Broker Complaints: SII Investments (CRD# 2225)

Stock fraud attorneys at Fitapelli Kurta are investigating claims against SII Investments and its brokers.

SII Investments is a registered broker-dealer firm, formed in Wisconsin in 1968. SII Investments is registered with both the SEC and FINRA and its main office is located at 5555 Grande Market Drive, Appleton, WI 54913. SII Investments has offices in all fifty states and has a lengthy history of FINRA violations and customer complaints.

In October 2005, SII Investments was fined $20,000 for failing to detect and prevent a SII Investments broker from using its clearing firm to hold stock, therefore permitting the broker to engage in private securities transactions without consent of SII Investments.

In September 2005, SII Investments was fined over $650,000 when SII Investments received around $12.54 million in commissions from participating fun complexes through various directed brokerage commissions payments. In reality, SII Investments never actually executed any trades for the fund complexes, instead SII Investments simply maintained shelf space for a “premier sponsor program” which gave participating mutual fund complexes preferential treatment, in exchange for a fee. 

In July 2004, SII Investments was fined $25,000 for failing to establish adequate supervisory procedures for the sale of variable annuities and variable life insurance contracts.

In July 2004 SII Investments was fined another $25,000 for having a deficient supervisory system as it relates to the sale of variable products. According to SII Investments’ BrokerCheck Report, the SII Investments guidelines were inadequately documents and SII Investments failed to maintain adequate records and review of specific transactions

In May 2004, SII Investments was fined $100,000 for failing to maintain a supervisory system that was reasonable designed to prevent late trading in mutual funds. Specifically, the procedures were inadequate to ensure that mutual fund orders that were received after the close of the market were processed at the next day’s net asset value. SII Investments supervisory system also failed to prohibit the cancelation and modification of error-free orders after the market had closed.

If you or someone you know has fallen victim to the financial misconduct of SII Investments or one of its 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 SII Investments, or their brokers. 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.