The Financial Industry Regulatory Authority (FINRA) recently received a withdrawal request from Boogie Investment Group, a small brokerage house that sold failed Provident Royalties private placements to its investors. Of the 52 brokerage houses that sold Provident private placements, Boogie Investment is the eleventh to call it quits this year.
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Private placements amounting to roughly $410K were sold by Boogie, whose revenues dropped from 1.2M three years ago to $422K this last fiscal year. But reduced earnings aren’t the only reason Boogie is exiting the brokerage business. The company has been hard hit by securities litigation. The firm is not only fighting a class action suit comprised of investors to whom they sold Provident private placements, but it’s also contending with a suit filed by those who bought Provident Shale Royalties products. Moreover, Boogie is combating other lawsuits that are unrelated to its sale of Provident Royalties private placements.
FINRA has forcefully dealt with brokerage firms as well individual brokers who sold private placements, alleging that they failed in their due diligence, both in investigating the placements and in assessing their suitability for their clients.
Other defunct brokers who sold Provident Royalties private placements include Workman Securities, Investlinc Securities/Meadowbrook, WFP Securities, Okoboji Financial, Matheson Securities, United Equity, CapWest, Private Asset Group Inc., Community Banker Securities LLC, E-Planning Securities Inc., Empire Financial, GunnAllen Financial and Barron Moore.
Have you incurred investment loss due to broker misconduct? Contact a stockbroker fraud lawyer in San Diego. It may be possible for you to recoup some or all of your losses. For a free consultation, contact Daniel Carlson, Esq. at Carlson Law 619-544-9300.
Tags: Boogie Investment Group, broker misconduct, brokerage house, CapWest, Community Banker Securities LLC, E-Planning Securities Inc., Empire Financial, FINRA, GunnAllen Financial and Barron Moore, Investlinc Securities/Meadowbrook, investment loss, investors, Matheson Securities, Medical Capital, Okoboji Financial, Private Asset Group Inc., private placements, Provident, Provident Royalties, Securities Fraud Attorney San Diego, Securities Lawyer, Securities Litigation, stockbroker fraud lawyer, United Equity, WFP Securities, Workman Securities
Posted in Fiduciary Duty Breach, Investment Fraud, Negligent Misrepresentation, Securities Arbitration, Securities Fraud, Securities Law | Comments (0)
There are over 210 possible different credentials available to financial advisors. Very few of those credentials are regulated and some mean little or nothing. It is important for every investor to do their homework and really get to know their financial advisor, their credentials, licensing and experience. Simply because your advisor has many credentials or friends have recommended them is not enough.
While the CFP (Certified Financial Planner) and CFA (Certified Financial Advisor) designations require course work, exams and continuing education many certifications in the financial industry do not. So what should an investor do in order to select a financial advisor? There are a number of things that can be done.
- Everyone can go and look up the record of the advisor they are considering using on the Financial Industry Regulatory Authority’s BrokerCheck service. The BrokerCheck service will give you important information about the advisor you are considering; such as if that advisor has had prior complaints, been sued before, where he or she has worked in the past and for how long, the reason they left a prior employer, in addition to information about licensing and credentials.
- Next, look at the information from state securities regulators at the North American Securities Administrators Association.
- Also, review the National Association of Insurance Commissioners website regarding the advisor you are considering using.
A good question to ask a prospective advisor regarding their credentials is what percentage of people who apply for the credential obtain it? Also, feel free to ask about the qualifications of the instructors for the credential program touted. As an investor interviewing a financial advisor, you should be careful if the advisor is put off or unable to answer such simple questions.
If you have already fallen victim to an unqualified investment advisor and suspect an incidence of investment fraud, please call the Carlson Law Firm at (619) 544-9300 or contact a San Diego securities fraud attorney today.
Tags: Broker Fraud, California, Fiduciary Duty Breach, Financial Attorney, Fraud Attorney, Fraud Lawyer, Investment Fraud, Negligent Misrepresentation, San Diego, Securities Arbitration, Securities Attorney, Securities Fraud, Securities Law, Securities Lawyer, Securities Litigation, Security Lawyer, Stock Fraud, Stock Fraud Attorney, Stock Fraud Lawyer, Stock Loss
Posted in Broker Fraud, Fiduciary Duty Breach, Investment Fraud, Negligent Misrepresentation, Securities Arbitration, Securities Fraud, Securities Law, Securities Litigation, Stock Fraud, Stock Loss | Comments (11)