RedFlag, Allegation and/or Complaint against SCOTT ALAN WEINGARDEN
Disclosure #1 for SCOTT WEINGARDEN
- Event Date: 12/4/2009
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: CLAIMANT ALLEGES MISREPRESENTATION AND UNSUITABILITY, NEGLIGENCE, VIOLATION OF INDUSTRY STANDARDS, OMISSION OF MATERIAL FACTS, BREACH OF CONTRACT & VIOLATIONS OF SECTION 517.301.
- Settlement Amount: $4,716,793.21
- Arbitration Docket Number:
- Broker Comment: UNFORTUNATELY, A HISTORIC DISLOCATION IN THE CREDIT MARKETS IN 2008 CAUSED THE AUCTION RATE SECURITY (ARS) MARKET (WHICH PREVIOUSLY WAS AN EFFICIENT AND LOW COST MEANS TO RECEIVE SHORT TERM INTEREST) TO FREEZE. CLIENT WHO HELD ARS WERE NOT ABLE TO REDEEM THEIR FUNDS. RAYMOND JAMES MADE A FIRM WIDE SETTLEMENT IN 2011 TO PURCHASE ALL OUTSTANDING CLIENT ARS AT PAR VALUE (FULL FACE VALUE). CLIENTS, AS A RESULT OF THIS PURCHASE, RECEIVED THEIR ENTIRE INVESTMENT PLUS INTEREST WHICH WAS THE FULL AMOUNT OF THE SETTLEMENT AS THERE WERE NO DAMAGES.
Should I file a FINRA complaint against brokers like SCOTT ALAN WEINGARDEN?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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