Feb 8, 2021

Pittsburgh, Pennsylvania Attorney Who Sues For Failure to Supervise Stockbroker

Did PNC Investments Cause You Investment Losses? Pittsburgh, Pennsylvania based PNC Investments LLC submitted a Letter of Acceptance, Waiver and Consent in which the firm agreed to, without admitting or denying, the described penalties and to the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that it failed to establish and maintain a supervisory system and written supervisory procedures (WSPs) reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933.  According to FINRA, the firm’s WSPs for compliance with Section 5 were limited to a section on private placements and offerings, which addressed Regulation D, Rule 144 and private investments in public equity.  The procedures restated the requirements, or exemptions, contained in the regulations but did not provide for any supervisory structure to safeguard compliance with Section 5.  The firm’s procedures failed to address compliance generally with Section 5, and were inadequate in stating the circumstances under which the firm should inquire into the registration or exemption status of securities in customer accounts.  The procedures at the time failed to specifically list the factors of the firm’s requirements to evaluate or consider so as to determine whether it was necessary to make further inquiries, before allowing a customer to sell potentially unregistered securities.  PNC Investments was censured and fined $100,000. Do You Need An Attorney Who Sues For Failure to Supervise Stockbroker? Pennsylvania has thousands of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms comes the potential for a stock brokerage firm to fail to supervise its stockbrokers, financial advisors and investment advisors from engaging in misconduct which violates Federal and Pennsylvania securities laws and Financial Industry Regulatory Authority (FINRA) rules and the stock brokerage firm’s policies and procedures.  Experienced Lawyers Who Handle Failure to Supervise Stockbroker Claims In FINRA Arbitrations Throughout Pennsylvania and Nationwide. Are you a Pennsylvania investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Pennsylvania stockbrokerage or investment advisory firm where you do business fail to supervise the stockbroker who recommended bad investments and otherwise mismanage your investment account? If so, you will need to hire an experienced, highly-rated and nationally recognized FINRA securities arbitration lawyer— an attorney who knows how to handle these failure to supervise cases as well as other complex legal issues.  By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience with failure to supervise claims by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best lawyers to recover your investment losses due to a stockbrokerage or investment advisory firm’s failure to supervises its registered representatives in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors with failure to supervise claims and all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, churning, theft, forgery, margin account abuse and unsuitable recommendations to purchase, sell or hold securities or recommend unsuitable investments strategies.  Attorney Pearce and his staff represent investors throughout Pennsylvania, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Attorney Experienced In Failure to Supervise Stockbroker Disputes Serving Pennsylvania Residents In FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced lawyers who successfully handle failure to supervise claims and other securities law matters and investment disputes in Pennsylvania, and who work tirelessly to secure the best possible result for you and your case.  For dedicated representation by an attorney with over 40 years of experience and success in failure to supervise and all kinds of securities law and investment disputes serving Pennsylvania citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Feb 3, 2021

San Francisco, California Failure to Supervise Stockbroker Attorney

Did SeedChange Execution Services Inc. Cause You Investment Losses? SeedChange Execution Services Inc. of San Francisco, California was censured and fined $15,000 for allegedly failing to establish, maintain and enforce their supervisory system and written supervisory procedures as to whether their registered representatives proposed outside business activities or constituted outside securities activities. Due to the misconduct, the firm was in violation of FINRA Rules 3110, 3270, and 2010. Since 2013, SeedChange has been a FINRA member firm and employs approximately 20 registered representatives. According to the FINRA findings, from November 2017 to March 2018, SeedChange had allegedly failed to properly evaluate a registered representatives disclosed outside business activity. The findings stated that the representative raised approximately $525,000 for the investment fund and received a management fee for his work. FINRA stated that although SeedChange was aware of the representatives activities, they did not have any written supervisory procedures to evaluate any factors to determine certain restrictions, prohibit outside business activities or whether it should have been treated as an outside business activity. FINRA Rule 3110(a) requires firms to establish and maintain a system to supervise the activities of registered persons. FINRA Rule 3110(b) requires firms to establish, maintain, and enforce written procedures to supervise the types of businesses it engages in and the activities of its registered persons. Both the supervisory system and the written procedures must be reasonably designed to achieve compliance with applicable rules. FINRA Rule 3270 prohibits registered persons from engaging in any outside business activities unless they provide prior written notice to the member firm. Do you need a California FINRA Securities Arbitration Attorney? Are you a San Francisco, California investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your California stock brokerage or investment advisory firm where you do business fail to supervise the stockbroker who recommended bad investments and otherwise mismanage your investment account? If so, you will need to hire an experienced, highly-rated, and nationally recognized FINRA securities arbitration attorney—a lawyer who knows how to handle these failure to supervise cases as well as other complex legal issues.  Free Initial Consultation With Attorneys Experienced In Failure to Supervise Stockbroker Disputes Serving San Francisco, California Residents In FINRA Arbitrations At The Law Offices of Robert Wayne Pearce, P.A.  we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout California, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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Jan 26, 2021

Glen Allen, Virginia Attorney Who Sues For Failure to Supervise Stockbroker

Capitol Securities Management, Inc. (CSM) of Glen Allen, Virginia submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority (FINRA) for several claims of supervisory failures and unsuitable purchases of Reverse Convertible Notes (RCN’s).  CSM has been a FINRA member since 1985 and has over 60 branch offices with its main headquarters in Glen Allen, Virginia. According to FINRA, a registered representative for CSM recommended and executed 24 unsuitable purchases of customizable RCN’s totaling approximately $4 million. FINRA claimed that the eight clients affected were unsuitable candidates for these RCN purchases because of their risk tolerance, age, and financial experience. In addition, FINRA found that CSM failed to implement a proper Anti-money Laundering (AML) and Customer Identification Program (CIP).  FINRA also found red flags in seven of their clients’ accounts and that CSM did not verify the identification for seven accounts.  In over 400 transactions, FINRA also found, that the CSM representative was collecting excessive commissions totaling approximately $32,784.13. CSM agreed to the FINRA sanctions, without admitting or denying the FINRA findings, and was ordered to pay a $470,000 fine.  Additionally, CSM was ordered to pay restitution in the amount of $226,448.90 for the clients affected by their representative. Do You Need an Attorney for a Failure to Supervise Matter? Virginia has hundreds of stock brokerage firms and investment advisory offices.  With so many stock brokerage firms comes the potential for a stock brokerage firm to fail to supervise its stockbrokers, financial advisors and investment advisors from engaging in misconduct which violates Federal and Virginia securities laws and Financial Industry Regulatory Authority (FINRA) rules and the stock brokerage firm’s policies and procedures.  Experienced Lawyers Who Handle Failure to Supervise Stockbroker Claims In FINRA Arbitrations Throughout Virginia and Nationwide. Are you a Virginia investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your Virginia stockbrokerage or investment advisory firm where you do business fail to supervise the stockbroker who recommended bad investments and otherwise mismanage your investment account? If so, you will need to hire an experienced, highly-rated and nationally recognized FINRA securities arbitration lawyer— an attorney who knows how to handle these failure to supervise cases as well as other complex legal issues.  By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience with failure to supervise claims by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best lawyers to recover your investment losses due to a stockbrokerage or investment advisory firm’s failure to supervises its registered representatives in FINRA arbitration proceedings! At The Law Offices of Robert Wayne Pearce, P.A., we represent investors with failure to supervise claims and all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areassuch asfraud and misrepresentation, breach of fiduciary duty, churning, theft, forgery, margin account abuse and unsuitable recommendations to purchase, sell or hold securities or recommend unsuitable investments strategies.  Attorney Pearce and his staff represent investors throughout Virginia, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español Free Initial Consultation With An Attorney Experienced In Failure to Supervise Stockbroker Disputes Serving Virginia Residents In FINRA Arbitrations The Law Offices of Robert Wayne Pearce, P.A.  are highly experienced lawyers who successfully handle failure to supervise claims and other securities law matters and investment disputes in Virginia, and who work tirelessly to secure the best possible result for you and your case.  For dedicated representation by an attorney with over 40 years of experience and success in failure to supervise and all kinds of securities law and investment disputes serving Virginia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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