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STEPHEN JOSEPH HERRERO

STEPHEN JOSEPH HERRERO is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 180 BATTERY ST STE 300, BURLINGTON, VT, 05401.

STEPHEN JOSEPH HERRERO has worked at WELLS FARGO CLEARING SERVICES, LLC since August 05, 2000

Disclosure History

STEPHEN JOSEPH HERRERO has 5 Disclosure Event(s).

Date: March 12, 2008
Category: Customer Dispute
Allegations: ATTORNEY FOR FL RESIDENT WRITES THAT INFORMATION ABOUT LIQUIDITY OF MARS AND ARPS WAS INACCURATE. CLIENT OWNS APPROXIMATELY $6.6 MILLION OF MARS AND ARPS.
Damage Amount Requested: $5,000.00
Settlement Amount: $3,475,000.00
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.

Date: August 10, 1988
Category: Regulatory
Initiated By: FLORIDA DIVISION OF SECURITIES AND INVESTORPROTECT*See FAQ #1*
Allegations: ON 3/3/98, THE STATE OF FLORIDA GRANTEDRELIEF FROM THE PROVISIONS OF THE REGISTRATION AGREEMENTEXECUTED WITH THE DIVISION ON 8/10/88.
Resolution: Consent Sanction Details: ACCORDINGLY, SUCH CONDITIONS PREVIOUSLY IMPOSEDON MR. HERRERO'S REGISTRATION BY THE DIVISION SHALL BECONSIDERED NULL AND VOID AND TO HAVE NO FURTHER FORCE OREFFECT.
Broker Comment: Not Provided

Date: April 20, 1988
Category: Customer Dispute
Allegations: MISREPRESENTATION OMISSION OF FACTSUNSUITABILTY
Damage Amount Requested: $11,281.29 Damages Granted: $8,630.00
Broker Comment: THOMSON MCKINNON TO PAY $4,135.00. MR. HERREROWAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.NOT PROVIDED

Date: April 20, 1988
Category: Customer Dispute
Allegations: UNSUITABILITY
Damage Amount Requested: $24,032.78 Damages Granted: $23,757.28
Broker Comment: THOMSON MCKINNON TO PAY $23,757.28. MR. HERREROWAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.NOT PROVIDED

Date: March 30, 1987
Category: Customer Dispute
Allegations: CLIENT ALLEGES UNSUITABILITY, PRESSURED INTOPURCHASING
Damage Amount Requested: $14,080.53 Damages Granted: $5,901.26
Broker Comment: THOMSON MCKINNON TO PAY CUSTOMER $4,366.91. MR.HERRERO WAS NOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.Not Provided

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

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