DAVID MELVIN RINDAL is currently employed as a Broker and/or Investment Adviser at CETERA INVESTMENT SERVICES LLC located at 3001 HWY 121, STE 296, EULESS, TX, 76039.
DAVID MELVIN RINDAL has worked at CETERA INVESTMENT SERVICES LLC since July 09, 2010
Disclosure History
DAVID MELVIN RINDAL has 1 Disclosure Event(s).
Date: April 09, 2008 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT HE WAS NEVER TOLD THERE WAS A POSSIBILITY OF DEVALUATION OR THAT THE CERTIFICATES [AUCTION RATE SECURITIES] WERE NOT TOTALLY SECURE. CLIENT STATES HE THOUGHT THE ARS WERE NEAR EQUIVALENTS TO CD'S WITH THE ONLY DIFFERENCE THAT THE ARS COULD NOT BE LIQUIDATED ON DEMAND BUT WOULD TAKE 30 DAYS. DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000. Damage Amount Requested: $5,000.00 Settlement Amount: $75,000.00 Broker Comment: THE COMPLAINT AROSE IN CONNECTION WITH THE INDUSTRY WIDE BREAKDOWN OF LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES ("ARS"). UBS FINANCIAL AGREED TO REPURCHASE THE ARS SECURITIES AT ISSUE AT PAR VALUE FROM THE CLIENT PURSUANT TO A GLOBAL REPURCHASE AGREEMENT IT ENTERED INTO WITH SEVERAL REGULATORY BODIES. THIS WAS NOT A SETTLEMENT OF A DISPUTE BETWEEN THE CLIENT AND THE REPRESENTATIVE AND WAS NOT BASED ON THE MERITS OF THE CLIENT'S SPECIFIC CONCERNS OR ANY FINDING OF FAULT OR WRONGDOING BY THE NAMED REPRESENTATIVE. THE NAMED REPRESENTATIVE WAS NOT A PARTY TO, AND DID NOT AGREE TO OR PARTICIPATE IN, THE REPURCHASE AGREEMENT BETWEEN UBS FINANCIAL AND THE CLIENT, AND THE NAMED REPRESENTATIVE WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE SETTLEMENT AMOUNT. THE LISTED "SETTLEMENT AMOUNT" REPRESENTS ONLY THE GROSS INITIAL PAR VALUE OF THE ARS POSITION AND DOES NOT TAKE INTO ACCOUNT THE ACTUAL VALUE OF THE ARS POSITION AT THE TIME UBS FINANCIAL RECEIVED IT BACK FROM THE CLIENT IN CONNECTION WITH THE SETTLEMENT. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.
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