Penates Group Fined By FINRA

Penates Group fined.

In March, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Penates Group of Phoenix, Arizona submitted an acceptance, waiver and consent letter regarding its failure to effectively implement an anti-money laundering compliance program into its securities business. In agreeing to the AWC, the firm was fined $17,500.

FINRA’s allegations against Penates Group concerned its participation in the sale of two private placement securities offerings. FINRA found that the firm did not verify information for customers who participated in the offerings, did not retain business related emails for the representative who sold the offerings, and failed to require documentary evidence be completed and reviewed prior to the time that customers participated in the offerings.

Registration and disciplinary history

In order to lawfully sell investments to the public, a firm must either be registered or exempt from registration.  Penates Group is an Arizona corporation formed in 1997 and registered with FINRA, the SEC and in 21 states and territories:

According to FINRA’s CRD disclosure report, Penates Group has been the subject of one regulatory investigation.

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.