Foothill Securities – Investor Alert – UPDATED

UPDATE: FOOTHILL SECURITIES HAS BEEN ACQUIRED BY SECURITIES AMERICA.

UPDATE 12/21/16: FINRA fined Foothill Securities $30,000 for allegedly exceeding concentration guidelines relating to non-traded REIT sales, according to a letter of acceptance, waiver and consent the firm entered into with FINRA.  Foothill maintained written concentration guidelines limiting customers’ investments in non-traded REITs and other illiquid investments, as required by FINRA.  The guidelines prohibited individual orders from exceeding 10% of a customer’s investible net worth at the time the order is placed.  Additionally, no single order should increase the customer’s overall concentration over 20% of his or her investable net worth.  During March 2008, Foothill Securities approved sales that exceeded its concentration guidelines for at least 21 customers of 2 of the firm’s registered representatives.

Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with Foothill Securities. If you suffered losses investing with Foothill Securities, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.

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 Foothill 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.