The stock fraud attorneys at Fitapelli Kurta are interested in speaking to investors regarding complaints against Sunset Financial Services, Inc. (CRD# 3538)
Sunset Financial Services, Inc. is a broker-dealer firm registered with both the SEC and FINRA. Sunset Financial Services, Inc. was formed in Washington in 1964. Their main office is located at 3520 Broadway, Kansas City, MO 64111. Sunset Financial Services, Inc. has around 269 brokers in 48 states, and D.C. It raises approximately $18 million in annual gross revenue and $2.4 billion in client assets. In July 2014 it was announced that Securities America, a subsidiary of Ladenburg Thalmann, would acquire Sunset Financial Services, Inc.
Sunset Financial Services, Inc. has a history of customer complaints, according to its BrokerCheck Report. For example, in July 2013, Sunset Financial Services, Inc. was fined $20,000 stemming from unsuitable nontraditional ETF’s. Specifically, Sunset Financial Services, Inc. failed to conduct due diligence and permitted its brokers to sell and recommend nontraditional ETF’s before fully understanding the inherent complexity and risks associated with these ETFs. Nontraditional ETFs are typically no suitable for retail investors, due to their notable risk factors and complex characteristics. Sunset Financial Services, Inc. placed no restrictions on its customer’s ability to trade nontraditional ETFs in their account and failed to place any kind of restrictions or exception reports to monitor either the length +of time that customer held open positions in nontraditional ETFs or losses occurring as a result of those positions.