MICHAEL EDWARD SEARS

MICHAEL EDWARD SEARS is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 1022 W 23RD ST, PANAMA CITY, FL, 32405.

MICHAEL EDWARD SEARS has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since December 13, 1996

Disclosure History

MICHAEL EDWARD SEARS has 1 Disclosure Event(s).

Date: March 19, 2008
Category: Customer Dispute
Allegations: CLIENT ALLEGES UNSUITABILITY WITH RESPECT TO AUCTION MARKET SECURITIES. DAMAGES UNSPECIFIED.
Settlement Amount: $50,000.00
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, WHERE THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENT 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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