Did you suffer investment losses with Royal Alliance Associates (CRD# 23131) (SEC# 801-54859, 8-40218)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Royal Alliance Associates. If you suffered losses investing with Royal Alliance Associates, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 5, 2020, Royal Alliance Associates’s FINRA BrokerCheck Report contains the following:
41 Regulatory Event Disclosures
29 Arbitration Disclosures
7 Bond Disclosures
UPDATE 4/11/2020: According to FINRA’s March 2020 Disciplinary Actions: “Royal Alliance Associates, Inc. (CRD #23131, Jersey City, New Jersey) January 16, 2020 – An AWC was issued in which the firm was censured, fined $400,000 and required to certify to FINRA that it has established and implemented policies, procedures and internal controls reasonably designed to address and remediate the issues identified in the AWC. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to enforce its procedures or, in certain instances, respond reasonably to red flags of potential misconduct in processing wire transfer and check requests through which thefts were perpetrated. The findings stated that two of the firm’s registered representatives, acting independently of each other, stole more than $3,800,000 from customers. The firm has compensated all of the customers addressed in the AWC. (FINRA Case #2017056769402)”
UPDATE 1/22/2019: William Galvin, Secretary of the Commonwealth of Massachusetts, has charged Royal Alliance Associates in connection with unsuitable investment advice. See Commonwealth of Massachusetts, Office of the Secretary of the Commonwealth, Securities Division, Docket No. E2-2018-0093, Administrative Complaint.
Main Office Location
10 EXCHANGE PLACE
JERSEY CITY, NJ 07302
10 EXCHANGE PLACE
JERSEY CITY, NJ 07302
Business Telephone Number
Royal Alliance Associates’s Direct Owners and Executive Officers
ADVISOR GROUP, INC., SHAREHOLDER
GOLDIN, DMITRY NMN (CRD#:3011313), DIRECTOR, CHIEF EXECUTIVE OFFICER, PRESIDENT
GULDNER, ROBERT JOHN (CRD#:2283980), CHIEF COMPLIANCE OFFICER, INVESTMENT ADVISORY
HAMEL, CYNTHIA ANN (CRD#:3014361), CHIEF OPERATIONS OFFICER, EVP
PRICE, JAMES DALE (CRD#:1243224), CHAIRMAN, DIRECTOR
SACCA, JUSTIN IVES (CRD#:4043711), VICE PRESIDENT, CHIEF COMPLIANCE OFFICER
SCHLUETER, MATTHEW ADAM (CRD#:2627931), DIRECTOR, EVP
SCHMIDT, DAVID MARTIN (CRD#:5675524), PRINCIPAL FINANCIAL OFFICER, PRINCIPAL OPERATIONS OFFICER, TREASURER AND FNOP
SIDLO, THOMAS BLAKE (CRD#:1012276), MUNICIPAL PRINCIPAL
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.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. 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.
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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.
Formerly Known As, Aliases, and Affiliates
1752 FINANCIAL SOLUTIONS,1752 FINANCIAL SOLUTIONS, LLC,30,000 FT. WEALTH MANAGEMENT,401KCONCEPTS,A&M FINANCIAL,A&M FINANCIAL SERVICES,ACORN CONSULTING SERVICES INC,ACORN FINANCIAL SERVICES INC,ADAPTATION FINANCIAL ADVISORS,ADVANCED FINANCIAL CONSULTANTS,ADVISOR SERVICES GROUP LLC,AFFILIATED ADVISORS,ALEXANDER FINANCIAL SERVICES,ALLEGIANCE FINANCIAL ADVISORS, INC.,ALLEGIANCE FINANCIAL PARTNERS,ALLEGIANT INVESTMENTS AND INSURANCE,ALLEN WEALTH STRATEGEIS,ALLEN WEALTH STRATEGIES,AMERICAN BENEFIT FINANCIAL SERVICES, INC.,AMES FINANCIAL & RETIREMENT SOLUTIONS,AMP CONSULTING GROUP,ANDERSON FINANCIAL SERVICES,ANDERSON WEALTH MANAGEMENT,ANDERSON-HANSEN TEAM,ANGELA MILLER FINANCIAL & INSURANCE SERVICES,APPEL INSURANCE ADVISORS, LLC,AQUIDNECK WEALTH MANAGEMENT, LLC,ARK WEALTH MANAGEMENT,ARMSTRONG & ASSOCIATES,ARMSTRONG WEALTH MANAGEMENT,ARROWPOINT INVESTMENT SERVICES,ASPENCROSS WEALTH MANAGEMENT,ASPIRE FINANCIAL GROUP,ASPIRE FINANCIAL PARTNERS,ASSOCIATED FINANCIAL ADVISORS, LTD.,ATCHLEY FINANCIAL GROUP INC.,ATLANTIC ADVISORS LLC,ATLANTIC ADVISORS, LLC,ATLANTIC HARBOR WEALTH MANAGEMENT,ATLANTIC PARTNERS FINANCIAL GROUP,ATLANTIS FINANCIAL,ATLANTIS WEALTH MANAGEMENT,ATM FINANCIAL SERVICES,ATTICUS WEALTH MANAGEMENT,B & C FINANCIAL SERVICES, LLC,BACCI INVESTMENTS GROUP,BACH INVESTMENTS PLUS, LLC,BAIR FINANCIAL SERVICES,BAIZE FINANCIAL CONCEPTS,BALA FINANCIAL GROUP,BALA FINANCIAL GROUP, INC.,BALCOM INVESTMENTS,BAXI INSURANCE AND FINANCIAL SERVICES,BDA FINANCIAL, LLC,BEACON ADVISOR GROUP,BEAULIEU FINANCIAL GROUP,BEAULIEU WEALTH MANAGEMENT,BEECH TREE HILL WEALTH MANAGEMENT,BENCHMARK FINANCIAL SERVICES, LLC.,BENCHMARK FINANCIALBGROUP, INC,BENEFIT COMPENSATION GROUP,BENEFIT CONCEPTS,BENEFIT MANAGEMENT SPECIALISTS 360,BENEFIT PLANNERS & COMPANY LLC,BEVERLY A. WENDT FINANCIAL PLANNING AND WEALTH MANAGEMENT,BEVERLY HILLS FINANCIAL PLANNERS,BEYOND ASSET MANAGEMENT,BHK FINANCIAL SERVICES, INC.,BIRNBAUM ADVISORY,BJFS, LLC,BLUEPRINT FINANCIAL AND INSURANCE SERVICES, LLC,BLUMARK,BOEDEKER INSURANCE SERVICES,BONCZEK FINANCIAL SERVICES,BONNIE LAFFIE FINANCIAL SERVICES,BOOK & CO.,BOSTON BAY ADVISORS TEAM,BOSTON PARTNERS INSURANCE AGENCY, LLC,BOSTON STREET PRIVATE,BOWERS DIGMANN FINANCIAL,BOWLIN FINANCIAL, LLC,BOYER FINANCIAL GROUP,BPG WEALTH MANAGEMENT LLC POWERED BY BUSINESS PLANNING GROUP,BRENKOVICH FINANCIAL MANAGEMENT,BRIAN L. JOHNSON, WEALTH ADVISOR,BRIMLEY FRISCH WEALTH MANAGEMENT,BRUNO ASSET MANAGEMENT,BSCC FINANCIAL,CALKINS WEALTH STRATEGIES,CAMPBELL INSURANCE & FINANCIAL SERVICES,CANYON WEALTH MANAGEMENT AND INSURANCE SOLUTIONS,CASTER FINANCIAL,CASTER FINANCIAL SERVICE,CENTINEL FINANCIAL GROUP, LLC,CENTRAL FINANCIAL GROUP,CENTRAL FINANICAL GROUP,CENTURION WEALTH ADVISORS,CFA INSURANCE,CHEESEMAN FINANCIAL,CHESTNUT STREET ADVISORS,CIA COMPANIES,CLARITY FINANCIAL PLANNING,CLARKSTON FINANCIAL SERVICES,CLASS ADVISORS,CLEARVIEW WEALTH MANAGEMENT,CLIENT 1ST FINANCIAL,CLIENT 1ST FINANCIAL LLC.,CLIENT FOCUSED ADVISORS,CLIENT FOCUSED ADVISORS, LLC,CLINE FINANCIAL PARTNERS,COMMUNITY INSURANCE & FINANCIAL SERVICES,COMPASS CONSULTING,COMPASS FINANCIAL BY ALTMEYER,COMPASS STRATEGIC PLANNING,CONCIERGE FINANCIAL ORGANIZATION,CORBIN FINANCIAL,CORBIN FINANCIAL INC.,CORE FINANCIAL,CORE FINANCIAL PARTNERS,CORNERSTONE FINANCIAL SOLUTIONS, LLC,CORNERSTONE INVESTMENT GROUP,CREATIVE BENEFIT CONCEPTS LLC,CREATIVE BENEFITS,CROWN FINANCIAL PARTNERS,DALY & ASSOCIATES,DARREL PECK INSURANCE,DAUTERMAN FINANCIAL,DAVID BALL MSF CEO,DAVIDSON FINANCIAL PLANNING,DAVIS ASSOCIATES,DAWSON & BERTRAN,DAWSON & BERTRAN INVESTMENT ADVISORS,DB WEALTH MANAGEMENT LLC,DELAWARE VALLEY FINANCIAL PARTNERS,DELLA PORTA AGENCY, LLC,DELTA STRATEGIES,DESIGN YOUR FUTURE, LLC,DILORENZO & BARLETTA WEALTH MANAGEMENT,DIOGENES GROUP,DIXON FINANCIAL,DIXON FINANCIAL, LLC,DONATO FINANCIAL GROUP LLC,DOUBLE DIAMOND FINANCIAL & INSURANCE,DOUBLE DIAMOND FINANCIAL & INSURNACE