Trump Securities Sanctioned by FINRA in Connection to Alleged Rule Violations

Trump SecuritiesPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 19, 2017 indicate that New York-based brokerage firm Trump Securities was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Trump Securities (CRD# 47107).

Established in Delaware in 1998, Trump Securities is headquartered in New York, New York and registered with 50 US states and territories. Fredric Obsbaum is Chief Compliance Officer; Shelley Stupay is a Member; Michael Stupay is a Member; Shelley Spindel is a Member; and Howard Spindel is a Member. The firm is registered with FINRA and the Securities and Exchange Commission.

According to the firm’s BrokerCheck report, it was recently sanctioned by FINRA.

In May 2017 FINRA sanctioned the firm following allegations it “failed to ensure that it reasonably complied with the requirements related to the inspection of non-branch office locations” and additionally “failed to adequately implement its customer identification program (CIP) with respect to individuals and entities who invested… in a private placement through the firm.” According to a letter of Acceptance, Waiver and Consent (No. 2013035264401) signed by the firm and submitted to FINRA: “TSL solicited the investors, provided them with offering documents that prominently mentioned the Firm’s name as placement agent, and facilitated the investors’ payments to the issuer. As such, the investors had a formal relationship with the Firm to effect transactions in securities and, therefore, compliance with the CIP rule was required.” The letter also states that during the relevant period: “, the Firm did not establish and maintain a supervisory system and written procedures through which TSL could reasonably determine whether its brokers’ personal trading complied with securities laws and rules. Specifically, the Firm did not require brokers to request and receive prior approval for personal trades in securities related to the companies for which they conducted TSL work and did not maintain watch lists or restricted lists to assist supervisors in their evaluation of employee trading.” The firm was censured and issued a fine of $45,000.

If you or someone you know has complaints regarding Trump Securities, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.