The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Illinois-based brokerage and former advisory firm Oberweis Securities, Incorporated (CRD# 42060).
Formed in Illinois in 1996, Oberweis Securities is headquartered in Lisle, Illinois and registered in 53 US states and territories. James Walter Oberweis is President and Director; Patrick Bryan Joyce is Director, Executive Vice President, Chief Financial Officer, Treasurer, Secretary, and Chief Compliance Officer; James Donald Oberweis is a shareholder, though he is no longer a licensed broker or investment advisor.
According to the firm’s BrokerCheck report, Oberweis Securities is the subject of two customer complaints.
In 2015 the Financial Industry Regulatory Authority (FINRA) sanctioned Oberweis Securities following allegations the firm failed to report information pertaining to the municipal securities transactions to the real-time transaction reporting system. Despite regulations requiring the firm to report such within 15 minutes of each transaction, it allegedly failed to do so. Oberweis Securities was censured and issued a fine of $7,500.
In 2006 the National Association of Securities Dealers (NASD) sanctioned Oberweis Securities following allegations the firm failed to prepare and maintain proper order memoranda pertaining to municipal transactions, and additionally failed to uphold adequate supervisory procedures with respect to transaction reporting requirements. Oberweis Securities was issued a fine of $5,000.
If you or someone you know has a complaint regarding Oberweis Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: you will only pay us 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.