Securities America just took the first hit from its involvement with defunct Medical Capital Holdings, a former California lender.
An arbitration panel at the Financial Industry Regulatory Authority imposed a $1.2 million arbitration award on the independent broker-dealer and Randall Ray Talbott, one of its affiliated registered reps. In an award handed down Dec. 31, FINRA effectively backed up claims that Securities America breached its fiduciary duty, violated industry rules, failed to properly supervise one of its brokers, and intentionally and negligently misrepresented facts related to the sale of private placements from Medical Capital.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access