First Allied Securities – Investor Alert – UPDATED
Update 11/2/16: FINRA fined eight firms, including First Allied, a total of $6.2 million and ordered five of them to pay another $6.3 million in restitution for failing to supervise the sales of variable annuities. First Allied was also found to have other compliance failures in its oversight and supervision of advisers. The variable annuities under scrutiny were L-share annuities that are considered “potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.” According to FINRA, L-share annuities could “pay greater compensation to the firms and registered representatives than more traditional share classes.
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with First Allied Securities. If you suffered losses investing with First Allied Securities, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
First Allied Securities (CRD# 32444) (SEC# 8-46167)
As of August 24, 2016, First Allied Securities’s FINRA BrokerCheck Report contains the following:
15 Regulatory Event Disclosures
0 Civil Event Disclosures
14 Arbitration Disclosures
0 Bond Disclosures
Main Office Location
655 WEST BROADWAY 12TH FLOOR
SAN DIEGO, CA 92101
Mailing Address
655 WEST BROADWAY 12TH FLOOR
SAN DIEGO, CA 92101
Business Telephone Number
(619) 702-9600
Direct Owners and Executive Officers
FAS HOLDINGS, INC. – SOLE SHAREHOLDER
ANTONIADES, ADAM NICHOLAS (CRD# 2261744) – DIRECTOR
BALLARD, JAMES DAVID (CRD# 1714327) – OFFICER
BARTLETT, DONNA (CRD# 1813672) – CHIEF COMPLIANCE OFFICER
BELTRAN, JESUS MANUEL (CRD# 4642364) – VP SUPERVISION
BOROWSKI, LUANNE MARIE (CRD# 2310126) – RIA CHIEF COMPLIANCE OFFICER
BRETADO, SANTIAGO AVILA (CRD# 1945627) – FIN OP/ CHIEF FINANCIAL OFFICER
CONDRA, SHANNON ROSE (CRD# 1358344) – VP
HARRISON, BRETT LAMAR (CRD# 4032238) – DIRECTOR
HERRINGTON, RIVERS (CRD# 3213308) – REGULATORY AFFAIRS
KEEFE, KEVIN MICHAEL (CRD# 1869560) – PRESIDENT
MARQUARDT, LIZA GUSE (CRD# 1013879) – TRADING PRINCIPAL
MERRILL, GARRETT JAMES (CRD# 4306692) – HEAD OF BUSINESS UNIT
OLSON, GREGORY ALAN (CRD# 2692482) – ASST. SECRETARY
ROGERS, JAN WILLIAM (CRD# 2414139) – AML COMPLIANCE OFFICER
SHELSON, MARK PAUL (CRD# 1819252) – TREASURER
SMILEY, STANLEY ROBERT (CRD# 3004604) – VP
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with First Allied Securities and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.
