RYAN JAMES GIACOMARRO is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 18500 LAKE ROAD, SUITE 400, ROCKY RIVER, OH, 44116.
RYAN JAMES GIACOMARRO has worked at UBS FINANCIAL SERVICES INC. since June 09, 1998
RYAN JAMES GIACOMARRO has 1 Disclosure Event(s).
Date: June 16, 2008 Category: Customer Dispute Allegations: CLAIMANT ALLEGES THAT AS A SUPERVISOR, PERPETRATED MISREPRESENTATION REGARDING THE LIQUIDITY OF AUCTION RATE SECURITIES. Damage Amount Requested: $1,850,000.00 Settlement Amount: $3,000.00 Broker Comment: 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. I STARTED IN THIS ROLE ON 1/28/08 AND THE MARKET FOR AUCTION RATE SECURITIES WAS NO LONGER LIQUID ON 2/14/08. AS A RESULT MY SUPERVISORY TIME OVER THE FINANCIAL ADVISOR THAT HANDLED THIS RELATIONSHIP WAS 14 BUSINESS DAYS BEFORE THE LACK OF LIQUIDITY. ALLEGATIONS OF LOSS WERE NOT CAUSED BY ANY WRONGDOING BY THE BRANCH MANAGER.
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