FINRA has censured Securities America and fined it $100,000 for making inaccurate and misleading statements to clients via emails.

The firm’s email monitoring system failed to detect emails containing misrepresentations, according to FINRA’s Letter of Acceptance, Waiver and Consent in the matter. As a result, three registered representatives in the firm’s 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.

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