ALLAN L HERZOG is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 555 CALIFORNIA ST STE 2300, [VACATION/SECONDARY HOME], SAN FRANCISCO, CA, 94104.
ALLAN L HERZOG has worked at WELLS FARGO CLEARING SERVICES, LLC since July 01, 2003
Disclosure History
ALLAN L HERZOG has 2 Disclosure Event(s).
Date: July 10, 2008 Category: Customer Dispute Allegations: CA RESIDENT WRITES THAT HE WAS NOT MADE AWARE OF ANY SIGNIFICANT RISK IN ARPS INVESTMENT. CLIENT PURCHASED $1,275,000 IN VARIOUS COHEN & STEERS, EATON VANCE, AND BLACKROCK ARPS FROM 6/25/07 TO 9/7/07. CLAIM REASONABLY ESTIMATED TO EXCEED $5,000. Damage Amount Requested: $5,000.00 Settlement Amount: $850,000.00 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, WHETHER THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENTS 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.
Date: April 21, 2008 Category: Customer Dispute Allegations: GEORGIA RESIDENTS WRITE THAT AUCTION RATE SECURITIES, PURCHASED BETWEEN 10/10/07 AND 10/15/07, WERE REPRESENTED AS BEING AAA RATED AND CASH EQUIVALENTS. THEY ASK THAT THE FIRM RETURN ALL INVESTED MONEY AT PAR WITHOUT FURTHER DELAY. THE FIRM CANNOT REASONABLY ESTIMATE THEIR DAMAGES TO BE LESS THAN $5,000. Damage Amount Requested: $5,000.00 Settlement Amount: $700,000.00 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, WHETHER THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENTS 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.
More Information
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