What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: January 26, 2017

The Financial Industry Regulatory Authority (FINRA) recently fined Citizens Securities with a $300,000 fine for allegedly failing to promptly disclose customer complaints and reportable events on its advisors’ Forms U4 and U5. The firm should have amended the forms within 30 days of learning of 45 customer complaints and settlements. Citizens was also fined for not disclosing within the 30-day window the outside business activities and bankruptcies of 22 representatives. These transgressions occurred between January 2010 and June 2016. FINRA also stated that Citizens neglected to implement an adequate supervisory system to ensure that customer complaints and settlements were reflected on disclosure forms. If you suffered losses with Citizens Securities, please all our law firm at 312-332-4200 to speak with an attorney about your options. You may be able to recover those losses on a contingency fee basis in the FINRA arbitration forum.

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