Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Canaccord Genuity LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Canaccord Genuity is a broker-dealer that provides corporate finance, underwriting, and mergers and acquisitions advisory services along with institutional sales and trading of domestic and foreign securities and equity options and equity research. Based at One Pennsylvania Plaza in New York, the firm is ultimately owned by Vancouver-based Canaccord Genuity Group, routes certain foreign trades through affiliated broker-dealers in Canada, the United Kingdom, and Australia, and sold its United States wholesale market making business in November 2025.
Canaccord Genuity LLC – By the Numbers:
- CRD #: 1020
- Regulatory Events: 48
- Broker Employees: 274
Canaccord Genuity LLC – In the News:
FINRA v. Canaccord Genuity LLC (Case #2020066079906) – Canaccord failed to supervise trillions of shares of equity transactions in low-priced, over-the-counter securities for compliance with an array of concerns crucial to the fair and efficient functioning of markets, in violation of FINRA Rules 3110 and 2010. For trade surveillance, Canaccord relied on an underqualified, inexperienced, and under-resourced trading compliance group that was not reasonably supervised. From October 2016 to May 2022, that group failed to review most of the firm’s trade surveillance reports for extended periods, some for months or years at a time. From October 2016 to November 2025, Canaccord also failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve and monitor the firm’s compliance with the requirements of the Bank Secrecy Act, in violation of FINRA Rules 3310 and 2010. Canaccord did not: (1) establish and implement policies and procedures reasonably expected to detect and cause the reporting of suspicious transactions; (2) reasonably implement its due diligence program for foreign financial institutions; (3) reasonably train its staff; (4) perform reasonable independent AML testing; or (5) create customer risk profiles for purposes of ongoing customer due diligence.
FINRA v. Canaccord Genuity LLC (Case #2018060153902) – In October 2018 Canaccord, on behalf of a customer, effected opening transactions that exceeded the applicable position limit of a security on three separate occasions spanning a period of seven consecutive business days. Further, from October through December 2018, Canaccord failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), that was reasonably designed to achieve compliance with option position limits requirements. As a result, Canaccord violated FINRA Rules 2360, 3110(a) and (b), and 2010.
FINRA v. Canaccord Genuity LLC (Case #2016048607401) – Between August 1, 2015 and June 29, 2017, Canaccord violated FINRA Rules 7450 and 2010 by failing to submit, and submitting inaccurate, OATS reports, and Exchange Act Rule 10b-10 and FINRA Rule 2010 by providing customers with confirmations that included misleading or inaccurate information. Respondent also violated FINRA Rules 6622 and 2010 by misusing the prior reference price modifier in trade reports, and Exchange Act Rule 17a-3 and FINRA Rules 4511 and 2010 by using inaccurate execution times on customer order tickets. Additionally, the firm violated FINRA Rule 3110 and 2010 by failing to maintain a reasonable supervisory system relating to OATS reporting.
FINRA v. Canaccord Genuity LLC (Case #2018057116501) – Rule 204(a) of Regulation SHO (“SEC Rule 204(a)”) imposes a close out requirement on a fail to deliver position. If that close out requirement is not satisfied, Rule 204(b) of Regulation SHO (“SEC Rule 204(b)”) — the “penalty box” provision — restricts short selling unless additional requirements are met. During the period of December 1, 2016 through November 16, 2018 (the “Relevant Period”), Canaccord failed to timely close out 28 fail to deliver positions in violation of SEC Rule 204(a)(3) and FINRA Rule 2010, and executed 15 short sale orders while in the penalty box in violation of SEC Rule 204(b) and FINRA Rule 2010. In addition, because the Firm’s close out practices in connection with its market making activities were inconsistent with the requirements of SEC Rule 204(a)(3), the Firm’s supervisory system and written supervisory procedures were not reasonably designed to achieve compliance with SEC Rule 204(a)(3) in violation of FINRA Rules 3110 and 2010.
FINRA v. Canaccord Genuity LLC (Case #2016048855201) – In Matter No. 20160488552, the Market Analysis Section of the Department of Market Regulation (the “staff”) conducted a review of the firm’s compliance with FINRA Rule 6437 (regarding locking or crossing quotations in Over the Counter (“OTC”) Equity Securities) during the period of October 1, 2015 through March 31, 2016 (the “review period”). As discussed further below, the firm’s policies and procedures regarding locking or crossing quotations did not comply with Rule 6437.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.