Global Brokerage Services, Inc. as been a FINRA member since 1995. Currently, Global Brokerage Services, Inc. has fourteen registered representatives in the Global Brokerage Services, Inc. main office, located in Hunt Valley, Maryland. Global Brokerage Services, Inc. is currently registered with the Securities Exchange Commission (SEC), is a member of FINRA, and is registered in 28 states and territories.
On September 8, 2014 the Financial Industry Regulatory Authority (FINRA) fined Global Brokerage Services, Inc. $25,000 for failing to “establish, maintain and enforce a reasonable supervisory system regarding the use of consolidated reports by its registered representatives.” According to the AWC in that matter, FINRA alleged that:
- A number of Global Brokerage Services, Inc.’s representatives created consolidated reports and sent them out to their customers without written supervisory procedures specific to these reports.
- FINRA has since reviewed the reports provided to Global Brokerage Services customers and has decided the reports did not address necessary disclosures to customers.
- Global Brokerage Services’ also distributed consolidated reports that included one broker’s own valuations as to the estimated value for certain non-traded real estate investments. These personal valuations were deemed to be potentially misleading to Global Brokerage Services, Inc.’s customers.
- Global Brokerage Services, Inc.’s supervisors were aware that the broker was using his own valuations for certain assets and that his valuations were different from issuers’ valuations, but did nothing to stop it.
If you or someone you know has lost money as a result of Global Brokerage Services, Inc.’s financial misconduct, you may be entitled to compensation. The securities and investment fraud law firm of Fitapelli Kurta prosecutes claims on behalf of investors nationwide on a contingency fee basis. However, the law provides you with a limited window of opportunity to recover these financial losses so please, do not wait. Contact the law firm of Fitapelli Kurta today for your free consultation.