Securities law firm Carmel, Milazzo & DiChiara LLP (“CMD”) is investigating claims against brokerage firm Ari Financial Services, Inc. and broker William Candler for suitability and failure to supervise.
In August 2016, Ari Financial Services, Inc. and broker William Candler entered into an Acceptance, Waiver & Consent (“AWC”) with FINRA. Ari Financial Services, Inc. and broker William Candler consented to FINRA sanctions and to the entry of findings that William Candler failed to conduct reasonable due diligence regarding a private placement that the firm sold directly to retail investors. The findings stated that as a result, Ari Financial Services, Inc. lacked a reasonable basis to believe that the private placement was suitable for any investor. The offering was later discovered to be a Ponzi scheme, and customers who purchased interests lost their collective investment principal of approximately $560,000. The findings also stated that as a result of deficiencies in its supervisory system, the Ari Financial Services, Inc. failed to identify and prevent the dissemination of misleading and imbalanced advertising and sales materials by registered brokers, and failed to ensure that the offering materials prepared and distributed contained sufficient and accurate disclosures. The findings also included that Ari Financial Services, Inc. failed to document the written approval of the advertising and sales material it used, and the first and last dates of use.
If you or someone you know lost money investing with Ari Financial Services, Inc. and/or William Candler , 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 email@example.com for a free and confidential case evaluation.