Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Georgia-based broker-dealer and advisory firm PFS Investments has received regulatory sanctions and customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding PFS Investments (CRD# 10111).
Established in George in July 1981, PFS Investments is headquartered in Duluth, Georgia and registered with 53 US states and territories. It is owned by Primerica Finance Corporation. According to the firm’s BrokerCheck report, it has received 17 regulatory events and three customer complaints that evolved into arbitration.
In 2013 the State of Nevada sanctioned PFS Investments in connection to allegations the firm accepted the the representation by one of its representatives, Chris Howard, that he had served a role in another company as a “as passive investment when, in fact, it had evolved over time,” and that the firm did not have a procedure that required representatives to disclose compensation they received from “outside motivational speakers in connection with seminars” that firm representatives are required to pay to attend. The firm was issued a fine of $9,000.
In 2013 the Securities and Exchange Commission sanctioned the firm following allegations, among others, its compliance procedures “failed to detect that certain customers were not provide dwith a copy of their account record, or an alternate document” in a timely manner compliant with securities rules and laws. The firm was censured and issued a fine of $100,000.
In 2010 FINRA sanctioned PFS Investments in connection to allegations it failed to keep copies of a pre-printed receipt that was contained it the firm’s “standard account application package.”
In 2009 a customer alleged PFS Investments breached its fiduciary duty, misrepresented and omitted material facts, and acted negligently. The complaint resulted in an award to the customer of more than $477,800.
In 2004 FINRA sanctioned the firm following allegations it “filed at least 390 late amendments” to its U4 and U5 firms that indicated “approximately 64% of the required amendments” concerning reportable events like customer complaints, employee terminations, regulatory events, and criminal disclosures; FINRA alleged additionally that the firm’s supervisory protocols were not adequately designed to comply with relevant securities rules. The firm was censured and issued a fine of $450,000.
If you or someone you know has lost money investing with PFS Investments, call 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.