When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
CLIENT ALLEGES MISREPRESENTATION CONCERNING THE LIQUIDITY OF AUCTION MARKET SECURITIES. DAMAGES UNSPECIFIED.
Settlement Amount
$1,000,000.00
Broker Comment
THIS MATTER INVOLVES THE SALE OF AUCTION RATE SECURITIES (ARS). THE TRANSACTION(S) AT ISSUE TOOK PLACE BEFORE MID-FEBRUARY 2008, WHEN 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 FIRM REACHED AGREEMENT WITH CERTAIN OF ITS REGULATORS, PURSUANT TO WHICH IT REPURCHASED ARS FOR THEIR FULL PAR VALUE FROM CERTAIN CLIENTS, INCLUDING THE INSTANT CLIENT, WHERE THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENT TO THE CLIENT, AND WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THE SETTLEMENT AMOUNT IN ITEM 11 ABOVE REFLECTS THE PAR VALUE OF THE REPURCHASED ARS, AS REQUIRED BY FINRA REGULATORY NOTICE 09-12.
3/19/2003
Customer Dispute
Closed-No Action
Allegations
CUSTOMER ALLEGES HER FINANCAIL ADVISOR MADE UNSUITABLE INVESTMENT RECOMMENDATIONS. CUSTOMER ALLEGES HER FINANCIAL ADVISOR EXECUTED UNAUTHORIZED TRANSACTIONS IN HER ACCOUNTS. DAMAGES UNSPECIFIED.
Broker Comment
MERRILL LYNCH HAS INVESTIGATED THE ALLEGATIONS AND DETERMINED THAT THEY ARE WITHOUT MERIT. MERRILL LYNCH HAS REPLIED TO THE CLIENT AND THE CLIENT HAS YET TO RESPOND. WE ASSUME THAT THEY AGREE WITH OUR FINDINGS.
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.