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Broker Complaints: ProEquities, Inc. (Investment Advisors) (CRD# 15708)

Fitapelli Kurta is interested in hearing complaints from investors who have lost money investing through ProEquities, Inc. (doing business as Investment Advisors)

ProEquities, Inc. (Investment Advisors) is an independent broker-dealer firm registered with both the SEC and FINRA. ProEquities, Inc. was incorporated in Alabama in 1984. Its main office is located in Birmingham, Alabama and has offices in all fifty states. ProEquities, Inc. currently employs over 1,500 brokers nationwide and in 2013 the firm made over $155 million in total revenues, $85 million of which was commission revenues, and $19 million of which were from fees.

ProEquities, Inc. (Investment Advisors) has a lengthy history of FINRA fines and violations. The following are notable FINRA fines or arbitration awards entered against ProEquities, Inc.

·         In 2013, ProEquities, Inc. was fined a total of $435,000 allocated across numerous states, for sharing commissions with another registered broker-dealer while that broker-dealer was not registered in the states where ProEquities, Inc. was conducting business.

·         In April 2012, a FINRA arbitration panel entered an award of $448,562 against ProEquities, Inc. According to the complaint, ProEquities, Inc. recommended unsuitable TIC investments to a customer. The complaint also alleged financial elder abuse, fraud, deceit, negligence, and misrepresentation of material facts.

·         In November 2011 a FINRA arbitration panel entered an award of $63,199. The complaint stemmed from unsuitable investments in a REIT (real estate investment trusts) and variable annuities. The complaint also alleged ProEquities, Inc.  misrepresented material facts to the customer, omitted material facts, and was negligent. 

·         In May 2011 a FINRA arbitration panel entered an award of $1.5 million dollars against ProEquities, Inc. The complaint alleged ProEquities, Inc. made unsuitable investment recommendations, failed to supervise its brokers, and account related negligence.

·         In March 2011, a FINRA arbitration panel entered an award of $187,600 against ProEquities, Inc. The complaint alleged ProEquities, Inc. violated Georgia’s Blue Sky Laws, omitted material facts, violated FINRA Conduct Rules, failed to supervise its brokers, and made unsuitable investment recommendations.

·         In March 2009, ProEquities, Inc. was fined $25,000 for failing to provide timely refunds to customers after it was discovered that ProEquities, Inc. had been selling front-end load mutual funds.

If you or someone you know has fallen victim to the financial misconduct ProEquities, Inc. or one of its other 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 ProEquities, Inc. 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.