Recently, Feltl & Company entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) for allegedly failing to establish and maintain a reasonable supervisory system, including written supervisory procedures, to monitor and review transactions executed in firm accounts held by associates for conflicts of interest. This took place between October 2008 and October 2010. For this, the firm was censured and fined $150,000. The firm also failed to establish, maintain and enforce written supervisory procedures that were reasonably designed to supervise the personal trading activity of at least one registered person associated with the firm. This person allegedly sold more than 900,000 shares in X Corp, a penny stock that he personally owned, at or around the same time he was recommending the stock in X Corp. His firm customers purchased approximately 1.27 million shares of X Corp, based on his recommendation. Feltl had a responsibility to notice the red flags, indicating the representative was selling X Corp shares, while recommending the customers purchase the stock, which is against securities laws. The firm may be liable for losses because of this. Please call 312-332-4200 today to speak to an attorney about your options of bringing legal recourse against the firm for your investment losses in the FINRA arbitration forum on a contingency fee basis. The call to us is free with no obligation.
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