FINRA has censured Securities America and fined it $100,000 for making inaccurate and misleading statements to clients via emails.
The firms email monitoring system failed to detect emails containing misrepresentations, according to FINRAs Letter of Acceptance, Waiver and Consent in the matter. As a result, three registered representatives in the firms Cleveland office were able to send misleading emails to clients describing investments variously as stable, completely liquid and, in one case, a very safe, sleep at night investment, according to the letter.
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