You can. Last month, Investment Professionals Inc. (IPI) was ordered to pay a $100,000 fine for allegedly selling investments to senior citizens. The broker-dealer is based in San Antonio, Texas. The Massachusetts Securities Division and its Secretary of the Commonwealth, William F. Galvin, ordered IPI to pay the fine and offer restitution to the affected clients. The seniors were allegedly sold unsuitable investment products on the premises of local financial institutions. Last year, the firm was also charged with using high-pressure sales tactics and contests and selling unsuitable products to seniors who were depositors at community banks. Galvin stated: “this case highlights the dangers of aggressive sales culture that leaves older customers exposed to pressure to buy unsuitable investments. This is especially true when the broker-dealer is operating out of a community bank.” Please call our securities law firm today if you or someone you know suffered losses with IPI. The firm may be liable for losses.
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