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Broker Complaints: Royal Alliance Associates, Inc. (CRD# 23131)

The securities and investment fraud law firm, Fitapelli Kurta is investigating claims on behalf of investors against Royal Alliance Associates, Inc.

Royal Alliance Associates’ main office is located at One World Financial Center 15th Floor New York, NY 10281. Royal Alliance Associates was formed in Delaware in 1988 and they are currently registered with both FINRA and the SEC. Royal Alliance Associates has 820 retail office throughout the United States and they currently employ almost 2,000 registered representatives.

Royal Alliance Associates has a history of customer complaints and FINRA violations.

  • On May 22, 2013 the Massachusetts Securities Division fined Royal Alliance Associates $25,000 for allowing one of their registered brokers to sell non-traded Real Estate Investment Trusts (REITs) in excess of Massachusetts concentration limits.
  • On December 22, 2011 FINRA (The Financial Industry Regulatory Authority) fined Royal Alliance $175,000 for allowing two people to be associated with Royal Alliance Associates while they were statutorily disqualified.
  • On August 16, 2010 Royal Alliance Associates was fined $10,000 by the State of Illinois Securities Department for failing to supervise a broker who recommended a REIT investment to a customer.
  • On April 28, 2009 the SEC fined Royal Alliance Associates $500,000 for failing to recognize that one of their brokers was operating and defrauding customers by way of a Ponzi Scheme.
  •  On December 6, 2007 Royal Alliance was fined $200,000 failing to detect a rapid turnover of mutual funds in customer accounts and never investigating whether these switched were suitable for the investors.
  • On February 26, 2007 the state of Connecticut fined Royal Alliance Associates $750,000 for failing to supervise their broker, Kevin O. Kelley who misappropriated client funds and prepared fraudulent statements that inflated the value of his client’s holdings. Apparently, Kevin O. Kelley had been sentenced in Manhattan federal court to 17 months in prison for defrauding senior citizens of approximately $4.2 million dollars. Kevin O. Kelley had been permanently barred from the securities industry in Connecticut in 2005.

For a complete list of Royal Alliance’s investor complaints and FINRA violations, see their BrokerCheck Report.

If you or someone you know has lost money investing in managed futures funds or any other investment through Royal Alliance Assocaites, or any of their other brokers, you may be entitled to full recovery of your losses.

The law provides investors with an avenue of recovery by way of arbitration with FINRA, however time to file a claim is limited, so do not delay. Contact the experienced stock fraud attorneys at Fitaplli Kurta today. Our firm prosecutes cases on behalf of investors nationwide on a contingency fee basis. Our consultations are always free so call now to discuss the merits of your case with an attorney.