Securities Lawyers Blog
The investment fraud lawyers at Gana Weinstein LLP represent investors nationwide in FINRA arbitration claims against brokerage firms such as Acorns Securities, LLC. Retirement account losses, structured product losses, private placement losses, and losses in non-traded REITs and other alternative investments are frequently the result of unsuitable recommendations rather than ordinary market risk. Our attorneys can analyze your investments, determine whether your broker or financial advisor acted improperly, and pursue recovery of your losses.
Acorns Securities is the broker-dealer subsidiary of the Acorns micro-investing platform, transmitting orders and maintaining customer subaccounts through clearing firms for automated round-up investing accounts managed by its affiliated adviser Acorns Advisers. Formed in Delaware in 2013 and headquartered in Irvine, California, the firm is owned by Acorns Grow, whose app has attracted millions of customers since its 2014 launch.
Acorns Securities, LLC – By the Numbers:
- CRD #: 168172
- Regulatory Events: 2
- Broker Employees: 23
Acorns Securities, LLC – In the News:
FINRA v. Acorns Securities, LLC (Case #2019064308401) – Between July 2017 and December 2021, Respondent sent to approximately 25,000 customers approximately 56,000 account statements containing inaccurate information about their cash balances and securities holdings in violation of FINRA Rules 2210(d)(1)(B) and 2010. During the same period, in addition to inaccurate account statements, the firm also maintained internal books and records that contained inaccurate information about customers’ securities holdings and cash balances in violation of FINRA Rules 4511 and 2010. Additionally, throughout the period, the firm failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA Rules 2210 and 4511 in violation of FINRA Rules 3110 and 2010.
FINRA v. Acorns Securities, LLC (Case #2016052098301) – During the period March 2014 to the present (the “Relevant Period”), the Firm failed to maintain electronic broker-dealer records in non-erasable and non-rewritable format, known as WORM format, as required by Section 17(a) of the Exchange Act of 1934 (the “Exchange Act”), Rule 17a-4(f) and FINRA Rule 4511. WORM stands for “write once, read many,” and is intended to prevent the alteration or destruction of broker-dealer records stored electronically. Additionally, during the Relevant Period, the Firm experienced related notice and audit deficiencies affecting its ability to adequately retain and preserve electronic records, in violation of Exchange Act Rule 17a-4(f) and FINRA Rule 4511.
Investors who believe they were the victim of broker misconduct or financial advisor negligence at Acorns Securities, LLC should act promptly, because FINRA arbitration claims are subject to time limits. Contact the securities arbitration lawyers at Gana Weinstein LLP for a free consultation.