SEAN NEZAR ALI is currently employed as a Broker and/or Investment Adviser at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC located at 300 MONTGOMERY ST, STE 800, SAN FRANCISCO, CA, 94104.
SEAN NEZAR ALI has worked at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC since December 20, 2013
SEAN NEZAR ALI has 2 Disclosure Event(s).
Date: December 02, 2013 Category: Employment Separation After Allegations Firm Name: MORGAN STANLEY SMITH BARNEY, LLC Termination Type: Discharged Allegations: CONCERNS RELATED TO FINANCIAL ADVISOR'S ACTIONS REGARDING MARKING A SOLICITED CLIENT TRADE AS UNSOLICITED. Broker Comment: I PURCHASED 25M SPRINT CAPITAL BONDS BY MISTAKE VERSUS SPRINT NEXTEL BONDS OUT OF MORGAN STANLEYS INVENTORY OF BONDS .THE SPRINT CAPITAL BONDS WERE NOT BLUE SKYED IN CALIFORNIA,THE SPRINT NEXTEL BONDS WERE BLUE SKYED.WHEN I RECEIVED AN EMAIL FROM COMPLIANCE THE NEXT DAY ASKING TO SEND AN UNSOLICITED LETTER TO THE CLIENT TO SIGN,I QUICKLY RESPONDED WITH SURPRISE THAT I HAD MADE A MISTAKE AND IMMEDIATELY NOTIFIED THE BRANCH MANAGER AND COMPLIANCE OFFICER THAT I MUST HAVE INADVERTENTLY MARKED THE TICKET UNSOLICITED WHEN THE TRADE WAS SOLICITED.OPERATIONS BUSTED THE TRADE AND I CONTACTED THE CLIENT IMMEDIATELY TO LET HIM KNOW WE HAD TO BUST THE TRADE.THERE WAS NO CLIENT COMPLAINT AND NO LOSS OF MONEY TO THE FIRM (THAT I'M AWARE OF) AND NO LOSS OF MONEY TO THE CLIENT AND THE CLIENT HAD NO PROBLEM BUSTING THE TRADE.
Date: March 18, 2008 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT FINANCIAL ADVISOR REPRESENTED AUCTION RATE SECURITIES TO BE LIQUID INVESTMENT. UNABLE TO CONCLUDE THAT DAMAGES ARE UNDER $5,000. Settlement Amount: $300,000.00 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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