First Midwest Securities has a long history of customer and regulatory complaints. First Midwest Securities is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. First Midwest Securities has been a FINRA member firm since 1988. Its principal office is in Illinois and the firm employs 117 registered individuals in 47 branch locations throughout the country.
Customer complaints against First Midwest Securities are governed by the Financial Industry Regulatory Authority, or FINRA. As a FINRA member firm, First Midwest Securities must arbitrate any customer complaints before FINRA. Our law firm exclusively handles FINRA complaints on behalf of investors. We are investigating complaints against First Midwest Securities and are interested in speaking to investors who may have lost money through the firm’s misconduct.
In January 2010, First Midwest Securities was censured and fined by FINRA for complaints related to its failure to sell bonds at a price that was fair and reasonable. In addition, according to the 2010 FINRA complaint, First Midwest Securities was also censured for failing to implement a supervisory system which would have safeguarded against such misconduct.
In September 2011, First Midwest Securities was fined $150,000 for complaints related to the improper charging of handling fees to customers. According to the FINRA complaint, these fees were not accurately disclosed on customer’s trade confirmations by First Midwest Securities, making them difficult to understand. In connection with this complaint, FINRA again found that First Midwest Securities failed to implement a proper supervisory system, which would have acted as a safeguard against this misconduct.
In June 2012, First Midwest Securities was again fined by FINRA for complaints related to its poor supervisory system. Specifically, FINRA found that First Midwest Securities failed to detect certain red flags in customer accounts, such as patterns of unsuitable or excessive trading. In connection with this complaint, First Midwest Securities was censured and fined $75,000.
Indeed, First Midwest Securities’s relaxed supervisory structure has resulted in egregious activity by some of its brokers. By way of example, in 2013, former First Midwest Securities broker Maurice Chelliah was barred by FINRA for misappropriating $90,000 from two elderly customers while he was employed at a different brokerage firm. According to another FINRA complaint, Giles Hoagland, a First Midwest Securities broker was accused by FINRA of misappropriating a local labor union’s disability insurance premiums to pay for his own personal and business expenses. The complaint against the First Midwest broker was filed in November of 2012.
In addition to its brokers regulatory complaints with FINRA, brokers at First Midwest Securities have a long history of customer arbitrations. These customer complaints involve allegations of, amount other things, fraud, misrepresentations and churning. In the past, our law firm has successfully handled a number of customer complaints against First Midwest Securities.
We work exclusively for investors who have lost money investing with firms such as First Midwest Securities. We prosecute these cases on a contingency basis and will not get paid if you do not recover any money. If you or someone you know lost money investing with First Midwest Securities please contact us today. Our attorneys will evaluate your complaint against First Midwest Securities immediately for free. Do not delay.
First Midwest Securities also goes by the following names: ABLESTRONG SECURITIES, INC., FIRST MIDWEST SECURITIES, INC., FMSI ADVISERS