MICHAEL VINCENT SUSINI is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 67 E PARK PL 10TH FL, MORRISTOWN, NJ, 07960.
MICHAEL VINCENT SUSINI has worked at WELLS FARGO CLEARING SERVICES, LLC since April 23, 2015
Disclosure History
MICHAEL VINCENT SUSINI has 1 Disclosure Event(s).
Date: July 22, 2008 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT FINANCIAL ADVISOR DID NOT INFORM HIM OF THE POTENTIAL ILLIQUIDITY OF AUCTION RATE SECURITIES.ALLEGED COMPENSATORY DAMAGE AMOUNT UNSPECIFIED. UNABLE TO CONCLUDE THAT DAMAGES ARE UNDER $5,000. Settlement Amount: $550,000.00 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, WHETHER THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENTS 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.
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