Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Allianz Life Financial Services, LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Allianz Life Financial Services, LLC is the broker-dealer that distributes annuity contracts issued by Allianz Life Insurance Company of North America, selling them mainly through wholesaling to unaffiliated broker-dealer firms. Based in Minneapolis and registered in 52 U.S. states and territories, the firm has selling agreements with roughly 595 retail broker-dealers.
Allianz Life Financial Services, LLC – By the Numbers:
- CRD #: 612
- Regulatory Events: 1
- Broker Employees: 467
Allianz Life Financial Services, LLC – In the News:
FINRA v. Allianz Life Financial Services, LLC (Case #2016051317701) – From 1997 to 2016 for ALFS, and from 2006 to 2016 for Questar (the “Relevant Period”), the Firms failed to maintain a significant number of electronic brokerage 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), NASD Rule 3110 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. The Firms also experienced related audit deficiencies affecting their ability to adequately retain and preserve electronic records, in violation of Exchange Act Rule 17a-4(f), NASD Rule 3110 and FINRA Rule 4511. Finally, the Firms failed during the Relevant Period to enforce written supervisory procedures reasonably designed to achieve compliance with applicable record retention requirements, in violation of NASD Rule 3010 and FINRA Rule 3110.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.