Frost Brokerage Services Subject of Four Regulatory Events, Including $200,000 FINRA Fine

Frost Brokerage Services

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Texas-based brokerage firm Frost Brokerage Services has received regulatory sanctions and a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Frost Brokerage Services (CRD# 17499).

Established in Texas in 1986, Frost Brokerage Services is headquartered in San Antonio, Texas and registered with 45 US states and territories. Its parent company is Frost Bank. According to the firm’s BrokerCheck report, it has received four regulatory events and one customer complaint that evolved into arbitration.

In 2015 a customer alleged Frost Brokerage Services breached its fiduciary duty and participated in other misconduct in connection to investments in unspecified products. The complaint resulted in a non-monetary award.

In 2011 FINRA sanctioned the firm in connection to allegations it failed to retain internal emails that were either sent or received by registered representatives for three years. The firm was censured and issued a fine of $200,000.

In 2007 the National Association of Securities dealers sanctioned the firm in connection to allegations it reported certain municipal securities transactions late, with the incorrect trade time, or without “the special price reason code that would have identified the transaction as a ‘when issued’ trade.” FINRA’s findings also stated that the firm failed to supervise municipal securities activities and failed to adopt, maintain and enforce written supervisory procedures necessary to ensure compliance with relevant securities rules. The firm was censured and issued a fine of $10,000.

In 2005 the State of Illinois sanctioned the firm in connection to allegations it conducted securities business in the state without proper registration. The firm was issued a fine of $2,000.

If you or someone you know has lost money investing with Frost Brokerage Services, call the experienced attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.