The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding the Minnesota-based brokerage and advisory firm Northland Securities, Inc. (CRD# 40258).
Formed in 1995, Northland Securities is based in Minneapolis, Minnesota and registered in 51 US states and territories. Randy Gene Nitzsche is Chief Executive Officer and President; Janie Sue Pederson is Chief Compliance Officer; Timothy Scott Duffy is Chief Financial Officer, Treasurer, Assistant Secretary, and Financial Operations Principal; Richard James Reynolds is Executive Vice President.
According to the firm’s BrokerCheck report, Northland Securities is the subject of four regulatory sanctions.
In 2010 the Financial Industry Regulatory Authority (FINRA) sanctioned Northland Securities following allegations the firm, when acting as principal for its own account, failed to provide written notification disclosures to its customers that it was a market maker in each security. Northland Securities was issued a fine of $5,000.
In 2010 the NASDAQ Stock Market sanctioned Northland Securities following allegations the firm failed to correctly indicate whether orders were a buy, short, or long sale. Northland Securities was censured and issued a fine of $7,500.
In 2007 the National Association of Securities Dealers (NASD) sanctioned Northland Securities following allegations the firm failed to make publicly available, for the fourth quarter of 2004 through the third quarter of 2005, a complete report of its routing of non-directed orders in covered securities. Northland Securities was issued a fine of $5,000.
In 2006 the NASD sanctioned Northland Securities following allegations, among others, the firm failed to deposit investors funds in an escrow account for private offerings, released investor funds before the minimum contingency was met, “rendering false and misleading” its statements that funds would only be released to the issuer after the minimum contingency was met. Northland Securities was censured and issued a fine of $10,000.
If you have lost money investing with Northland Securities, 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. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.