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CUSTOMER ALLEGES THAT FINANCIAL ADVISOR REPRESENTED AUCTION RATE SECURITIES TO BE LIQUID INVESTMENT. UNABLE TO CONCLUDE THAT DAMAGES ARE UNDER $5,000.
Broker Comment
AS PREVIOUSLY SET FORTH, THE COMPLAINT AROSE AS A RESULT OF THE UNPRECEDENTED ILLIQUIDITY IN THE AUCTION RATE SECURITIES MARKET, WHICH UNTIL NOW HAS EXISTED FOR OVER TWENTY YEARS WITHOUT SIGNIFICANT DISRUPTION. RECENT FAILED AUCTIONS HAVE LED TO AN INDUSTRY-WIDE PROBLEM AFFECTING ALL INVESTORS WHO HOLD THESE SECURITIES, OVER WHICH THE FINANCIAL ADVISOR DID NOT HAVE CONTROL. THE CUSTOMER'S SECURITIES HAVE NOW BEEN REDEEMED BY THE ISSUER AT PAR.
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.