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CLIENT ALLEGES THAT HIS SAVINGS WERE INVESTED INTO AUCTION RATE SECURITIES, WHICH WAS CONTRADICTORY OF THE MANAGEMENT APPROACH RECOMMENDED AND AGREED TO BE IMPLEMENTED. CLIENT FURTHER ALLEGES THAT THE PURCHASE OF THE ARS WAS MADE WITHOUT HIS AUTHORIZATION.
Damage Amount Requested
$88,000.00
Settlement Amount
$88,000.00
Broker Comment
THE COMPLAINT AROSE BECAUSE OF UNPRECEDENTED MARKET EVENTS THAT CAUSED THE BREAKDOWN OF LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES.
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.
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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.