The first domino in this cascade of disaster fell on Sept. 17, 2008, when an unidentified Merrill Lynch registered representative received an email customer complaint. It said that the representative had entered an unauthorized order for Fannie Mae preferred stock instead of Fannie Mae bonds, and it requested a meeting with a Merrill manager.
In keeping with Merrill's protocols, the representative told an administrative manager about the email. The manager logged the incident into Merrill's central complaint system, an acknowledgment was sent to the customer, and a lawyer from the firm's Office of General Counsel (OGC) was assigned to the matter.
On Sept. 24, Managing Director Joseph Mattia and the Merrill representative met with the client, and Mattia agreed to settle the complaint. (Subsequently, the client was offered $9,198.) Hey, things happen in our biz. The broker swears she said one thing. The client swears he heard another. No one is budging. Eventually, the member firm writes out a check. Life goes on, and, hopefully, future commissions compensate for the settlement.
Case closed - or so you would think. How could something possibly go awry after the firm and the customer had agreed to settle the dispute?
The FINRA Regulatory Mule Kicks Defrauded Customers In the Head (BrokeAndBroker.com Blog) https://www.brokeandbroker.com/6852/finra-anderson-hard... Read On
In today's Blog we got a FINRA regulatory decision, a state court judgment, a bankruptcy, and a federal court action. As the legal matters now stand, ... Read On
When considering an appeal questioning FINRA's denial of an expungement request, the SEC seems to have approached its deliberation as a cat toying wit... Read On
A public customer filed a FINRA Arbitration Statement of Claim against Wells Fargo Advisors and asked for no less than $100,000 in damages. The arbitr... Read On