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Broker Complaints: Center Street Securities, Inc. (CRD#26898)

Fitapelli Kurta is investigating Center Street Securities, Inc. and its’ brokers.

Center Street Securities, Inc. is a registered broker-dealer firm. Center Street Securities, Inc. was formed in Louisiana in 1990 and is registered with both the SEC and FINRA. Center Street Securities, Inc. main office address is 2740 Old Elm Hill Pike, Suite 201 Nashville, TN 37214. Center Street Securities, Inc. has offices located in all fifty states.

Center Street Securities, Inc. has a history of customer complaints and FINRA violations. The following are notable FINRA violations or customer complaints against Center Street Securities, Inc. or its’ brokers.

  • In August, 2014, Center Street Securities, Inc. was fined $100,000 for making unsuitable investment recommendations to customers. Specifically, between February and November 2012, Center Street Securities, Inc. allowed several of its brokers to recommend investments in GWG Renewable Secured Debentures to multiple customers. GWG Renewable Secured Debentures are highly risky, speculative investments that were deemed unsuitable for investors by FINRA, given their illiquidity and high risk nature. Center Street Securities, Inc. brokers also over concentrated their customer’s investments by placing total investment assets, or customer’s entire net worth, in these risky, illiquid investments. $27,000 of the $100,000 fine was disgorgement of commissions that Center Street Securities, Inc. brokers made on these investments.
  • In December 2013, Center Street Securities, Inc. was censured and fined $30,000 by FINRA for failing to establish an adequate supervisory system to monitor its broker’s use of external email accounts, as it related to Center Street Securities, Inc. business. Notably, at least 35 registered Center Street Securities, Inc. brokers used personal email accounts to conduct Center Street Securities, Inc. business. These emails were not seen by Center Street Securities, Inc.’s email system and therefore underwent no review.
  • In June 2013, a customer complaint was filed against Center Street Securities, Inc. broker, Anthony M. Hanley. According to Anthony M. Hanley’s BrokerCheck Report, the customer alleged Anthony M. Hanley failed to take suitable action to protect the investor’s principal in his brokerage accounts at Center Street Securities, Inc.. The case settled for close to $8,000 in favor of the investor.
  • In August 2014, Center Street Securities, Inc. broker, Jason P. Lamb was fined $10,000 and suspended from the securities industry for two months. Apparently, Jason P. Lamb failed to supervise the sale of the debentures mentioned above and failed to take steps to ensure the debenture sales were suitable for investors.
  • In November 2011 a customer complaint was filed against Center Street Securities, Inc. broker Jack R. Thacker Jr. According to Jack R. Thacker Jr.’s BrokerCheck Report, the customer was very concerned about the illiquidity of her REIT investments purchased in 2007. Unfortunately, the customer passed away in 2012 and the case was closed with no further action.

If you or someone you know has lost money investing with Center Street Securities, Inc., Jack R. Thacker Jr., Jason P. Lamb, Anthony M. Hanley, or any other Center Street Securities, Inc. broker, you may be entitled to full compensation of your losses. Call Fitapelli Kurta today for your free consultation.