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Broker Complaints: H. Beck (CRD# 1763)

Broker Complaints: H. Beck (CRD# 1763)

The securities and investment fraud law firm, Fitapelli Kurta is interested in speaking to investors who have complaints regarding H. Beck or its brokers.

H. Beck is a broker-dealer firm registered with both the SEC and FINRA. H. Beck was formed in Maryland in 1984 and its main office is located at 6600 Rockledge Dr. 6th floor, Bethesda, Maryland. 20817. H. Beck is owned by Securian Financial Group, Inc. H. Beck and manages over 8,000 accounts. H. Beck is registered in 52 U.S. state and territories and employs over 1,000 registered representatives in its 620 branch offices nationwide.

H. Beck has a history of customer complaints and FINRA violations.

For example in May 2012, H. Beck was fined $90,000 by the Massachusetts Securities Division for failing to supervise its brokers and other employees. H. Beck was also ordered to retain and independent consultant to conduct a review of H. Beck’ policies and supervisory procedures. H. Beck was also ordered to reimburse the aggrieved investor, with interest, for all losses incurred.

In July 2011 H. Beck was fined $150,000 for failing to retain written and electronic correspondence from brokers, including emails and instant messaging. H. Beck also failed to implement Anti-Money Laundering policies in order to detect suspicious activity with customer accounts. Finally, H. Beck failed to prepare accurate order tickets for municipal and corporate bond transactions.

In March 2009 H. Beck was fined $140,000 for failing to monitor a number of fee based accounts and failing to ensure that were certain investors were appropriate for customers. As a result, 25 customer owning fee-based accounts were charged over $32,000 in fees after the first year of inactivity.

In October 2008 H. Beck was fined $40,000 for failing to supervise one of its brokers’ registrations status, the use of discretionary accounts, the frequent examination of customer accounts, power of attorney over customer accounts, written and email correspondence, the use of unapproved letterhead an advertisements, the use of unapproved sales literature, and allowing its broker to make unsuitable investment recommendations. H. Beck also allowed this broker to mark trades as “unsolicited” when they were, in fact, solicited by the broker. H. Beck was ordered to reimburse the three aggrieved investors.

In January 2001, H. Beck was order to pay $50,000 in restitution for failing to supervise two H. Beck brokers. According to H. Beck’s BrokerCheck Report, the two representatives were selling away securities while they were employed at H. Beck.

If you or someone you know has fallen victim to the financial misconduct of H. Beck or one of its brokers, you may be entitled to full recovery of your losses. Call the attorneys at Fitapelli Kurta at 212-658-1502 now for your free consultation.

As a note to investors, H. Beck also goes by the following names: CAPITAL FINANCIAL SECURITIES CORPORATION, ESTATE INVESTMENT COMPANY, H. BECK, INC., HIBBARD-BECK, INC.