Securities Lawyers Blog
If you have lost money in your accounts at Allstate Financial Services, LLC, you may be asking whether you can sue your financial advisor or your brokerage firm. The investment loss attorneys at Gana Weinstein LLP help investors answer that question every day. Brokerage firms are responsible for supervising their brokers, and when a firm fails to supervise, misrepresents an investment, or recommends unsuitable investments, the investor can file a FINRA arbitration claim to recover investment losses.
Allstate Financial Services is the broker-dealer arm of Allstate, distributing mutual funds, variable annuities and variable life insurance, equities, corporate and municipal debt, and other investment products through Allstate’s agent network. Formed in Delaware in 1999 as the successor to LSA Securities, the firm is a subsidiary of Allstate Insurance Company and The Allstate Corporation and is headquartered in Lincoln, Nebraska.
Allstate Financial Services, LLC – By the Numbers:
- CRD #: 18272
- Regulatory Events: 4
- Arbitration Events: 1
- Broker Employees: 4,000
Allstate Financial Services, LLC – In the News:
FINRA v. Allstate Financial Services, LLC (Case #2015047806501) – AFS failed to review, retain, and supervise email. AFS’s registered persons have a primary business email account, and some also have one or more secondary email accounts, typically created through their affiliation with a satellite insurance office of AFS’s parent company, Allstate Insurance Company. Before July 2014, AFS did not review or retain messages from approximately 3,400 secondary email accounts or supervise the use of those accounts. AFS’s lack of review affected approximately 44 million messages, and its lack of retention affected approximately 11,000 emails relating to AFS’s securities business, including communications with customers.
Elder financial abuse and exploitation of elderly investors are among the claims our firm pursues most vigorously. If you or a family member suffered investment losses because of a financial advisor at Allstate Financial Services, LLC, the attorneys at Gana Weinstein LLP are available for a free consultation.