Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against First Financial Equity Corporation For recommending unsuitable ETFs (Exchange Traded Funds), charging excessive commissions and for failure to supervise.
As reported by FINRA, First Financial Equity Corporation had inadequate procedures with respect to the reasonable-basis suitability requirements, in that it had inadequate processes and procedures to ensure that requisite customer information was obtained prior to its representatives recommending securities and/or investment strategies involving securities to firm customers. Although First Financial Equity Corporation recommended and sold exchange-traded funds (ETFs) (including leveraged and inverse ETFs) to its customers, it did not have any written procedures for the supervision, approval and sale of ETFs.
FINRA also found that First Financial Equity Corporation failed to reasonably supervise a registered representative. After the firm’s risk manager identified certain commissions being charged by the registered representative as being excessive, it failed to take reasonable steps to supervise and address the same.
If you or someone you know lost money investing with First Financial Equity Corporation 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.