Broker Complaints: LaSalle St. Securities (CRD# 7191)

Fitapelli Kurta is interested in speaking to investors who have lost money investing with LaSalle St. Securities.

LaSalle St. Securities is a limited liability company formed in Delaware in 1999. LaSalle St. Securities is registered with both the SEC and the Financial Industry Regulatory Authority (FINRA). LaSalle St. Securities’ main address is located at 940 Industrial Dr. Elmhurst, IL 60126.

LaSalle St. Securities has a history of investor complaints with FINRA. The following are notable complaints filed against LaSalle St. Securities or their brokers.

On November 10, 2014, LaSalle St. Securities was fined $175,000 for allowing their brokers to distribute a private placement memorandum to potential investors that failed to include important material facts. Additionally, the distributed literature relied on flawed methodology for projecting investors return on an investment.

On October 29, 2012, LaSalle St. Securities was fined $286,608 by the SEC for failing to supervise a representative who charged increased commissions on trades for his clients through LaSalle St. Securities.  The representative falsely told investors they were receiving a discounted LaSalle St. Securities commission rate, when in reality they were receiving higher commission rates.

On May 30, 2006 LaSalle St. Securities was fined $200,000 for allowing Frank Devine, a registered representative, to conduct business with LaSalle St. Securities knowing he was involved in outside business activities and failing to have a written supervisory [procedures relating to the hiring of representatives with disciplinary history. Apparently, before being hired at LaSalle St. Securities, Frank Devine had a lengthy history of fines and suspensions, including one for engaging in private security transactions. Frank Devine is no longer registered with the securities industry and is not employed by LaSalle St. Securities or any other FINRA member firm.

On June 22, 2005, LaSalle St. Securities was fined $125,000 for allowing a registered broker to deceive investors regarding the market riming in that investors’ variable annuities account. Apparently the LaSalle St. Securities broker “enabled the hedge fund client to use accounts to carry out frequent transfers among the sub accounts of variable annuities without being detected.”

On July 11, 2012, LaSalle St. Securities broker, Andrew D. Carava was fined $7,500 and suspended from the securities industry for two years. According to Andrew D. Carava’s BrokerCheck Report, while a compliance officer at La Salle St. Securities, Andrew D. Cavara wrote a fictitious letter stating information had been requested of a broker, regarding a customer complaint. Andrew D. Carava then created a second set of letters attempting to show that he had not received a response from that broker. These letters were never sent to any brokers and the originals were destroyed by Andrew D. Cavara. Andrew D. Cavara then wrote FINRA, alleging he had attempted to communicate with the brokers regarding the customer complaint, but had not received any response.

On April 15, 2012, LaSalle St. Securities broker, Peter Lucina, received a customer complaint alleging unsuitable investments in a private placement. Peter Lucina was later dismissed from the arbitration by LaSalle St. Securities as part of a settlement agreement. Peter Lucina paid the investor $10,000.

If you or someone you know has lost money investing with LaSalle St. Securities, Peter Lucina, Andrew D. Carava, or any of their other brokers, you may be entitled to full recovery of your losses. The law provides investors with an avenue of recovery by way of arbitration with the Financial Industry Regulatory Authority (FINRA) however time to file a claim is limited, so do not delay. Contact the experienced stock fraud attorneys at Fitaplli Kurta today. Our firm prosecutes cases on behalf of investors nationwide on a contingency fee basis. Our consultations are always free so call now to discuss the merits of your case with an attorney.