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 Altruist Financial LLC. We can determine whether your investment losses were caused by misconduct and what damages may be recovered.
Altruist Financial is a self-clearing broker-dealer and digital custodian for independent registered investment advisors, combining brokerage custody with software for account opening, trading, portfolio management, billing and reporting. Founded in 2018 by Jason Wenk and headquartered in Culver City, California, Altruist serves thousands of advisory firms nationwide and ranks among the largest RIA custodians.
Altruist Financial LLC – By the Numbers:
- CRD #: 299274
- Regulatory Events: 1
- Broker Employees: 101
Altruist Financial LLC – In the News:
FINRA v. Altruist Financial LLC (Case #2024082708301) – From March 2020 to April 2023, Altruist failed to reasonably supervise its fully paid securities lending business. Altruist participated in a fully paid securities lending program offered by its clearing firm in which over 30,000 of its customers were enrolled. However, Altruist had no system to supervise that business, including, for example, the customer enrollment process. In addition, Altruist provided a lending agreement to its participating customers that inaccurately stated that customers would receive loan fees for their borrowed shares and that Altruist would reduce management fees for participating customers. Therefore, Altruist violated FINRA Rules 3110, 2210(d)(1)(B), and 2010, and is censured, fined $150,000, and required to pay restitution of $142,851.22, plus interest.
The FINRA actions described above involve Altruist Financial LLC itself, and investors whose losses are connected to the conduct FINRA identified may have claims against the firm. Gana Weinstein LLP offers free consultations and we welcome all inquiries.