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

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