We pride ourselves on providing quality legal services to our clients and handle securities fraud cases throughout the country. On December 29th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $4,000 for allegedly engaging in dishonest and unethical business practices, by both employing an individual who engaged in cold-calling without being registered as an agent under Connecticut securities law, and employing one or more agents who used sales presentations to mislead potential customers. Reuters reported the results of a comprehensive investigative report in 2017 that focused on broker-dealers and investment firms that currently employ a high concentration of financial advisors and brokers who had red flags on their record with FINRA. NATIONAL SECURITIES CORPORATION and their registered representative (Respondents). Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights. Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment in question is suitable for any of their clients that they are pushing it on. She received her law degree from American University in 2005. According to the firms BrokerCheck report, National Securities, which is based in Boca Raton, Florida, and has 574 registered reps and advisers, filed its termination requested paperwork with the Financial Industry Regulatory Authority Inc. and has moved its advisers into B. Riley Wealth Management. Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment security in question is suitable for any of their clients that they are pushing it on. Prior Results do not guarantee a similar outcome. The firm was also alleged to have failed to report settlements of customer FINRA dispute resolution claims for damages exceeding $15,000 within the required time period. Even when the issuers of these investments failed to make timely interest payments and defaulted on principal payments, National Securities Corporation continued to allow its representatives to sell additional offerings. The Law Firm, at no cost to investors, will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. This includes: National Securities Corporation is headquartered in Seattle, Washington, and the firm is licensed to operate in 53 U.S. states and American territories. 2023 InvestmentNews LLC. The lawsuit states that the Respondents actions have caused the Claimants alleged damages of approximately $1,000,000.00 The lawsuit allegations are as follows: negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Floridas Investor Protection Act 517. WebKevin Keane, of Chicago, Illinois, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on June 26, 2014, for $11,800.00 in damages based upon allegations that Keane negligently handled the customers investment account, breached In June of 2017, Reuters released the results of a comprehensiveinvestigative reportfocusing on broker-dealers that currently employ a high concentration of brokers who had red flags on their record with FINRA. Plaintiffs and the Class Members claim that Defendant negligently offered and recommended securities of Beamreach Solar (f/k/a Solexel) forsale to them, without a reasonable basis. You may ask the Court for permission for you or your attorney to speak about your objection at the Final Approval Hearing. Notably, this was a penny stock. Gibbs Law Groupsfinancial fraudandsecurities lawyershave more than two decades of experience prosecuting fraud. However, FINRA arbitration offers investors a potential path to recovery of their investment losses. Even when the issuers of these investments failed to make timely interest payments and defaulted on principal payments, NSC continued to allow its representatives to sell additional offerings. The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: First Capital REIT, American Finance Trust (AFIN), New York City REIT and ARC Healthcare Trust II, Inc. GPB Capital Holdings, We are a nationwide litigation law firm that represents individuals and entities who have been the victims of negligence, fraud or the misconduct of powerful interests. A .gov website belongs to an official government organization in the United States. Web 78aaa et seq.) Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others. Call us now for a free consultation at, Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating. Submit cyber threat indicators and defensive measures with DHS and the Federal Government (includes sharing under the Cybersecurity Information Sharing Act of 2015). National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida. NSC also failed to enforce, establish, and maintain a sufficient supervisory process /system designed to comply with rules in connection with the sale of private placements for investors. The State of Indiana Securities Division and National Securities Corporation entered into an Order of Consent and agreed in December 2013 to a, Securities Corporations financial advisors allegedly made unsuitable, former National Securities Corporation financial advisor, fine for failure to properly supervise a financial, Securities Division alleged the financial advisor. The Indiana Securities Division alleged the financial advisor was not yet properly registered in Indiana when he was opening accounts with clients residing in Indiana. To settle the matter, National Securities agreed to pay: disgorgement of $4.8 million in net profits it received for underwriting the 10 public offerings; $625,000 in restitution for failing to disclose material information in 2018 to customers who purchased GPB Capital Holdings private placements; and a $3.6 million fine for this misconduct and various other supervisory and operational violations. Some of the most common complaints against a brokerage firm or stock broker include: Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Mainly, FINRA sanctioned the securities broker, who worked for Joseph Stone Capital LLC. In particular, defects that allow intruders to gain increased levels of access or interfere with the normal operation of systems are vulnerabilities. Between April 2018 and July 2018, negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statementsfor which FINRA has ordered the firm to pay restitution of more than $625,000 to those customers; Between January 2005 and April 2020, failed to obtain locates for over 33,000 short sale transactions as required by Rule 203(b)(1) of Regulation SHO under the Exchange Act; Between September 2013 and May 2017, failed to reasonably supervise one of its representatives by failing to respond to multiple red flags that he was falsifying information about customers assets and suitability information in order to avoid NSCs limits on concentration levels that applied to his non-traded real estate investment trust recommendations; and. According to investment bank Robert A. Stanger & Co. Inc., January nontraded REIT sales to retail investors totaled just $596 million. Anyone who invested with National Securities Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. National Securities. Read this notice carefully. National Securities Corporations financial advisors allegedly made unsuitable recommendations. For more information about The White Law Group call our Chicago office at 312-238-9650 or visit us on the web at http://www.whitesecuritieslaw.com. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. Attorney Advertising. WebOn December 4th, 2014, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured GPB Capital Holdings, LLC private placements. Read more about our results. The securities attorneys We have a proven track record helping creditors and investors recover funds, both in the UK and abroad, with particular expertise in cases involving bitcoin scams and binary option trading fraud. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. My in-laws lost their retirement funds to a dishonest broker. Abuse or misuse of a system or data in violation of policy. In this latest dispute, Tesla, followed by news that the National Highway Traffic Safety Administration which makes a corporation's controlling persons, like Musk and his CFOs, liable for section 10b violations. National Securities Corporation has been the subject of many regulatory matters. Of approximately 70 FINRA disclosures, at least 15 are customer initiated arbitrations against the firm. Silver Law is actively investigating several current and former National Securities advisors. This means that you will not have to pay an hourly rate or pay out-of-pocket in advance for legal representation. Both National Securities and B. Riley Wealth Management used Fidelitys National Financial Services as a clearing firm, so transferring client accounts was a seamless task, executives said in an interview Friday morning. National Securities Corporation entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA in which the firm was censured and ordered to pay restitution of $175,000 for failing to have reasonable grounds to believe that private placements offered by Provident Royalties, LLC and Medical Capital Holdings, Inc. were suitable for any customer. negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statements, If you invested in a GPB or another product through National. Federal incident notification guidelines, including definitions and reporting timeframes can be found here. Joe Peiffer, Responsible Attorney. Among the reasons for the fine include the firms disclosure failures regarding GPB Capital. Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell Peer Review Ratings AV rated lawyers that handle all securities arbitration matters on a contingency fee basis. On June 23, 2022, FINRA announced that it had fined and sanctioned National Securities Corporation for approximately $9 million it received for underwriting 10 public offerings in an attempt to artificially influence the market. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. LPL's disclosure follows a crackdown by US regulators on financial firms' failure to monitor employee communications on messaging apps. 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