Published On: September 14, 2015

According to a Letter of Acceptance, Waiver and Consent (AWC) by the Financial Industry Regulatory Authority (FINRA), Sterne Agee failed to reasonably supervise its registered representatives from the period of May 2010 through October 2013. A representative allegedly mismarked 966 order tickets as “unsolicited” when, in fact, the orders were solicited. Sterne Agee also failed to detect the mismarked tickets and enforce written supervisory procedures prohibiting solicitation of inverse or leveraged exchange traded funds (ETFs). The majority of the transactions involved four different securities that were purchased in 26 customer accounts. There were almost 1000 transactions in a limited number of inverse and leveraged ETFs and Sterne Agee never investigated whether the transactions were actually unsolicited. For these transgressions, the firm was censured and fined $25,000. If you invested money with Sterne Agee, please call our securities law office in Chicago at 312-332-4200 for a free consultation with an attorney. We take cases on a contingency fee basis only.

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