STEVEN MICHAEL GRETCHKO is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 255 E BROWN ST STE 400, BIRMINGHAM, MI, 48009.
STEVEN MICHAEL GRETCHKO has worked at WELLS FARGO CLEARING SERVICES, LLC since December 07, 2015
Disclosure History
STEVEN MICHAEL GRETCHKO has 1 Disclosure Event(s).
Date: November 17, 2008 Category: Customer Dispute Allegations: TIME FRAME: MAY 2005 THRU FEBRUARY 2007 CLIENT ALLEGES THAT HE PURCHASED THE AUCTION RATE SECURITIES ON THE STRONG RECOMMENDATION OF THE FA WHO REPRESENTED THE INVESTMENT AS A SAFE AND LIQUID ALTERNATIVE TO MONEY MARKET FUNDS ? THE RATIONALE BEING A BETTER INTEREST RATE WITHOUT ADDITIONAL RISK. DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000. Damage Amount Requested: $5,000.00 Settlement Amount: $23,000.00 Broker Comment: THE COMPLAINT AROSE BECAUSE OF UNPRECEDENTED MARKET EVENTS THAT CAUSED THE BREAKDOWN OF LIQUIDITY IN THE MARKET FOR AUCTION RATE SECURITIES. THE CLIENT SOLD THE POSITION FOR LESS THAN PAR VALUE AND THE FIRM, UBS, AGREED TO MAKE A PAYMENT TO THE CLIENT REPRESENTING THE DIFFERENCE BETWEEN THE AMOUNT CLIENT RECEIVED WHEN SELLING THE POSITION AND THE POSITION'S PAR VALUE. 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. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.
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