Stoltmann Law Offices is investigating NFP Advisor Services, that recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to the AWC, NFP was censured and fined $50,000 for violations of FINRA rules. Allegedly, NFP consented to the entry of findings that it had approved advertising materials used by a registered representative in his retail equity indexed annuity business. The representative held seminars for senior investors that contained false, exaggerated, unwarranted and misleading statements. Allegedly, no principal of the firm approved the advertising material used by the representative in the seminars or for advertising purposes. For this, NFP was censured and fined $12,000.
NFP was also accused of failing to supervise the private securities transactions of 79 of its representatives. Sale of private securities transactions is also referred to as “selling away,” and is when a representative recommends a security that is not approved by his member firm. Selling away is a violation of FINRA rules and regulations and the member firm can be held responsible for financial losses if they do not adequately supervise their brokers to keep them from selling away to clients. NFP was censured and fined $500,000 for these transgressions.
If you invested money with NFP Securities, and suffered investment losses, please call our securities law firm at 312-332-4200 for a free consultation with an attorney. We sue firms such as NFP Securities for financial losses, as they can be held liable for violating securities rules and regulations.
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