Did you suffer investment losses with Securities America (CRD# 10205) (SEC# 8-26602)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Securities America. If you suffered losses investing with Securities America, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
UPDATE 5/12/2020: Following its acquisition of Ladenburg Thalmann earlier this year, Advisor Group plans to consolidate Investacorp, Securities Service Network (SSN), and KMS Financial Services, three former Ladenburg broker-dealers, into Securities America, the largest of Ladenburg’s former broker-dealers. The consolidation will begin this summer and is slated to wrap up by the fourth quarter of this year. Former Ladenburg firms, Securities America and Triad Advisors, will remain stand-alone firms, alongside the pre-existing Advisor Group firms FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial Services. The company indicated that no further integration of broker-dealer and RIA firms resulting from the Ladenburg merger is anticipated.
As of May 5, 2020, Securities America’s FINRA BrokerCheck Report contains the following:
52 Regulatory Event Disclosures
27 Arbitration Disclosures
5 Bond Disclosures
Main Office Location
12325 PORT GRACE BLVD.
LAVISTA, NE 68128
PO BOX 460001
PAPILLION, NE 68046-0001
Business Telephone Number
Securities America’s Direct Owners and Executive Officers
SECURITIES AMERICA FINANCIAL CORP. – HOLDING COMPANY
BLANCATO, PHILIP SALVATORE (CRD# 2122221) – DIRECTOR
GIOVANNIELLO, JOSEPH JR (CRD# 3086071) – DIRECTOR
GRIFFITH, DOREEN LOUISE (CRD# 4110247) – EXECUTIVE VICE PRESIDENT, CHIEF INFORMATION OFFICER
HULETT, KIRK JESSE (CRD# 2528380) – EXECUTIVE VICE PRESIDENT, STRATEGY & PRACTICE MANAGEMENT, DIRECTOR
JOHNSON, GREGG HOWARD (CRD# 2110658) – EXECUTIVE VICE PRESIDENT, BRANCH OFFICE DEVELOPMENT AND ACQUISITIONS
KAUFMAN, BRETT H (CRD# 5514420) – DIRECTOR
LASSWELL, MARK THOMAS (CRD# 2092593) – SENIOR VICE PRESIDENT, CHIEF COMPLIANCE OFFICER, AML OFFICER, ITPP & PRIVACY OFFICER
LOFTIES, PAUL RAYMOND (CRD# 2842911) – SENIOR VICE PRESIDENT OF WEALTH MANAGEMENT
MALAMED, ADAM SCOTT (CRD# 2560518) – DIRECTOR
MILLER, KEVIN JOSEPH (CRD# 4133001) – EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL & SECRETARY
NAGENGAST, JAMES DELWYN (CRD# 2571451) – PRESIDENT, DIRECTOR & CEO
VAUGHAN, DAVID JOHN JR (CRD# 2603399) – SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER & FINOP
WERTHEIM, PAMELA JANINE (CRD# 1311477) – SENIOR VICE PRESIDENT, CHIEF MARKETING OFFICER, DIRECTOR
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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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
TMG SECURITIES, INC., TYMAN SECURITIES, INC., WILLIAMS, WILD & LARSON SECURITIES, INC., TMG SECURITIES, INC., TYMAN SECURITIES, INC., WILLIAMS, WILD & LARSON SECURITIES, INC.