PATRICIA ELLEN DONELAN is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 331 NEWMAN SPRINGS RD BLDG 2, 3RD FLOOR, RED BANK, NJ, 07701.
PATRICIA ELLEN DONELAN has worked at WELLS FARGO CLEARING SERVICES, LLC since February 13, 2009
Disclosure History
PATRICIA ELLEN DONELAN has 1 Disclosure Event(s).
Date: November 12, 2009 Category: Customer Dispute Allegations: TIME FRAME: APRIL 7, 2003- NOVEMBER 12, 2009 CLIENT ALLEGES HIS FINANCIAL ADVISOR MISREPRESENTED AUCTION RATE SECURITIES STATING THEY WOULD PROVIDE A SAFE AND HIGHLY LIQUID INVESTMENT. CLIENT FURTHER ALLEGES THAT HIS FINANCIAL ADVISOR REPRESENTED AUCTION RATE SECURITIES AS CASH ALTERNATIVES, DESCRIBING THEM AS A HIGHLY LIQUID, SAFE SHORT TERM INVESTMENT THAT HE COULD GET OUT OF ANY TIME. THE ALLEGED DAMAGES ARE ESTIMATED TO BE IN EXCESS OF $5,000. Damage Amount Requested: $5,000.00 Settlement Amount: $25,000.00 Broker Comment: CLIENT PURCHASED POSITION ON 3/28/03-NOT AS A MONEY MARKET SUBSTITUTE BUT AS AN INVESTMENT WITH WEEKLY REDEMPTION IF ORDER WAS ENTERED IN TIME FOR AUCTION. CLIENT ORIGINALLY WAS PART OF A JOINT ACCOUNT AND WHEN THE ACCOUNT WAS DIVIDED HE DECIDED TO TRANSFER HIS ACCOUNT IN 2007. ON FEBRUARY 28, 2008 I WAS ABLE TO AUCTION SAME POSITION FOR CLIENTS WHO STILL OWNED THEM AT THE TIME THAT THE AUCTION MARKET WAS DETERIORATING. SINCE I NO LONGER HAD CLIENT'S ACCOUNT, I HAD NO KNOWLEDGE THAT HE STILL OWNED THE POSITION. CLIENT IS A BOND TRADER
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