LAWRENCE CHARLES CANE is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 2301 ROSECRANS AVE, EL SEGUNDO, CA, 90245.
LAWRENCE CHARLES CANE has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since October 30, 2009
LAWRENCE CHARLES CANE has 4 Disclosure Event(s).
Date: December 13, 2015 Category: Customer Dispute Allegations: The Customers allege failure to follow instructions in November 2015. Settlement Amount: $8,845.18
Date: October 22, 2009 Category: Customer Dispute Allegations: TIME FRAME: OCTOBER 8, 2008 TO OCTOBER 9, 2008 THE CLIENT ALLEGES THAT HER FINANCIAL ADVISOR SOLD HER ENTIRE MUTUAL FUND TO PURCHASE ANOTHER MUTUAL FUND WHEN THERE WAS NO LEGITIMATE INVESTMENT PURPOSE UNDERLYING THE SWITCH. THE CLIENT FURTHER ALLEGES THAT HER FINANCIAL ADVISOR FAILED TO DISCLOSE THAT MAKING THIS SWITCH WOULD RESULT IN AN ALMOST HALF A MILLION DOLLAR LOSS. Damage Amount Requested: $430,000.00
Date: February 10, 2009 Category: Customer Dispute Allegations: TIME FRAME: 2008CLIENT ALLEGES THAT HIS FINANCIAL ADVISOR MISREPRESENTED HIS INVESTMENT IN THE EATON VANCE AUCTION RATE SECURITY. HE CLAIMS HIS FINANCIAL ADVISOR STATED THAT THIS INVESTMENT "OPERATED LIKE A CD AND THAT THE ONLY DOWNSIDE WAS THAT HE WOULD HAVE TO WAIT AS MUCH AS SEVEN DAYS TO GET HIS CASH OUT". ALLEGED DAMAGES ARE $25,000.00. Damage Amount Requested: $25,000.00 Settlement Amount: $25,000.00
Date: March 05, 2008 Category: Customer Dispute Allegations: THE COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008. Settlement Amount: $25,000.00 Broker Comment: THE COMPLAINT AROSE IN CONNECTION WITH THE INDUSTRY WIDE BREAKDOWN OF THE LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES ("ARS"). THE FIRM 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 THE FIRM AND THE RELEVANT REGULATORY BODIES. THE NAMED REPRESENTATIVE DID NOT MAKE ANY PAYMENTS TO 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 THE FIRM 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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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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