PHILIP EDWIN HUFFMAN is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 2555 14TH ST, [OFFICE OF CONVENIENCE], GULFPORT, MS, 39501.
PHILIP EDWIN HUFFMAN has worked at WELLS FARGO CLEARING SERVICES, LLC since January 01, 2008
Disclosure History
PHILIP EDWIN HUFFMAN has 1 Disclosure Event(s).
Date: August 11, 2008 Category: Customer Dispute Allegations: ALLEGED SUITABILITY AND FAILURE TO ADVISE CERTAIN IMPORTANT FACTS. ALLEGED DAMAGES, UNSPECIFIED, BUT BELIEVED TO EXCEED $5,000. (DECEMBER, 2006) Settlement Amount: $200,000.00 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 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.I DENY THE ALLEGATIONS OF UNSUITABILITY AND FAILURE TO DISCLOSE IMPORTANT FACTS. ADDITIONALLY, CLIENT'S FUNDS INVESTED IN AUCTION RATE SECURITIES (ARS) BECAME FROZEN DUE TO AN INDUSTRY-WIDE MELTDOWN IN THE ARS MARKET. BROKERAGE FIRMS WITHDREW SECONDARY MARKET SUPPORT WITHOUT NOTICE, TO MY COMPLETE SURPRISE, LEAVING CLIENT WITHOUT LIQUIDITY.
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