What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: November 30, 2015

Stoltmann Law Offices is investigating Harry Hammond, who has been accused by the Financial Industry Regulatory Authority (FINRA) of being involved in private securities transactions. This is commonly referred to as “selling away” and is when a broker sells a security that is not held or offered by his brokerage firm. This is against securities rules and regulations. For this, he was suspended by FINRA for 12 months and fined $10,000. According to FINRA disciplinary reports, Hammond advised clients to invest in a private investment company specializing in private investment in public equity (PIPE). The clients he solicited invested more than $4 million in the product. His wife was allegedly paid $18,000 by the unapproved investment company. After the investigation, the Securities and Exchange Commission (SEC) sued the private investment company for misappropriation of funds, misrepresentations, and failure to maintain required records. The company was placed into receivership and the investor losses have yet to be determined.

Hammond was registered with 1st Discount Brokerage Inc. in Lake Worth, Florida from December 1997 until September 1998, Marketing One Securities in Portland, Oregon from September 1998 until July 1999, FFP Securities in Sarasota, Florida from August 2000 until March 2006, Intersecurities in Sarasota from March 2006 until December 2007 and Allegiant Securities in Sarasota from December 2007 until December 2011. He has eight customer disputes against him. If you invested and lost money with Harry Hammond, please call our securities law firm to speak to an attorney about your options. We may be able to help you sue his former firm in the FINRA arbitration process.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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