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Broker Complaints: Transamerica Financial Advisors/ Intersecurities, Inc. (CRD#1614)

Fitapelli Kurta is interested in hearing complaints from investors who have lost money investing with Transamerica Financial Advisors.

Transamerica Financial Advisors/Intersecurities, Inc. is a registered broker-dealer firm. Transamerica Financial Advisors was incorporated in Delaware in 1984 and its main office is located in St. Petersburg, Florida. Transamerica Financial Advisors is registered with both the SEC and FINRA. V is registered in 52 U.S. states and territories.  Transamerica Financial Advisors was formerly World Financial Group. 

Transamerica Financial Advisors/Intersecurities, Inc. has a history of customer complaints and FINRA violations.

For example, in April 2014, Transamerica Financial Advisors was fined over $550,000 for failing to apply advisory fee discounts to clients in several of its advisory fee programs, as promised by its disclosures to clients. Transamerica Financial Advisors offered these discounts to reduce the total advisory fee as the client’s assets increased.

In August 2011, Transamerica Financial Advisors was fined $50,000 when it was revealed that one of Transamerica Financial Advisors’ brokers, Michael Owen Traynor, had generated fake account statements on firm letterhead, sold fake securities and mutual funds to customers, and had misappropriated millions of dollars from at least 30 customers. Michael Owen Traynor was charged with one count of grand theft and sentenced to prison for 12 years.

In December 2010, Transamerica Financial Advisors was fined $50,000 for allowing its brokers to recommend a program to customers without supervising these brokers’ activities in connection with that program. Transamerica Financial Advisors failed to ensure brokers were conducting due diligence, and a failed to determine whether a client’s ownership interest was adequately protected, and to ensure that statements made to customers regarding the program were accurate.

In February 2009, Transamerica Financial Advisors was fined $90,000 by the North Dakota Securities Commissioner for failing to supervise one of its brokers who was discovered selling unregistered promissory notes. Transamerica Financial Advisors also failed to follow its own supervisory procedures.

In October 2004, a FINRA arbitration panel entered a $2 million dollar award against Transamerica Financial Advisors. According to Transamerica Financial Advisors’ BrokerCheck Report, the complaint alleged misrepresentation of material facts, breach of contract and failure to supervise a broker.

In November 2004, Transamerica Financial Advisors was fined $125,000 for filing at least 120 late amendments to Forms U4 and U5, representing approximately 41% of the required amendments relating to reportable customer complaints, regulatory actions, and criminal disclosures.

If you or someone you know has fallen victim to the financial misconduct of Transamerica Financial Advisors/Intersecurities, Inc. or any other Transamerica Financial Advisors broker, you may be entitled to full recovery of your losses. Many investors do not realize it, but the law provides investors with a path of recovery by way of arbitration through the Financial Industry Regulatory Authority (FINRA).

The law firm of Fitapelli Kurta prosecutes cases before FINRA arbitration panel for investors nationwide who have been victimized by broker-dealer firms like Transamerica Financial Advisors, or their brokers. The time to file a claim with FINRA is limited, so do not delay. Call 212-658-1502 now to speak directly to an attorney and discuss the merits of your case for free.

Call now.

As a note to investors, Transamerica Financial Advisors also goes by the following names: IDEX DISTRIBUTORS, INC., INTERSECURITIES, INC., PIONEER WESTERN DISTRIBUTORS, INC., TRANSAMERICA FINANCIAL ADVISORS, INC, TRANSAMERICA FINANCIAL ADVISORS, INC.