MITCHELL JOSEPH HABERMAN

MITCHELL JOSEPH HABERMAN is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 51 JOHN F KENNEDY PKWY FL 4, OFFICE CENTER AT SHORT HILLS, SHORT HILLS, NJ, 07078.

MITCHELL JOSEPH HABERMAN has worked at WELLS FARGO CLEARING SERVICES, LLC since November 10, 2006

Disclosure History

MITCHELL JOSEPH HABERMAN has 2 Disclosure Event(s).

Date: June 16, 2009
Category: Customer Dispute
Allegations: ALLEGATIONS RECEIVED AT WELLS FARGO ADVISORS LLC: CLAIMANTS, RESIDENTS OF FLORIDA ALLEGE MISREPRESENTATION, NEGLIGENCE, BREACH OF CONTRACT, BREACH OF FIDUCIARY DUTY, SUITABILITY AND VIOLATION OF FINRA CONDUCT RULES AGAINST FA FOR ALLEGEDLY FAILING TO INFORM THEM WHEN THEIR INVESTMENTS OF AUCTION RATE PREFERRED SECURITIES WERE FAILING DURING 2006-2008. CLAIMANTS SEEK CONSEQUENTIAL DAMAGES OF $509,000, PLUS INTEREST AND FEES.**ALLEGATIONS RECEIVED AT UBS: TIME FRAME: 2007 - NOVEMBER 2008 CLIENT ALLEGES THAT THE FA TOLD THEM THAT THE AUCTION RATE SECURITIES THEY PURCHASED WERE CASH EQUIVALENTS. DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000. **ARBITRATION ALLEGATIONS: CLAIMANTS, WHO PURCHASED AUCTION RATE SECURITIES IN 2006 AND TRANSFERRED THEM TO WACHOVIA IN NOVEMBER 2006, ALLEGE THAT THEIR FA MISREPRESENTED AUCTION RATE SECURITES AS MONEY MARKET EQUIVALENT.
Damage Amount Requested: $509,000.00
Settlement Amount: $18,500.00
Broker Comment: THIS DRP IS A CORRECTION TO THE PREVIOUSLY FILED DRP. (SEE #4) *** ARBITRATION #09-02972 IS VS. UBS AND ARBITRATION #09-02969 IS VS. WELLS FARGO ADVISORS, LLC. ARE BOTH TITLED THE SAME AND MAKE THE SAME ALLEGATIONS. #09-02972 (UBS) HAS SETTLED FOR THE SUM OF $239,999 ON 4/22/10. FA DID NOT CONTRIBUTE TO THE SETTLEMENT. THE COMPLAINT AROSE BECAUSE OF UNPRECEDENTED MARKET EVENTS THAT CAUSED THE BREAKDOWN OF LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES. THE FIRM, UBS, AGREED TO REPURCHASE THE ARS SECURITIES AT ISSUE AT PAR VALUE FROM THE CLIENT. 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 CLIENT. 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. **ARBITRATION #09-02969 (WFA) -WITHOUT ADMITTING ANY LIABILITY, THE FIRM SETTLED THE MATTER FOR $18,500.00 TO AVOID THE EXPENSE AND UNCERTAINTY OF ARBITRATION.

Date: January 21, 1994
Category: Customer Dispute
Allegations: THE ALLEGATIONS WERE EXCESSIVE TRADING.
Damage Amount Requested: $20,173.00 Damages Granted: $14,202.00
Broker Comment: SMITH BARNEY MUST PAY THE CLAIMANT $14,202.I HANDLED CLAIMANTS OBJECTIVE AFTER RECEIVING HISAUTHORIZATION. THE ACCOUNT HAD A POSITIVE RATE OF RETURNTHROUGHOUT MY MANAGEMENT.

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