MARK SCOTT CHERLIN is currently employed as a Broker and/or Investment Adviser at NEXTREND SECURITIES, INC. located at P O Box 12108, Austin, TX, 78711.
MARK SCOTT CHERLIN has worked at NEXTREND SECURITIES, INC. since October 31, 1997
MARK SCOTT CHERLIN has 2 Disclosure Event(s).
Date: October 29, 1992 Category: Customer Dispute Allegations: THE CLIENT ALLEGED UNAUTHORIZED EXCESSIVE ANDUNSUITABLE TRANSACTIONS. DAMAGES WERE ALLEGED AT $210,000.00. Damage Amount Requested: $186,625.00 Settlement Amount: $20,000.00 Broker Comment: AFTER A THOROUGH INVESTIGATION, LEHMAN BROTHERSFELT THAT THE CASE WAS NON-MERITORIOUS AND ADVISED THE CLIENTOF THAT FACT. THE MATTER WAS SETTLED FOR $20,000. MARK CHERLINDID NOT CONTRIBUTE TO THAT SETTLEMENT.THIS MATTER WAS SETTLED TO AVOID THECOST-OF-DEFENSE WHICH WAS LIKELY TO HAVE EXCEEDED THESETTLEMENT AMOUNT. NO OPTIONS INVOLVED. MARK CHERLIN DID NOTCONTRIBUTE TO THAT SETTLEMENT.
Date: September 28, 1992 Category: Customer Dispute Allegations: ALLEGED CHURNING, SALES ABUSES, FRAUDULENTCONDUCT, UNAUTHORIZED TRADING, UNSUITABILITY, FAKE ANDMISLEADING STATEMENTS, RICO, BREACH OF CONTRACT AND FIDUCIARYDUTY. ALLEGED DAMAGES $400,000.00. Damage Amount Requested: $400,000.00 Settlement Amount: $154,000.00 Broker Comment: SETTLED FOR $154,000.00 PAID FULLY BY LEHMANBROS. WITH NO FINANCIAL OR PROFESSIONAL CONSEQUENCE TO CHERLIN.THIS CLIENT WAS A HIGHLY SOPHISTICATED, WEALTHLYINDIVIDUAL WHOSE MAIN BUSINESS WAS REAL ESTATE. IN FACT HE WASEVEN THE GENERAL PARNTER IN AN E.F. HUTTON L.P. HE WAS CLEARLYAWARE OF MARGIN AND THE RISKS ASSOCIATED. HIS COMPANY RECENTLYWENT BANKRUPT AND I BELIEVE THAT AFTER NUMEROUS ARTICLES IN THEPAPERS ABOUT LEHMAN AND 55 WATER STREET, HE CONTACTED COUNSELTO SUE LEHMAN BROS. INTERESTING ENOUGH, MARK CHERLIN CONTACTEDTWO OLD SALES ASSISTANTS WHO BOTH CLAIM CONFIRMS WERE SENT TOTWO ADDRESSES FOR [CUSTOMER] AND FAXED EVERY MORNING TO HIM.LEHMAN BROS. LOST I REPEAT LOST ALL CORRESPONDENCE FILES ONTHIS CLIENT AND SINCE CHERLIN LEFT LEHMAN BROS FOR THE FIRSTTIME IN 1989, ALL THE FILES WERE TAKEN FROM HIM BY MANAGEMENT.ALSO, SINCE ALL MANAGEMENT AT 55 WATER STREET ARE GONE FROMTHAT OFFICE AND DO NOT GET ALONG, THIS CASE WAS SETTLED AGAINSTCHERLIN`S WISHES. IN FACT, CHERLIN TOLD LEHMAN MANAGEMENT THATHE WANTED AN OUTSIDE ATTORNEY TO REVIEW THE CASE, HE WASBASICALLY FIRED AND THEN RE-HIRED THE SAME DAY, EVEN THOUGH NOTOFFICIALLY.
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