Securities Lawyers Blog
Brokerage firms such as Alterna Securities, Inc. have a duty to supervise their financial advisors and to recommend only investments that are suitable for their customers. When a firm breaches that duty through negligent supervision, overconcentration, excessive investment risk, or misrepresentation, investors have the right to bring a claim against the brokerage firm. The broker misconduct attorneys at Gana Weinstein LLP represent investors in these claims and can evaluate whether your investment losses were caused by misconduct.
Alterna Securities is an introducing broker-dealer that earns commissions on securities transactions for individual and institutional customers, clearing all trades on a fully disclosed basis through a clearing firm. Formerly named Actinver Securities, the firm is a wholly owned subsidiary of Alterna Holdings, is headquartered in Houston, Texas, with an office in San Antonio, and serves clients located primarily in Mexico.
Alterna Securities, Inc. – By the Numbers:
- CRD #: 41139
- Regulatory Events: 3
- Arbitration Events: 1
- Broker Employees: 40
Alterna Securities, Inc. – In the News:
FINRA v. Alterna Securities, Inc. (Case #2020068391502) – From at least April 1, 2019, through September 30, 2020, Actinver’s supervisory system, including written supervisory procedures (WSPs), was not reasonably designed to surveil for potentially manipulative pre-arranged trades. By virtue of the foregoing, the firm violated FINRA Rules 3110 and 2010.
FINRA v. Alterna Securities, Inc. (Case #2017052388601) – During the period August 26, 2015 to March 11, 2017, Actinver failed to establish and implement an Anti-Money Laundering (AML) program that could be reasonably expected to detect and cause the reporting of suspicious activity. Specifically, Actinver’s AML surveillance system was unreasonable because it generated reports that were inaccurate and failed to capture certain potentially suspicious activity. In addition, the firm failed to tailor its AML program to the risk presented by its practice of allowing customers to engage in foreign currency exchange and maintain accounts used primarily for managing cash. Actinver also failed to reasonably implement certain aspects of its AML program. Although the firm’s AML program included procedures that required the firm to gather specific information and forms when opening foreign accounts or accounts for Politically Exposed Persons (PEPs), Actinver’s registered representatives frequently failed to obtain these forms or left information blank on the forms. Finally, the firm failed to follow its procedures regarding responses to inquiries from its clearing firm concerning red flags of potentially suspicious activity. As a result of these failures, Actinver violated FINRA Rules 3310(a) and 2010. In addition, the firm failed to conduct an adequate independent AML test in 2016, because the testing failed to review key aspects of the firm’s AML program. Therefore, the firm violated FINRA Rules 3310(c) and 2010. Finally, Actinver failed to have its Chief Executive Officer complete the firm’s Annual Certification Requirement in 2015 and 2017 in violation of FINRA Rules 3130(b) and 2010.
Gana Weinstein LLP represents individuals, families, and institutions in securities arbitration and litigation against brokerage firms. If you suspect churning, excessive commissions, unauthorized trading, or other misconduct in your Alterna Securities, Inc. account, our consultations are free and confidential.