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Broker Complaints: HD Vest Investment Services (CRD# 13686)

The securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have lost money investing with HD Vest Investment Services.

HD Vest Investment Services is a brokerage firm registered in 53 US states and territories. Formed in 1983, HD Vest is the subject of twelve regulatory actions and four customer complaints, according to its BrokerCheck report.

In 2015 the Securities and Exchange Commission filed a complaint alleging HD Vest failed to supervise a representative who misappropriated customer funds. HD Vest was censured and issued a penalty of $225,000.

In 2013 the Financial Industry Regulatory Authority (FINRA) filed a complaint against HD Vest alleging the firm permitted statutorily disqualified individuals to register or associate with the firm. HD Vest was censured and issued a penalty of $50,000.

In 2006 the Commonwealth of Pennsylvania filed a complaint against HD Vest alleging the firm failed to reasonably supervise its agents, whose conduct was deemed sanctionable. HD Vest was issued a penalty of $90,000.

In 2005 the NASD (FINRA’s predecessor) filed a complaint against HD Vest alleging the firm engaged in unequal weighting of securities in sales contests and violations of record-keeping and supervisory requirements related to non-cash compensation. HD Vest was censured and issued a penalty of $4,015,000.

In 2004 the Securities and Exchange Commission filed a complaint against HD Vest alleging the firm violated federal securities laws relating to the offer and sale of Class A and B shares. HD Vest was censured and issued a penalty of $1,054,420.

In 2004 the National Association of Securities Dealers filed a complaint against HD Vest alleging the firm violated federal securities laws relating to the offer and sale of Class A shares. HD Vest was censured and issued a civil penalty of $326,608.

In 2004 a customer alleged HD Vest misrepresented and recommended unsuitable investments, and engaged in breach of fiduciary duty and failure to supervise. The complaint settled in 2005 for more than $42,000.

In 2004 a customer alleged HD Vest misrepresented and recommended unsuitable investments, and engaged in breach of fiduciary duty and failure to supervise. The complaint settled in 2005 for more than $19,000.

In 1995 a customer alleged HD Vest misrepresented and recommended unsuitable investments, and engaged in omission as well as unauthorized trading. The complaint settled in 1996 for more than $1,657,000.

If you have lost money investing with HD Vest Investment Services, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli & Kurta at 877-238-4175 for a free consultation. We take all cases on contingency: we only get paid if and when you recover money. Time to file your claim may be limited, so avoid delay. Call 877-238-4175 now to speak to an attorney for free.