Accelerated Capital Group entered into a Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA). According to the Proceeding, Accelerated allegedly failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with federal securities laws and FINRA rules. “The firm failed to reasonably supervise trading activity to ensure that all securities transactions were suitable, not excessive, and properly authorized by the firm’s customers; failed to monitor mutual fund switches, exchanges and sales for suitability; failed to ensure that its registered representatives informed customers of potential breakpoints when purchasing mutual fund products; and, failed to reasonably identify or respond to red flags of broker misconduct.” These are all against securities laws.
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