Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Iowa-based brokerage and advisory firm Principal Securities has received several customer disputes and regulatory events. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Principal Securities (CRD# 1137).
Established in Iowa in 1968, Principal Securities is headquartered in Des Moines, Iowa and registered with 52 US states and territories. According to its BrokerCheck Report, the firm has received seven regulatory events and three customer complaints that evolved into arbitration.
In October 2017 FINRA sanctioned Principal Securities in connection to allegations that its “system for supervising additions to existing variable annuities” was not adequately designed to ensure compliance for at least a period of three years. FINRA’s findings stated that the system failed to comply with rules governing suitability of investment recommendations, “a problem that affected more than 4,000 transactions.” The firm was censured and issued a fine of $250,000.