First American Securities Charged for Failing to Supervise Brokers

Posted on February 24th, 2015 at 11:47 AM
First American Securities Charged for Failing to Supervise Brokers
From the Desk of Jim Eccleston at Eccleston Law Offices:
 
First American Securities, Inc., an Ohio-based brokerage firm, was fined by FINRA for failing to implement, maintain and enforce a proper supervisory system.  According to FINRA, First American allowed brokers to sell high risk ETFs.   In 2009, FINRA wanted broker-dealers to use caution in selling the investments because their high risk made them unsuitable for most investors. 
 
Despite this warning, First American brokers continued to sell those ETFs from June, 2011 to December, 2012.  First American also did not improve in their broker training program or their written supervisory procedures.
 
The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.
 

Related Attorneys: James J. Eccleston

Tags: First American Securities Inc, Ohio, FINRA, ETFs, Broker, James Eccleston, Eccleston Law

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