A FINRA customer complaint involving Orchard Securities broker Alma Edwards Faerber alleges that Ms. Faerber recommended alternative investments that were unsuitable. The claim, which was filed on December 11, 2020, is related to Ms. Faerber’s previous association with Triad Advisors. The claim seeks $1 million in damages.
Triad Advisors is one of the Advisor Group network broker-dealers. The firm was fined $150,000 by FINRA earlier this year for failing to adequately supervise short-term trades of mutual fund A shares and variable annuity exchanges. Last year, the firm reported three new investor claims related to private placements sales. According to InvestmentNews, per SEC filings, Advisor Group firms have increased legal reserves by about $4.4 million compared to the prior year.
Iorio Altamirano LLP is currently investigating claims on behalf of defrauded investors who were victims of the GPB funds scheme. GPB Capital sold unregistered, high commission limited partnership interests in eight alternative-asset investment funds. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, both Triad Advisors LLC and Orchard Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.
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