MICHAEL J ANNICELLI is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 200 PARK AVE, NEW YORK, NY, 10166.
MICHAEL J ANNICELLI has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since January 07, 2014
Disclosure History
MICHAEL J ANNICELLI has 1 Disclosure Event(s).
Date: July 27, 2011 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT HIS FINANCIAL ADVISORS REPRESENTED THAT ARS PURCHASED REPRESENTED CASH EQUIVALENTS. Damage Amount Requested: $150,000.00 Settlement Amount: $75,028.94 Broker Comment: A PORTION OF THE AUCTION RATE SECURITIES WERE REPURCHASED BY THE FIRM AT PAR SUBJECT TO THE CLIENT'S ABILITY TO SUBSEQUENTLY REQUEST THAT THE ADDITIONAL OUTSTANDING AMOUNT BE REPURCHASED. THE COMPLAINT AROSE AS A RESULT OF THE UNPRECEDENTED ILLIQUIDITY IN THE AUCTION RATE SECURITIES MARKET. FAILED AUCTIONS IN EARLY 2008 LED TO AN INDUSTRY-WIDE PROBLEM AFFECTING ALL AUCTION RATE SECURITIES HOLDERS OVER WHICH THE FINANCIAL ADVISOR DID NOT HAVE CONTROL.
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