Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Colorado-based brokerage and advisory firm Presidential Brokerage has received several customer disputes and a regulatory sanction. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Presidential Brokerage (CRD# 28784).
Established in California in 1991, Presidential Brokerage is headquartered in Greenwood Village, Colorado and registered with 50 US states and territories. According to its BrokerCheck report, it has received one regulatory event and four customer complaints that evolved into arbitration.
In 2015 a customer alleged Presidential Brokerage breached its fiduciary duty, recommended unsuitable investments, breached contract, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of more than $654,000.
In 2005 the National Association of Securities Dealers sanctioned the firm in connection to allegations the firm, through an employee, failed to report or timely report “matters that required disclosure within 10 days” and additionally that it failed to establish a supervisory system that was adequately designed to achieve compliance with relevant rules. The NASD’s findings stated additionally that the firm, through an employee, failed to supervise the conduct of certain representatives “who were employing trading strategies with customers located abroad”; and that the firm, through an employee, recommended mutual fund “B” shares to a customer for whom “A” shares would have been more suitable. The firm was censured and issued a fine of $70,000.
In 1997 a customer alleged Presidential Brokerage misrepresented material facts and failed in its supervisory duties. The complaint resulted in an award to the customer of $125.
In 1997 a customer alleged Presidential Brokerage breached its fiduciary duty, misrepresented material facts, executed unauthorized trades, and failed in its supervisory duties. The complaint resulted in an award to the customer of $13,695.
In 1995 a customer alleged the firm misrepresented material facts, acted negligently, and breached its fiduciary duty. The complaint resulted in an award to the customer of more than $38,351.
If you or someone you know has a complaint regarding Presidential Brokerage, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect 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.