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BREACH OF FIDUCIARY DUTY, NEGLIGENCE, BREACH OF CONTRACT, FAILURE TO SUPERVISE, VIOLATION OF REG BI
Damage Amount Requested
$100,000.00
Settlement Amount
$27,000.00
Broker Comment
The allegations being made are without merit. All investments recommended were suitable for the client at the time of purchase and were consistent with his written and affirmed objectives. The specific investment referenced by claimant was a small portion of a diversified portfolio implemented by Mr. Barile in late 2018. Well after the claimant transferred his account, including the specified investment, to another advisor, the stated company started having problems. At that point in time, the claimant's account and investment were no longer under Mr. Barile's care and duty. Mr. Barile denies all allegations in their entirety.
6/29/2012
Employment Separation After Allegations
Firm Name
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
Termination Type
Discharged
Allegations
LOSS OF MANAGEMENT'S CONFIDENCE RESULTING FROM CONDUCT INVOLVING THE FAILURE TO ADHERE TO FIRM KNOW YOUR CUSTOMER STANDARDS AND UPDATING OF DOCUMENTS EXECUTED BY CLIENTS.
4/30/2009
Customer Dispute
Settled
Allegations
WRITTEN COMPLAINT ALLEGES MISREPRESENTATION IN REGARDS TO ARS INVESTMENTS. DAMAGES ARE UNSPECIFIED BUT ARE BELIEVED TO BE IN EXCESS OF $5,000.
Broker Comment
THIS MATTER INVOLVES INVESTMENT IN AUCTION RATE SECURITIES (ARS). BRANDON PROFILED, CHECKED RISK TOLERANCE AND PROVIDED DETAILED DISCLOSURE OF RISKS/REWARDS ON VARIOUS CONSERVATIVE INVESTMENT CHOICES TO THE CLIENT WHO ULTIMATELY CHOSE ARS. THE TRANSACTION TOOK PLACE IN SUMMER 2007, AFTER MID-FEBRUARY 2008, THE ARS MARKET SUFFERED WIDESPREAD AUCTION FAILURES AND ILLIQUIDITY. THE FINANCIAL ADVISOR DID NOT CAUSE, CONTRIBUTE OR HAVE ANY CONTROL WHATSOEVER OVER THESE MARKET EVENTS. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THE SETTLEMENT AGREEMENT, DID NOT MAKE ANY PAYMENT TO THE CLIENT, AND WAS NOT ASKED TO AND DID NOT CONTRIBUTE IN ANY WAY.
10/17/2008
Customer Dispute
Settled
Allegations
ARS COMPLAINT ALLEGES THAT MUNICIPAL BOND PURCHASED IN OCTOBER 2007 WAS A POOR RECOMMENDATION AS IT IS NO LONGER MARKETABLE, REQUESTING FOR MK TO MAKE HIM WHILE BASEDO N THE POOR ADVICE HE CLAIMS TO HAVE RECEIVED.
Damage Amount Requested
$200,000.00
Broker Comment
THIS MATTER INVOLVED INVESTMENT IN AUCTION RATE SECURITIES (ARS). BRANDON PROFILED, CHECKED RISK TOLERANCE AND PROVIDED DETAILED DISCLOSURE OF RISKS/REWARDS ON VARIOUS CONSERVATIVE INVESTMENT CHOICES TO THE CLIENT WHO ULTIMATELY CHOSE ARS. THE TRANSACTION TOOK PLACE IN SUMMER 2007, AFTER MID-FEBRUARY 2008, THE ARS MARKET SUFFERED WIDESPREAD AUCTION FAILURES AND ILLIQUIDITY. THE FINANCIAL ADVISOR DID NOT CAUSE, CONTRIBUTE OR HAVE ANY CONTROL WHATSOEVER OVER THESE MARKET EVENTS. THE ARS WAS TENDERED IN 2010.
3/27/2000
Customer Dispute
Settled
Allegations
CLAIMANT ALLEGES UNAUTHORIZED TRADES
Damage Amount Requested
$65,000.00
Settlement Amount
$40,000.00
Broker Comment
BRANDON WAS EMPLOYED AS A SALES ASSISTANT WITH JOSEPHTHAL DURING THE TIME THIS CUSTOMER'S ACCOUNT WAS OPEN AND HOLDS NO CULPABILITY OR LIABILITY TO THIS CLIENT OR IN ANY WAY IN THIS LITIGATION OR SETTLEMENT.
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.