Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating complaints against broker-dealer Securities America, Inc., a a wholly owned subsidiary of Ladenburg Thalmann Financial Services, Inc.
According to the Financial Industry Regulatory Authority (FINRA), Nebraska based brokerage firm Securities America, Inc. (CRD# 10205) has been the subject of at least 29 customer complaints and 46 regulatory events, including sanctions.
In 2015, Securities America entered into an Acceptance, Waiver and Consent with FINRA and consented to sanctions and findings that it failed to identify and apply sales charge discounts to certain customers’ eligible purchases of Unit Investment Trusts (UITs). As a result, the firm was censured, fined $275,000 and ordered to pay $477,686.88 in restitution.
In 2015, the Oregon Department of Consumer and Business Services, sanctioned Securities America following allegations of unsuitability, failure to supervise, and failure to enforce its written supervisory procedures. Securities America was fined $70,000.
In 2005, a customer alleged that Securities America made misrepresentations, breach its fiduciary duty, breached its contract and was negligent in the handling of the customers account. A FINRA arbitration panel awarded the customer $7,284,439.01.
In 2010, a customer alleged that Securities America made misrepresentations and/or omitted facts, breached its fiduciary duty, was negligent and failed to supervise the customer’s account. A FINRA arbitration panel awarded the customer $1,155,466.01.
In 2012, a customer alleged that Securities America breached its fiduciary duty and made misrepresentations concerning Real Estate Investment Trusts (REITs). A FINRA arbitration panel awarded the customer $573,316.29.
If you or someone you know lost money investing with Securities America, Inc., you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid. Your time to file a claim may be limited, so contact us today at (212) 658-0458 or firstname.lastname@example.org for a free and confidential case evaluation.