Articles Tagged with Mutual Funds

Crown Capital Securities, L.P. (“Crown Capital”), a dually-registered investment adviser and broker-dealer based in California, agreed to pay $1.6 million to settle charges brought by the Securities and Exchange Commission (“SEC”) over the firm’s disclosure failures regarding investment advice it gave about mutual funds and cash sweep money market funds. Specifically, the SEC alleged that the company did not disclose its conflicts of interests related to mutual fund share classes, cash sweep arrangements, and no-transaction-fee revenues.

Without admitting or denying the findings, Crown Capital consented to a cease-and-desist order, censure, and agreed to pay disgorgement of $1,138,740, prejudgment interest of $154,173, and a civil penalty of $295,000. The firm also agreed to distribute funds to harmed clients and comply with certain undertakings.

If you have lost money with Crown Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority (“FINRA”) and Farmers Financial Solutions, LLC (“Farmers Financial”) entered into a Letter of Acceptance, Waiver, and Consent No. 2017052173001 on June 21, 2021, after FINRA alleged supervisory failures related to variable universal life insurance contracts (“VUL”) and mutual fund businesses.  The firm was censured and fined $1,000.

If you have suffered financial harm as a result of investing in variable universal life insurance contracts or mutual funds with Farmers Financial Solutions, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential consultation.

Farmers Financial Solutions, LLC

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020.  Merrill Lynch terminated Mr. Raskin’s employment on March 4, 2020, alleging that his business practices were inconsistent with Merrill Lynch’s standards.  The business practices purportedly included inappropriate investment recommendations involving mutual funds.

According to public records, shortly after Mr. Raskin’s termination, a customer complained that Mr. Raskin engaged in unauthorized trading and churning of mutual funds and money funds from January 2018 until January 2020. Peculiarly, Merrill Lynch denied this customer’s complaint.

Investors should be aware that filing a complaint directly with a financial institution, like Merrill Lynch, is not the same as filing a securities arbitration complaintIf an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.

FINRA has sanctioned Transamerica Financial Advisors, Inc. (“Transamerica Financial”) for its failure to reasonably supervise its financial advisors’ recommendations of three different products – variable annuities, mutual funds, and 529 plans.  These recommendations resulted in significant customer harm and financial loss.  Transamerica Financial was ordered to pay $4.4 million in restitution to approximately 2,400 affected customers and also fined an additional $4.4 million.

Investors who have received partial restitution from Transamerica Financial through FINRA’s order may still be entitled to additional recovery.  A FINRA partial restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies.

If you have lost money with Transamerica Financial Advisors, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP.  Iorio Altamirano LLP represents investors with disputes with their financial advisors or brokerage firms, such as Transamerica Financial Advisors, Inc.

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