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Broker Complaints: Purshe Kaplan Sterling Investments (CRD# 35747)

 

The securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have complaints regarding Purshe Kaplan Sterling Investments or any its their brokers.

Purshe Kaplan Sterling Investments is an independent broker-dealer firm, based out of Albany, New York. Purshe Kaplan Sterling Investments was incorporated under the laws of New York in 1993. Purshe Kaplan Sterling Investments is registered with both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Purshe Kaplan Sterling Investments has offices in 52 U.S. states and territories.

In February 2011 Purshe Kaplan Sterling Investments was fined $100,000 for failure to supervise. According to Purshe Kaplan Sterling Investments’ BrokerCheck Report, the firm failed to have a supervisory system in place that would properly determine the suitability of variable annuities. Specifically, Purshe Kaplan Sterling Investments failed to review the suitability of variable annuity exchanges and failed to implement reasonable means of identifying suspicious behavior as it relates to variable annuity transactions. This was discovered when a former registered representative at Purshe Kaplan Sterling Investments was able to misappropriate over $41,00 from a customer by submitting three separate check request forms in that customer’s name.

In January 2008 Purshe Kaplan Sterling Investments was fined $50,000 for failure to supervise. Specifically the firm failed to establish procedures designed to determine the suitability of certain mutual fund transactions and failed to perform a suitability review of mutual fund switches.

In April 2005 a FINRA arbitration panel entered an award of approximately $300,000 in favor of a customer against Purshe Kaplan Sterling Investments. The customer had complained, among other things, that Purshe Kaplan Sterling Investments made unsuitable investment recommendations to him, and that his account was churned.

If you or someone you know has lost money investing with Purshe Kaplan Sterling Investments or you have other complaints regarding any of their brokers, call the attorneys at Fitapelli Kurta now.

Our consultations are always free and all cases are taken on a contingency fee basis, which means we do not recover unless and until you recover losses.

Time is of the essence, so do not delay. Call 877-238-4175 now to speak directly to an attorney.