LaSalle Securities Fined for Inadequate Supervise On Private Placements

Posted on March 11th, 2015 at 5:10 PM
LaSalle Securities Fined for Inadequate Supervise On Private Placements

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has fined LaSalle Securities for failing to exercise adequate due diligence on private placements. 

According to FINRA, LaSalle Securities failed to adequately supervise a rep’s participation in a private offering and failed to ensure that the offering documents were appropriately filed with FINRA. Independently, without the firm’s adequate supervision, another rep in the firm participated in outside business activity in private securities transactions.

 Moreover, LaSalle Securities allowed its reps to send consolidated reports to its customers, but failed to require those reps to send back-up data to the compliance department to verify the substantive accuracy of the data in the consolidated reports.

The attorneys of Eccleston Law LLC 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: FINRA, LaSalle Securities, Broker advisor, investments

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.