requested
$117,511.00
Settlement Amount
$45,000.00
Broker Comment
MATTER WAS SETTLED BY MERRILL LYNCH FOR LESS THAN 40% OF THE CLIENT'S LOSS WITHOUT ANY CONTRIBUTION BY MARCHIONE IN AN EFFORT TO AVOID THE COST OF CONTINUED LITIGATION.
[CUSTOMER] (A 9+ YEAR CLIENT OF MINE) DISPUTED THE TRADES 18 MONTHS AFTER
THE TRADES HAD SETTLED. DURING THOSE 18 MONTHS, [CUSTOMER] RECEIVED TRADE
VERIFICATION MAIL STATEMENTS AND PARTICIPATED IN MULTIPLE ASSET ALLOCATION
MEETINGS/REVIEWS WHERE HE AGREED TO THE LEVEL OF DIVERSIFICATION NEEDED TO
COMPLETE HIS ASSET ALLOCATION.
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.