FINRA fines Geneos Wealth Managment Over LP Sales

Geneos Wealth Management fined by FINRA.

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In December, 2015, the Financial Industry Regulatory Authority (“FINRA”) announced that Geneos Wealth Management of Centennial, CO submitted an acceptance, waiver and consent letter regarding its failure to supervise its registered representatives in their sales of limited partnership interests to customers. In agreeing to the AWC, the firm was fined $12,500.

FINRA’s allegations against Geneos Wealth Management concerned reps whose outside business activities included the sales of limited partnership units.  FINRA found that the reps met with, discussed and provided clients with information on the limited partnership interests, including providing customers with private placement memorandums, and receiving compensation, but the firm failed to record the transactions on their books and maintain them in their records.

Registration and disciplinary history

In order to lawfully sell investments to the public, a firm must either be registered or exempt from registration.  Geneos Wealth Management is an Colorado corporation formed in 2002 and registered with FINRA, the SEC and in 52 states and territories.

According to FINRA’s CRD disclosure report, Geneos Wealth Management has been the subject of three regulatory investigations.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.