The Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver, and Consent (AWC) against LPL Financial LLC, a notable member firm in the securities industry. The AWC alleges a series of alleged rule violations that occurred over several years, painting a picture of insufficient supervision and inaccurate information dissemination to customers. Let’s…
Continue reading ›The local Virginia Securities Fraud Lawyers of Greco & Greco are currently representing multiple Virginia customers of Richmond, Virginia based broker John Starke. These claims for investment losses have been filed in FINRA arbitration against Mr. Starke’s brokerage firm, Centaurus Financial. As shown by Mr. Starke’s FINRA Brokercheck report, found here, in the last two…
Continue reading ›The online FINRA Brokercheck report for former Western International broker Chris Kennedy shows eleven different customer complaints. These complaints include allegations of unauthorized trading, unsuitability, breach of fiduciary duty, and other wrongful conduct. Many of the complaints have been settled, with one settled for over 2.7 million dollars. The Brokercheck report also states that Western…
Continue reading ›Our securities fraud blog has previously addressed the risks to investors regarding inverse and leveraged ETFs. A new type of ETF has emerged, however, which can carry even higher risks. The North American Securities Administrators Association recently issued an advisory to investors regarding single stock ETFs. Inverse and leveraged single stock ETFs are complex instruments…
Continue reading ›After being charged by the SEC with Regulation Best Interest violations relating to GWG, Western International Securities has now been censured and fined by FINRA for a different alternative investment product – non traded REITs. REITs – Real Estate Investment Trusts – are investment companies that invest in a portfolio of various real estate properties.…
Continue reading ›FINRA censured, fined, and ordered restitution payments from Philadelphia, Pennsylvania based Janney Montgomery Scott last month. The Letter of Acceptance Waiver and Consent (AWC) discussed how two of Janney’s advisors “recommended that 11 customers unsuitably concentrate their accounts in certain energy-sector securities, including master limited partnerships focused on the exploration or development of natural resources”…
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