Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on November 28, 2016 indicate that Ohio-based investment adviser firm First American Securities has recently settled allegations of misconduct. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding First American Securities (CRD# 35841).
Formed in Minnesota in 2002, First American Securities is headquartered in Orrville, Ohio and is not currently registered with FINRA or any national securities exchange. Thomas Brenner is Chief Executive Officer; John Furkioti is Chief Compliance Officer; Jason Gettenberg is Financial Operations Principal; Joan Diane Foster Mathews is Compliance Officer.
According to the firm’s BrokerCheck report, First American Securities has received two regulatory sanctions.
In November 2016 FINRA sanctioned First American Securities following allegations the firm “engaged in two separate private placements which were rife with supervisory, and substantive violations, including inadequate due diligence, failure to have a reasonable basis to recommend the private placements to customers, investor offering documents which contained misleading and unwarranted statements, omitted material information and made material misrepresentations, failure to supervise one of the transactions as a private securities transaction, failure to file offering documents for one of the offerings, and failure to supervise one offering to ensure compliance with the accredited investor requirements of Section 5 of the Securities Act of 1933.” The firm also allegedly failed to comply with requirements related to outside business activities and private securities transactions, and conducted securities business without maintaining required minimum net capital. First American Securities was censured and issued a fine of $150,000; it was also ordered to pay disgorgement of commissions of $190,000.
In 2014 FINRA sanctioned First American Securities following allegations the firm failed to establish, maintain and enforce a reasonably-designed supervisory system related to the sale of leveraged, inverse and inverse-leveraged exchange-traded funds. The firm was censured and issued a fine of $10,000.
If you have complaints regarding First American Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.