Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 4, 2018 indicate that Nebraska-based brokerage firm Securities America was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Securities America (CRD# 10205).
Established in Delaware in 1984, Securities America is headquartered in La Vista, Nebraska and registered with 53 US states and territories. According to the firm’s BrokerCheck report, it has been involved in 53 regulatory events and 27 customer complaints that evolved into arbitration.
In September 2018 FINRA sanctioned the firm in connection to allegations it failed to maintain and enforce a supervisory system and written supervisory procedures that were reasonably designed to ensure that its representatives recommendations of variable annuity investments were in compliance with relevant laws, rules and regulations. FINRA’s findings stated additionally that though the firm sold variable annuity contracts with options for different share classes, its procedures “did not specifically address the suitability issues pertaining to the fees and costs or surrender periods of the different variable annuity share classes,” and that they also failed to address when “additional scrutiny” might be necessary during the firm’s principal review and approval process for variable annuity transactions. In connection with these and other findings, the firm was censured and issued a fine of $175,000.
In 2017 the Massachusetts Securities Division sanctioned the firm in connection to allegations it failed to reasonably supervise agents. The firm was censured and issued a fine of $125,000.
In 2016 the Nebraska Department of Banking and Finance sanctioned the firm in connection to allegations it unsuitably recommended a customer purchase and hold non-traditional exchange-traded funds and failed to supervise a representative in connection to such. The firm was issued a fine of $30,000.
In 2015 a customer alleged the firm breached its fiduciary duty, misrepresented and omitted material facts, recommended unsuitable investments, failed to supervise, and acted negligently. The complaint resulted in an award to the customer of more than $552,600.
In 2010 a customer alleged Securities America misrepresented and omitted material facts, breached its fiduciary duty, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of more than $1,155,400.
In 2006 a customer alleged Securities America breached its fiduciary duty, misrepresented and omitted material facts, and made unsuitable investment recommendations. The complaint resulted in an award to the customer of more than $15,590,000.
In 2005 a customer alleged Securities America breached its fiduciary duty, misrepresented material facts, breached contract, and acted negligently. The complaint resulted in an award to the customer of more than $7,284,400.
If you or someone you know has lost money investing with Securities America, 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.