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Broker Complaints: Investment Centers of America (CRD# 16443)

The securities and investment fraud law firm, Fitapelli Kurta is interesting in hearing complaints from investors who have lost money investing through Investment Centers of America.

Investment Centers of America is a registered broker-dealer firm based on Appelton, Wisconsin. Investment Centers of America was incorporated in North Dakota in 1985. Investment Centers of America is owned by INVEST Financial Corporation and both firms are approved by the SEC and FINRA.

Investment Centers of America has a history of FINRA violations and customer complaints. The following are notable FINRA violations and customer complaints filed against either Investment Centers of America or its brokers.

In March 2014, a FINRA arbitration award was entered against Investment Centers of America for $571,521. The complaint alleged Investment Centers of America breached its fiduciary duty to the client, misrepresented material facts, and failed to supervise its brokers stemming from investments in annuities.

In November 2007, Investment Centers of America was fined $25,000 for failing to supervise one of its brokers in the Missouri office who, among other things, approved a joint account between a customer and a broker. Investment Centers of America also failed to detect the fact that the broker was using his own personal address as the address on multiple customer accounts.

In September 2005, Investment Centers of America, INVEST Financial Corporation, SII Investments, and National Planning Corporation each entered into a letter of acceptance, waiver, and consent (AWC) with FINRA, stemming from improper means of receiving commissions. According to the AWC, INVEST Financial Corporation, Investments, National Planning Corporation and Investment Centers of America all maintained a “shelf space” program which, in return for a fee, gave preferential treatment to those members of the program. The members would receive preferential treatment in the form of placement of materials on the firm’s websites, inclusion of links to the sponsor’s websites, and inclusion of the funds in certain marketing materials prepared by INVEST Financial Corporation, SII Investments, National Planning Corporation and Investment Centers of America. The firms above received $12.54 million in commissions as a result of these “fees” associated with running this fund and none of the firms ever actually executed any trades for the fund complexes. Investment Centers of America was fined $363,500.

In 1995 a $27,000 arbitration award was entered against Investment Centers of America. The complaint alleged Investment Centers of America omitted material facts, recommended unsuitable investment recommendations, and was negligent.

If you or someone you know has fallen victim to the financial misconduct of Investment Centers of America or any of its brokers, 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 Investment Centers of America, or their brokers. The time to file a claim with FINRA is limited, so do not delay. Call 212-568-1502 now to speak directly to an attorney and discuss the merits of your case for free.

Call now.