Auction Rate Securities
If the rep has a complaint against them, and the firm settles and buys back the ARS at par, the complaint will still remain on the reps U-4. The claim will be notated “settled for zero damages”That is my understanding. In regards to your second question , i have no answer, but as long as we have politicians , attorney generals, etc, looking to pander and make points with voters, there will be no need for investors to take responsibility for their mistakes.
Welcome in this forum. Hope you will enjoy discussion and you will give good suggestions to other people also.