Did you suffer investment losses with General Securities Corp (CRD# 15062) (SEC# 8-31654)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with General Securities Corp. If you suffered losses investing with General Securities Corp, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of April 4, 2020, General Securities Corp’s FINRA BrokerCheck Report contains the following:
8 Regulatory Event Disclosures
3 Arbitration Disclosures
Main Office Location
NORTH KANSAS CITY, MO 64116
NORTH KANSAS CITY, MO 64116
Business Telephone Number
General Securities Corp’s Direct Owners and Executive Officers
SAVING STREET CHILDREN INC, PRIVATE NON-PROFIT FOUNDATION
MILLER, DAVID SCHUMWAY (CRD#:334607), PRESIDENT/CCO
SCHERBENSKE, STEPHEN JON (CRD#:1048556), CHIEF FINANCIAL OFFICER
Due Diligence Requirement
FINRA requires broker-dealers 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. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability.
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This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.