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.
THIS COMPLAINT IS RELATED TO THE RECENT BREAKDOWN IN THE LIQUIDITY IN THE MARKET FOR AUCTION RATES SECURITIES. CLIENT ALLEGED THAT HIS INVESTMENT IN AUCTION RATE SECURITIES DID NOT MEET HIS PRIMARY INVESTMENT OBJECTIVES OF PRESERVATION OF PRINCIPAL AND LIQUIDITY. CLIENT HAS SINCE LIQUIDATED ALL OF HIS AUCTION RATE SECURITIES
Damage Amount Requested
$500,000.00
Settlement Amount
$500,000.00
Broker Comment
THIS MATTER RELATES TO THE BREAKDOWN IN THE LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES (ARS). THE REGISTERED REPRESENTATIVE DID NOT CAUSE, CONTRIBUTE OR HAVE ANY CONTROL 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 WHETHER THEY COMPLAINED OR NOT. THE REGISTERED REPRESENTATIVE DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THE SETTLEMENT AMOUNT REFLECTS THE PAR VALUE OF THE REPURCHASED ARS FOR THIS PARTICULAR CLIENT, AS REQUIRED BY FINRA REGULATORY NOTICE 09-12.
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.