On Monday, the Financial Industry Regulatory Authority Inc. filed a cease-and-desist order against a small brokerage firm for sales of equity in the firm and promissory notes. FINRA alleged that the firmr lied about the health of the firm and raised more than $730,000 over three years in sales mostly to elderly customers. FINRA also barred a registered representative for the personal use of $77,000 in investor funds.For more information, go to Regulators zero in on protecting elderly investors
FINRA has a toll-free Securities Helpline for Seniors, which it claims can provide assistance to elders regarding their portfolio or their broker, FINRA is not qualified to provide financial advice, nor is it able to obtain a return of lost funds.
If you have concerns about elder fraud, or if you are a broker being accused of such conduct, give our office a call at 212-509-6544. We have been representing brokers and investors in investigations, arbitration and litigation for over 25 years.
