Securities Lawyers Blog
Stockbroker fraud and financial advisor negligence cost investors billions of dollars every year. The stockbroker fraud attorneys at Gana Weinstein LLP represent investors in FINRA arbitration claims involving misrepresentation, omissions, excessive commissions, and overconcentration of investment portfolios, including claims by customers of firms such as Alexander Capital, L.P. We can determine whether your investment losses were caused by misconduct and what damages may be recovered.
Alexander Capital is a full-service investment bank and brokerage firm offering public offerings, private placements, mergers and acquisitions advisory, restructuring and wealth management services. Founded in 1995 and headquartered in Red Bank, New Jersey, the firm serves companies in sectors including life sciences, healthcare, technology, energy, industrials and telecommunications.
Alexander Capital, L.P. – By the Numbers:
- CRD #: 40077
- Regulatory Events: 6
- Arbitration Events: 1
- Broker Employees: 92
Alexander Capital, L.P. – In the News:
FINRA v. Alexander Capital, L.P. (Case #2016047616401) – At various points between 2016 and 2018, Alexander Capital conducted a securities business while below its net capital requirement. Also during this time period, the Firm did not prepare accurate net capital computations, filed inaccurate Financial and Operational Combined Uniform Single (“FOCUS”) reports, and maintained inaccurate books and records. As a result of the foregoing, Alexander Capital violated Sections 15(c) and 17(a) of the Securities Exchange Act of 1934 (“Exchange Act”), Rules 15c3-1, 17a-3, and 17a-5 promulgated thereunder, and FINRA Rules 4110(b)(1), 4511 and 2010. Additionally, in 2016, the Firm made a material change in its business operations by participating in firm commitment offerings without receiving approval from FINRA to do so in violation of NASD Rule 1017 and FINRA Rule 2010. During the time period of the violations discussed herein, Sullivan was the FINOP for the Firm. As FINOP, Sullivan was responsible for, among other things, calculating Alexander Capital’s net capital and maintaining the accuracy of the Firm’s general ledger, trial balance, and balance sheet. He was also responsible for the accuracy of the Firm’s FOCUS reports. Sullivan violated FINRA Rule 2010 by causing Alexander Capital to violate Sections 15 and 17 of the Exchange Act. Additionally, by permitting the Firm to continue its securities business during the time period the Firm was below its net capital requirement and causing its books and records to be inaccurate, Sullivan violated FINRA Rules 4110(b)(1), 4511 and 2010.
FINRA v. Alexander Capital, L.P. (Case #2014039351101) – From February 2013 through March 2014 (the “Relevant Period”), ACLP failed to develop and implement an anti-money laundering (“AML”) program that was reasonably designed to achieve and monitor the Firm’s compliance with requirements of the Bank Secrecy Act and the implementing regulations thereunder. In particular, the Firm failed to establish and implement policies and procedures that could be reasonably expected to detect and cause the reporting of potentially suspicious activity relating to transactions involving the liquidation of hundreds of millions of shares of microcap stocks. Based on this misconduct, ACLP violated FINRA Rules 3310(a) and 2010. During the Relevant Period, ACLP also failed to establish a supervisory system, including written supervisory procedures (“WSPs”), that was reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933 (the “Securities Act”). Based on this misconduct, ACLP violated NASD Conduct Rules 3010(a) and 3010(b) and FINRA Rule 2010.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms, including firms such as Alexander Capital, L.P. Our consultations are free and we welcome all inquiries.