Royal Alliance Hit with $870,000 FINRA Award

Royal Alliance ordered to pay investor $870,000.


In January, 2015, a three member FINRA arbitration panel sitting in Los Angeles, CA issued an $870,000 binding arbitration award against Royal Alliance Associates for the sale of a variable universal life policy.

The underlying matter involved the surrender of a Provident Mutual variable universal life policy.  The Claimants allegations were that Royal Alliance breached its fiduciary duties, failed to follow industry rules, engaged in unfair and deceptive trade practices and violated state and federal securities laws.

After a four day arbitration hearing in December, 2014, the arbitration panel rendered their decision and awarded the customers $870,000 in compensatory damages, and an additional $14,000 in costs.

As a result of this award The Law Office of David Liebrader has opened an investigation into Royal Alliance Associates.

Royal Alliance’s broker check lists 68 disclosures, including 28 arbitration claims and 33 regulatory investigations.

FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited.  Royal Alliance had thirty days to pay the award, or to seek to have the award vacated.

If you are the victim of investment fraud, or if you have lost money investing with Royal Alliance please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.

There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.

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.

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