Articles Tagged with FINRA Rule 3110

FINRA has censured and fined Miami-based brokerage Primary Capital, LLC (“Primary”) over supervisory failures and advertising violations related to its EB-5 business. The EB-5 Immigrant Investor Program is overseen by the United States Citizenship and Immigration Services (USCIS) and was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.

According to FINRA, Primary acted as finder or placement agent for at least 70 EB-5 offerings during the period of December 2013 through February 2019.

If you have suffered investment losses with Primary Capital, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has fined and censured the O.N. Equity Sales Company, Inc. (“ONESCO”) over the firm’s failure to supervise a broker’s recommendations involving the purchase and liquidation of variable annuities. ONESCO was fined $275,000 and ordered to pay $1 million in restitution to customers.

Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. Typically, variable annuities assess surrender charges for customers taking early withdrawals beyond a specified percentage of the annuity’s account value. Customers can also incur tax penalties and additional charges for early withdrawals. As such, they are generally not appropriate for customers with a short-term investment horizon.

If you have lost money with ONESCO, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has fined UnionBanc Investment Services, LLC (“UBIS”) $100,000 over supervisory violations related to variable annuity transactions and exchanges.

Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. 

If you have lost money with UnionBanc Investment Services, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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