Securities America Fined $250,000 by FINRA.
In April, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Securities America, Inc. of La Vista, Nebraska submitted an acceptance, waiver and consent letter regarding the sale of preferred notes of an unregistered limited partnership investment sold by one of the firm’s registered representatives. In agreeing to the AWC, the firm was fined $250,000. The AWC can be found here.
Securities America had been named in a 2013 FINRA regulatory complaint alleging that one of their registered representatives sold securities without the firm conducting a meaningful due diligence review, which was inconsistent with the firm’s written supervisory procedures. As a result, the registered rep sold over $8 million worth of the securities, despite what FINRA found to be numerous red flags concerning the financial health of the offeror.
Securities America’s registration and disciplinary history
Securities America is a Deleware corporation, formed in 1984. The firm is registered with FINRA, the SEC, and in 53 states and territories. According to FINRA’s CRD disclosure report, Securities America has been the subject of 28 customer complaints and 42 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.